Over the last few days, top portfolio managers and financial advisors have declared the recent volatility a good buying opportunity. But investors aren’t as sure, according to a recent poll by Eaton Vance. Advisors say about 56 percent of their clients see the market volatility as a risk, while 44 percent see it as an opportunity. About 87 percent of the over 1,000 advisors survey say at least some of their clients are wary of equities and 7 out of 10 believe investors are motivated by fear. About 47 percent of advisors surveyed reported adjusting clients’ portfolios.
“Unicorns” really aren’t so rare anymore, according to the New York Times. At least 131 companies boast the designation, usually given to a start-up valued at $1 billion or more by investors. It’s hard to pin down exactly how many there are because private companies don’t need to disclose finances, but recent research by CB Insights found 50 more companies that appear well on their way to unicorn status. Four of those startups are financial technology providers, including the robo-investors Betterment and Wealthfront.
In a recent Nerdwallet survey of 2,066 married adults, 43 percent of those with life insurance say they would not be financially prepared if they lost their partner. And married women would be more impacted than men. According to the report, 49 percent of women surveyed say their ability to make mortgage payments, pay bills and save for college tuition would be adversely affected by the death of a spouse, compared to 37 percent of men. Women in the study were also less likely to know the terms of their spouse's life insurance policy (57 percent versus 69 percent of men). The survey looked at adults age 25 or older, with the sample seeing almost an even split of men and women.
Beth Israel Medical Center will escape liability to the estate of Huguette Clark according to the New York Post, as a Manhattan Surrogate’s Court judge ruled last week that the statutes of limitations on the alleged crimes have run out. The hospital housed the elderly copper heiress (she was 104 when she passed, and she remained lucid and able to communicate until the end) in a private room under a series of pseudonyms for almost 20 years despite the fact that there was nothing medically wrong with her. During that time, the hospital and a number of its employees received millions of dollars in payment and gifts from Clark, a noted eccentric with a famously enormous doll collection (valued at $1.7 million in 2014).