Portfolio, page-172

"If you don’t mind sharing, I was wondering what percentage of your assets are held in stocks?"

Apart from my family home, 95% +/- 5% of my assets are invested in companies (a few private businesses, but all listed equities for intents and purposes)

"Given the inflationary environment and bond yields creeping up, is there a point where the ultra wealthy just pile into low risk bonds and treasuries and out of the stock market?"

Not sure I buy the notion of a particular grouping at the same time doing anything dramatic, collectively and en mass. And especially if that grouping is ultra wealthy.;
In my experience, the propensity for the rich to "do something" is far lower than for the not-so-rich.

This stands to reason because rich have less imperative to maximise their returns (if their net worth declines by 10%, 20% or even 30%, it's a mere paper loss and doesn't alter their lifestyles one iota). Not just that, but wealthy people are invariably older demographic so they have probably experienced several market ructions, which has left them with a degree of maturity that tells them that it is impossible to accurately time such events, and besides the market always recovers after a bad episode.


"General market risk is rising imo (bond yields, inflation, Chinese property) and seems to be coming to a head. Do you stay invested in stocks through the cycle or is it time to preserve and protect capital for opportunities down the line?"

See above (although I'm far from ultra rich).

I invest with a business owner mindset, and by buying companies at discounts to what I assess to be their fundamental value, and everything other than that I try my best to block out as being mere "noise" aka market randomness.

So, no, I definitely don't believe in trying to "time" market entries and exits; I think that's a fool's errand which, I've often observed, causes the people who try it, to end up selling low and buying high. I find that people who worry about what "the market" might do, end up incurring a whole lot of stress in exchange for very little financial reward

(In fact, I've seen many cases where the reward for added stress levels is negative financial reward because they got their timing wrong. Timing the market is hard. I know of no investor who became successful by being able to do it on a sustainable basis.)

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