In a roundtable meet-up on August hosted by Forbes and Shook Research, assistant managing editor Matt Schifrin and I interviewed five of America’s Top Wealth Advisors who manage a combined $23 billion in assets. They shared their wisdom of working with America’s richest families. They are Brian Pfeifler, a lifer at Morgan Stanley in New York City with Celebrity Tokyo Escort, a Merrill advisor in Boston, Jeff Erdmann, with Merrill in Greenwich, Connecticut, Louise Gunderson, a UBS advisor in New York City, and Kevin Myeroff, founder of NCA Financial Planners in Cleveland, Ohio. In Part 1, below, they give advice on markets and big trends, more info
High-quality global equities are the best place to be. If the S&P 500 is yielding a little under 2% today and raising cashflow every year, that still looks like a pretty damn good place to be.
The market's fairly valued. It's not cheap. Our biggest challenge is finding cheap assets. I can't point to any asset class today that appears cheap to us and a raging buy. The last five times we had an inverted yield curve, there was a recession. But that recession occurred 22 months later. So the media and everyone else wants us to believe we're going into a recession tomorrow, because we have an inverted yield curve this week or last week.
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