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Every year, HSBC checks in with its business-owner clients around the world to find out how they’re managing their money. At the same time, Finimize surveys regular everyday investors to see what they’re thinking. By comparing both sets of answers, we can spot where the views line up — and where they don’t.

Interestingly, both groups agree on a lot, but there are some key differences too. Here’s what people said, and what it could mean for the market.

**Retail Investors Are Bullish on Stocks**

Most everyday investors — 67% — believe global stock markets will be higher a year from now. And 68% plan to buy more stocks in the next 12 months. That’s up slightly from last quarter. Tech stocks are still the top choice, with Nvidia, Apple, and Microsoft leading the pack.

**Entrepreneurs Are More Cautious with Stocks**

Only 46% of business owners hold stocks, and just 25% plan to buy more. Instead, they prefer putting their money into their own companies, real estate, or private investments.

**Market Outlook**

Even though stocks are near all-time highs, there’s still room for growth. Falling interest rates and a weaker US dollar are helping drive asset prices up. AI is also a big factor — it’s capturing attention and investment dollars globally, especially with Chinese tech firms stepping up. For those wanting broad exposure, US and global ETFs are a smart choice. Want more focused ideas? Finimize Research has been outperforming with stock picks.

**Bitcoin Is Back in Focus**

For the first time in three years, more investors are excited about bitcoin than stocks — 69% think it will rise. But only 32% plan to actually invest in it. Many seem curious but not ready to jump in, with 24% wanting to learn more about crypto.

Entrepreneurs are ahead here: 44% already own crypto, and 27% say they’ll buy more.

**Crypto Outlook**

Crypto is gaining ground as regulations improve and adoption grows. Bitcoin remains the most popular digital asset and a key store of value. But Ethereum (ether) is also looking strong thanks to its role in powering most blockchain activity. Still, crypto can be very volatile. A small position — around 1% to 2% of your portfolio — is usually enough.

**Private Markets Are Hot for Entrepreneurs**

Private investments are popular among business owners: 46% already invest in them, and 41% want to add more. But regular investors aren’t as eager. Only 10% currently invest in private markets, and just 12% plan to do so in the next year — even though interest is growing.

Two-thirds of retail investors say they’re hearing more about private investments. Still, the high minimums and complexity are keeping many on the sidelines.

**Private Market Insight**

Private markets can offer real opportunities — but also come with real risks. Direct lending platforms are one way to get access. Just be careful: these markets can be hard to understand and difficult to exit if things go south. Plus, institutions may be stepping back, which is why retail investors are being invited in now. Do your research before diving in.

**Cash and Bonds Still Have Appeal**

With inflation uncertain and markets still bumpy, safe bets like cash and government bonds are popular again. Around 28% of retail investors and 29% of entrepreneurs plan to hold more cash over the next year.

**Smart Strategy for Safe Assets**

Cash and bonds have a role in every diversified portfolio — especially when markets get shaky. But don’t go overboard: if inflation rises, cash can lose value over time. Make sure your emergency fund is solid so you don’t have to sell investments at a bad time. For ideas on how to balance your investments across different assets, check out Stéphane’s model portfolios.

Stay informed, stay balanced — and always know where your money’s going.