As the market has “rebounded” off its lows back in March, the world’s super wealthy are jumping at the chance to offload billions of dollars in stock while global central banks – and most notably the Federal Reserve – keeps a bid under the market and acts as a Mr. Magoo-like counterparty.
Many investors have been prompted to sell by market volatility over the last two weeks, which appears as though it could be signaling an end to the V-shaped recovery. This has likely helped spook the ultra wealthy into take some cash off the table.
Seo Sang-young, an analyst at Kiwoom Securities Co. in Seoul noted: “Stock-market valuations have climbed considerably regardless of fundamentals. Volatility has been increasing.”
Knorr-Bremse AG’s Heinz Hermann Thiele took the bump up in the market as an opportunity to sell about $1.2 billion in stock, while Adyen NV co-founders Pieter van der Does and Arnout Schuijff joined a group of executives that sold $821 million of stock in the payment company, according to Bloomberg. Fortive Corp.’s Mitchell and Steven Rales also sold about $1 billion. – READ MORE
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