But that doesn't mean it's going to be a dry year for equities. His firm manages over $9.2 billion in assets for 350 high-net-worth clients, or those with over $20 million. This year, they have made a few slight adjustments that they believe will keep their clients in the green.
This brings him to his second point, which is that excess consumer savings are being spent down, especially in the lower income segment of the population. The M2 money supply, which is the Fed's estimate of cash on hand that includes deposits in checking, savings, and certificate of deposit accounts, has been gradually declining since August — an indication that household savings are depleting.
As for the fixed-income market, Bharath says it will continue to yield positive returns, even though they may not be massive. For the broader fixed-income market, he expects an annualized return of 4 to 6%.As for how Bel Air is advising its high-net-worth clients, the biggest theme they're pushing is, he said. This might come as news. Over the last 10 years, the US market has been the single best-performing stock market due to high liquidity and innovative companies, he noted.
. This is instead of favoring one over the other or making a bet on either, he noted. In other words, it should be a 50/50 split between the two categories.
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