Monday, September 1, 2008

Remain Calm, All Is Well (Part Twenty-One)

I wonder how the "it's always a great time to buy stocks" folks are going to spin this one:

HSBC says super-rich clients moving into cash
By Laura MacInnis
GENEVA (Reuters) - Many of the world's wealthiest people have moved their money out of stocks and bonds and into cash, the head of HSBC's Swiss private banking unit said on Monday.

"The first half of 2008 has seen a notable change in client expectations and investment choices," said Peter Braunwalder, chief executive of HSBC Private Bank (Suisse), the British-based bank's main affiliate catering to the ultra-rich...

It's called the Smart Money for a reason folks...

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