World's Richest Families Stockpiling Cash on Recession Fears
- Majority surveyed by UBS expect a global recession by 2020
- About 42% of family offices say they’re raising cash reserves
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Rick Stone, a former partner at Cadwalader, Wickersham & Taft, sees treacherous times ahead for family offices trying to deploy cash.
The head of Stone Family Office said he doubts the bond market will provide any real return over the next decade, that equity markets will suffer a substantial drop and then be flat, and that too much venture capital and private equity money will continue to chase too few opportunities.