A group of multimillionaire investors in the US are hoarding cash at unprecedented levels on fears over the economic damage of the coronavirus pandemic.
A group of multimillionaire investors in the US are hoarding cash at unprecedented levels.
That's up from about 12 per cent since the start of the pandemic. About a quarter now expect the crisis to continue until the end of next June, the group said."This rise in cash is an extraordinary change -- statistically, this is the largest, fastest change in asset allocation Tiger 21 has seen," said Michael Sonnenfeldt, chairman of the club, whose participants typically have more than $US100 million in assets.
Tiger 21 members usually meet monthly in small gatherings to share perspectives and debate investments that are usually conservative and longer term. Even as most expect the virus crisis to continue for the rest of this year, they remain confident in long-term US growth and are still looking for opportunities with "dramatic upside opportunity," the group's report said.
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