The only financial instrument which climbed was Bonds, which saw a 4% increase. Bond Mutual Funds fell –5 points to test a new low.

All of which begs the question, “If the affluent are not investing, what they doing with their money right now?” In a season of giving, one reason might be increased philanthropy, but decreasing their overall exposure to risk is probably primary motivation. This is supported by a recent Spectrem study which notes that hedge fund investing has also seen a notable decrease among the affluent. 

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