Introduction "It was never my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!" - Jesse Livermore “The big money is not in the buying and the selling, but in the waiting” - Charlie Munger It’s easy to feel unconfident as an investor today. We are currently operating in a market of ‘brittle optimism’, where major indices flirt with all-time highs while headlines warn of trade wars, a potential AI bubble burst, and the destabilization of institutions. For many people, the natural instinct in the face of volatility and future uncertainty is to protect what they have by taking defensive positions, hedging, or selling altogether until the future feels rosy again. But that doesn’t appear to be what the wealthy are doing. In this edition of the Bird’s Eye View, we consider the data from three wealth reports ( Tiger 21 , Knight Frank , and Capgemini ) to see how different cohorts of the wealthy are positioning their portfolios, and how their portfolio construction is changing in response to uncertainty. Asset Allocations by Investor Profile The table below represents the most recent reported weightings and rankings across the three major cohorts. Note that while Tiger 21 and Capgemini provide percentage-based portfolios, the Knight Frank data reflects rankings by weight within institutional family offices.
“The provincial government has provided local government with only two options to build infrastructure: development cost charges and property taxes. And I will always be on the side of property taxpayers, and we will look for developers and ‘growth to pay for growth’ as a principle.” - BC Mayor, Oct 9, 2024
“To a landowner, there is nothing more important than security of title. Once you have fee-simple title in B.C., it has to mean that land is your land. And that is very fundamental to our province – and in fact, to the country.” - Niki Sharma, BC Attorney Genera l