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Sept incoming economic data likely 'soft' --> dovish Fed --> good for markets

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STRATEGY: Sept economic data likely 'soft' --> dovish Fed --> good for markets

We hosted a webinar with Anthony Scaramucci, founder of Skybridge Capital, Tuesday and it was really well attended with > 900 participants. Scaramucci’s Skybridge is the world’s largest fund of funds, and as a result, the firm has a lot of intelligence into both where capital is flowing ($8 billion) and how asset managers are investing. To me, there were three key takeaways among the many great insights:

- High net worth individuals are making a pronounced shift away from credit. Skybridge was > 88% allocated to structured credit pre-pandemic and is now flipped towards growth-oriented assets, including equities, multi-strategy, and crypto. This is a tailwind for stocks

- Second generation wealth tends to focus on “capital preservation,” and this is costly. Financial capital should be focused on wealth creation and many pools of capital today instead focus on capital stability

- On market psychology, he said March 2020 turned many ‘long-term’ investors into ‘short-term’ sellers. His humorous adage...

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