About 55% of wealthy investors are bracing for a ‘significant drop’ before the end of 2020, UBS survey shows:
Even as the market ascends to new heights, wealthy investors are bracing for a turbulent period that could produce a “significant drop” in equity benchmarks in the near term.
Indeed, wealthy investors hold 25% of their portfolios in cash, far higher than the roughly 5% that UBS recommends on average. The WSJ said assets in money-market funds have grown by $1 trillion over the last three years to their highest level in around a decade, citing Lipper data. Axios last week reported that firms are trying to protect themselves from a recession, noting that the recent pullback in spending by major companies could in fact help to cause a recession or exacerbate any downturn in the economy.
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