Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Prosecutors allege that Stephen Calk, former president of Chicago-based Federal Savings Bank, loaned former Trump campaign chair Paul Manafort as much as $16 million in...Politicsread more
Oil prices tumble as the market braces for a prolonged U.S.-China trade war and on signs the U.S. is willing to negotiate with Iran.Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
In its 35-year history, Dell has grown from a PC maker to a technology conglomerate with $90 billion in revenue and services in storage, servers, cloud infrastructure and data...Technologyread more
Super-wealthy investors are making some changes to their portfolios for 2019.
They are increasing their cash holdings and reducing their equity exposure. They are also cutting back on some of their real estate investments and finding a "short-term solution" in fixed income, according to Michael Sonnenfeldt, founder of investment club Tiger 21.
"There's a lot of caution and some of it is [market] volatility," he said Thursday on CNBC's "Power Lunch. " Then there is also the "uncertainty of government policy," he added. The members of Tiger 21 are more than 700 strong and have a total of $71 billion in assets.
However, there is one growing trend they are hopping aboard — cannabis.
The industry has seen a big boost since Canada legalized cannabis for recreational use. While marijuana use is illegal in the U.S. on a federal level, a number of states have legalized it for recreational and/or medical use. The stocks of Canadian pot companies like Tilray, which debuted on the Nasdaq last year, and Canopy Growth have since taken off — although not without a lot of wild swings.
The rich, though, are looking at more than just public equities when it comes to cannabis.
"Sometimes it's owning the land that cannabis is grown on, sometimes it's owning the real estate where there are factories, if you will, and sometimes it's owning the companies and then of course there's the public market," Sonnenfeldt said.
For one, there has been no new supply of gold in the last eight years, Sonnenfeldt noted. Then, there is the fact that investors need an alternative to the volatile stock market.
"Typically people first think of gold as an inflation hedge but over history it's really been an instability hedge," he said.
Tiger 21 members, meanwhile, are concerned about the recent proposals to tax the wealthy. However, Sonnenfeldt said they are equally worried about a $1 trillion deficit. The nonpartisan Congressional Budget Office is projecting the U.S. deficit will hit that milestone by 2022.
"Clearly we can't run these kind of deficits and there has to be some change, perhaps, in tax policy but to tax hard work and try to redistribute wealth has never created wealth," he said. "Finding that balance is really what we need to do."
On Thursday, Sen. Bernie Sanders, I-Vt., said he'd be introducing a plan to hike the estate tax — including a 77 percent rate for over $1 billion. His proposal follows that of Massachusetts Sen. Elizabeth Warren, a possible 2020 Democratic candidate, which calls for a 2 percent tax every year on households with assets of more than $50 million. That rate would raise to 3 percent on households with assets over $1 billion. And Rep. Alexandria Ocasio-Cortez, D-N.Y., wants to target the wealthy with a 70 percent marginal tax on income above $10 million.
More from Personal Finance:
5 money mistakes that keep you from getting rich
Moving overseas won't help the very rich dodge Sen. Warren's wealth-tax plan
Here's how to invest that windfall for retirement if you're 40-something or older
— CNBC's Thomas Franck, Stefanie Kratter and Patti Domm contributed to this report.