Ultra-Wealthy Club Stockpiles Cash as Economy Fears Grow… Bartering experiencing unprecedented rise…

Ultra-Wealthy Club Stockpiles Cash as Economy Fears Grow…

(Bloomberg) — A group of multimillionaire investors in the U.S. are hoarding cash at unprecedented levels.

Tiger 21, a club of more than 800 investors, reported Thursday that its members have raised their cash holdings to 19% of their total assets on concerns over the economic consequences of the covid pandemic in the U.S. That’s up from about 12% since the start of the outbreak. About a quarter now expect the crisis to continue until the end of next June, the group said.

“This rise in cash is an extraordinary change — statistically, this is the largest, fastest change in asset allocation Tiger 21 has seen,” said Michael Sonnenfeldt, chairman of the club, whose participants typically have more than $100 million in assets. “In trying to build resources prudently, members have gained liquidity and will not immediately reinvest in those areas in order to keep and build cash to weather this storm.”

Bartering experiencing unprecedented rise…

Amid economic uncertainty – and a desire to connect as we distance – bartering is experiencing an unprecedented rise. Could it stick around?
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London-based nurse Marjorie Dunne joined Barter United Kingdom after spending five days in hospital with coronavirus in April. The group, which she originally joined to get rid of a few unwanted items unearthed during spring cleaning, ended up helping Dunne through one of the toughest times of her life.

“It really helped me out with meals for my family,” says Dunne. “I didn’t have the energy to cook, I was spending a fortune on online grocery shopping and having meals brought to the house was a tremendous help.” Members of Barter United Kingdom, which started on 23 April and had 1,300 members as of early August, swapped curries, roti and cakes for Dunne’s dresses and DVDs.

Around the world, people have been turning to swapping, trading and bartering during the coronavirus pandemic, whether to do their bit for the local community, save money or simply source hard-to-find baking ingredients. With economic uncertainty looming and anxiety levels soaring, barter is becoming an emerging alternative solution to getting by – and staying busy – amid Covid-19.