Wealthy hunt for value in turbulent markets
High US inflation figures have dashed hopes that the Federal Reserve will soon ease off on its interest rate hikes — sending many stock and bond investors rushing for the exit.
Billionaire hedge fund managers and other ultra-rich people have been among those selling up fast. But not everyone, of course. Some wealthy individuals are eyeing the plummeting values as buying opportunities, especially in the hard-hit technology sector.
While they can see as well as anyone the multiple economic risks facing the US and the world, they are hoping to buy long-term growth at low prices: the tech-focused Nasdaq Composite was down 32 per cent for the year to September, with widely held tech stalwarts Alphabet and Microsoft down 30 per cent.
This story originally appeared on: Financial Times - Author:Patrick Temple-West
