The World's Wealthiest Families Are Stockpiling Cash as Recession Fears Grow
The World's Wealthiest Families Are Stockpiling Cash as Recession Fears Grow
Suzanne Woolley and Benjamin Stupples at Bloomberg
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-09-23/world-s-wealthiest-families-stockpiling-cash-on-recession-fears
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Rick Stone, a former partner at Cadwalader, Wickersham & Taft, sees treacherous times ahead for family offices trying to deploy cash.
The head of Stone Family Office said he doubts the bond market will provide any real return over the next decade, that equity markets will suffer a substantial drop and then be flat, and that too much venture capital and private equity money will continue to chase too few opportunities.
“It’s a very hard time for family offices to allocate money,” said Stone, 60, whose initial wealth came from class-action litigation fees.
Stone has a good vantage point on the action, since he runs the bi-monthly meetings of the Palm Beach Investment Research Group, a network of 35 family offices in Palm Beach, Florida. “The areas to invest in are fewer, and there is a lot of money looking for those spaces,” he said.
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