A recent survey from Goldman Sachs suggests that family offices plan to reduce their exposure to cash and cash equivalents over the next 12 months although nominal rates are now above 5%. Forget about the risk-free rate. Family offices are planning to increase exposures to public and private market equities as well as fixed income. Regardless of the tightening of monetary policy, families want to take on more risk and believe there will be better risk opportunities. There is always a lot to unpack with survey data, but this is not what one would expect if there is to be a slowdown in growth or a possible recession.
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