Millionaire investors expect stock market to drop the most ‎since 2008‎

A recent survey conducted by “CNBC” revealed that millionaire investors expect the most severe market drop in stocks since 2008.

56% of millionaire investors surveyed expect the S&P 500 to drop by 10% in 2023.

Nearly a third of the billionaires surveyed expected a decline of more than 15%. The survey was conducted among investors who have investable assets of US$1 million or more

Investors considered that the biggest risk to their personal wealth is the decline in the value of stocks

For his part, George Walber, president of Spectrum Group, which is conducting the survey with “CNBC,” said that it is the highest level of pessimism for this group since the financial crisis of 2008 and 2009.

There have been a growing number of voices warning of an imminent recession. Where the feeling prevails on Wall Street that it is inevitable at the present time, as the American billionaire David Rubinstein went in the same direction, warning of a possible recession, and the co-founder of the Carlyle Group believes that due to the current economic environment of “high” interest rates, it is possible GDP growth is expected to slow down, leading to an economic recession.

Rubinstein advised buying specific shares, including Zoom Info Technologies Inc., a company that specializes in providing marketing solutions. The company is engaged in sales, marketing, account management, research and demand generation. It represents the largest stake in his portfolio (39%), valued at approximately $1.6 billion.

The company is a provider of data and software, providing information about companies and professionals and using artificial intelligence to provide salespeople with a better understanding of their market and potential customers. It helps companies reach customers and outperform their competitors

The American billionaire also advised buying shares of QuidelOrtho Corporation, a major American company for diagnostic healthcare products that are sold all over the world. On May 8, 2020, the US Food and Drug Administration issued its first emergency use authorization for the COVID-19 virus test, a new class of test for use in this pandemic.