A survey finds some of the richest Americans are holding more cash than ever before, and why has to do with nerves over the 2020 election

Published Oct 29 2020 at 3:43 PM GMT
  • As the 2020 election enters its final week, wealthy investors are doing something unusual " not investing.
  • Instead, Michael Sonnenfeldt, the founder of investor network Tiger 21, told CNBC's Eric Rosenbaum that his group has record cash levels.
  • He said in the third quarter, Tiger 21 saw cash at 19% " up from 12% for March through June, and the highest in 12 years of record-keeping for Tiger 21.
  • He told CNBC that this "massive shift" has held tight through the fourth quarter.
  • Sonnenfeldt told Business Insider that "As members prepare for the potential of a volatile time ahead, with the election quickly approaching, they're betting on the security that high cash levels afford and the upside that long-term investments ' which track emerging technologies that will change the world in the coming years ' provide.



  • Published Oct 29, 2020 3:43 PM GMT