In times of uncertainty, where does the smart money go?
When it comes to private capital, high-net-worth investors (HNWIs) and family offices can be agile in response to changes in the economic environment, much more so than their institutional counterparts. Pre-pandemic, a sizeable tranche of the private capital community went long into cash to lock in portfolio gains and hedge against fears of an overheating stockmarket. This trend continued after Covid-19 hit, with increasing cash reserves viewed as a sensible way to protect against turbulence in public markets and provide investors with the liquidity to snap up good investment opport...
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