Ultra-rich are pulling back from stocks and real estate, says Tiger 21 founder Michael Sonnenfeldt

Michael Sonninfeld is back with us now. Michael, it's good to have you on. This is a stock market that not the last couple days, but really keeps going up.Are we seeing any more love from your members about stocks or is it still really about real estate. >> Actually, they just pulled back a couple points in the last quarter from the stock market and from real estate. still strong in private equity, but for the first time cash is coming up a little, fixed income is coming up a little and uh gold and bitcoin. ...