We're beginning to see a K shaped recession where the wealthy invest in tech shares, fixed debt and buy luxury goods - while Dollar General's CEO said Thursday they're selling less, and less food as their customers increasingly turn to food banks, savings and credit cards.
Lamborghini announced that it has sold out of all of its vehicles until 2024, which I could have guessed based on what cars I see on the road. The US and California are this automaker's #1 market, with Florida coming in second.
In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day.
Fixed-income is the biggest beneficiary of allocations from the super-rich, with 72 per cent planning to up exposure to investment-grade debt. Sovereign target was a target for 55 per cent while half said they would allocate more to private debt.
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