Retail investors tend to buy high and sell low. But that’s not what investors are saying this go-round, according to a survey by AMG Funds of 1,000 affluent individuals. Only 7 percent of respondents said they would sell some or all of their equity exposure in the event of a 20 percent market correction. That number is higher, however, for millennial investors, 27 percent of whom said they would sell off equities in a 20 percent market drop. Forty-eight percent of respondents said there is no good way to reduce volatility without compromising growth; a quarter of investors see a 20 percent correction as a buying opportunity. Perhaps advisors have to do less handholding than they expected.
So you have a client with $1 million to spend on real estate. Where can they get the most bang for their buck? According to the Wealth Report 2016 by real estate firms Knight Frank and Douglas Elliman, the amount of prime real estate (the top end of the luxury market) that client can buy depends on, of all things, location, location, location. Monaco is the world's most expensive residential retail market, with $1 million buying just 183 square feet. Hong Kong came in second at 215 square feet, followed by London at 236 and New York City at 290 square feet. On the opposite end of the spectrum, Cape Town, South Africa, is a relative bargain at 2,745 square feet, followed by São Paulo, Brazil, at 1,500 square feet. The cities seeing the biggest growth - Vancouver, Canada; Sydney, Australia; and Shanghai, China, all have the same thing in common: Chinese buyers, reports CNBC.
Bob Dylan Sells Private Collection, Potentially Reaps Tax Benefits
Rolling Stone reports that Bob Dylan recently sold a collection of over 6,000 personal artifacts to the George Kaiser Family Foundation and the University of Tulsa. He received an estimated $15 million to $20 million for the items, which included his original notebook for Blood on the Tracks, handwritten lyrics to "Chimes of Freedom," "Ballad of a Thin Man" and "Dignity,” contracts, private letters and various rare video and audio recordings. Interestingly, since the collection was actually worth around $60 million, Dylan could potentially claim a charitable tax deduction from this transaction, even though he received compensation.
