Millionaire investors surveyed by CNBC say that there isn't a single asset class where they are planning to increase portfolio exposure in 2022.
"Skittishness is highly evident in all our meetings," said Michael Sonnenfeldt, founder and chairman of Tiger 21, an investing network for the wealthy.
"People are still digesting Covid and the election, and because of that, kind of in a wait-and-see mode," said Tom Wynn, director of research at Spectrem Group. "People have to see what happens with inflation and taxes, and none are really taking a stand one way or another that things are much worse or better, that's my take," Wynn said.
The pressure between holding winners that have done so well but worrying about the future trajectory of the economy and market leaves investors in a position Alftest described as, "barely bullish about stocks." Older investors who don't need market money to meet immediate needs, including baby boomers who have done well in equities and have at least several years remaining in a market time horizon, don't need to reduce their overall stock exposure, but they should be thinking about a reduction in the composition of stocks owned, Goldberg said.
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