不信股债组合，这届年轻人正在“重塑华尔街”

Group 1: Investment Trends - A new generation of wealthy investors, primarily millennials and Gen Z, is skeptical about traditional markets and is increasingly investing in alternative assets such as pre-IPO unicorns, real estate, cryptocurrencies, and collectibles [1][8] - Since 2020, the number of retail clients holding alternative assets at Bank of America has doubled, with approximately 93% of surveyed investors planning to increase their allocation to alternative assets in the future [1][4] - The traditional 60/40 portfolio strategy has lost its appeal due to simultaneous declines in stocks and bonds, prompting a shift towards alternative investments [2][5] Group 2: Market Dynamics - Alternative asset supply is rapidly increasing, with 80% of alternative asset managers planning to launch retail-friendly products, nearly double from three years ago [4] - Financial institutions are adapting their offerings, with firms like Blackstone and Apollo Global Management repackaging elite investment strategies into ETFs and semi-liquid funds for broader distribution [1][4] - The demand for alternative assets is reshaping how Wall Street markets wealth creation products, moving from institutional-only products to those accessible to high-net-worth individuals [1][4] Group 3: Investor Behavior - Many investors are moving away from public markets, driven by a distrust of traditional investment systems, which they perceive as fragile and manipulated [8][9] - The cultural phenomenon of "fear of missing out" (FOMO) is influencing younger investors to seek early-stage investments in technology companies [5][6] - There is a notable divergence in investment preferences among younger investors, with some pursuing high-risk opportunities while others maintain significant cash holdings due to default settings in their investment accounts [9] Group 4: Future Outlook - The interplay between investor preferences and product supply is expected to drive a cyclical growth in alternative asset allocations, indicating a potential wave of change in wealth management practices [9] - The trend towards retailization of alternative assets is partly due to traditional buyers being "capital constrained," with individual investors currently allocating only 7% of their investments to alternative assets compared to 20% for large institutions [8][9]