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.