Michael Wagner in The Street: Opportunities, Risks and Back-Up Banks
As the fallout from the Silicon Valley Bank collapse continues, Omnia Family Wealth Co-Founder Michael Wagner shared insights with TheStreet about opportunities and risks he sees in the current environment.
Wagner shared that he’s liking gold and treasuries as safe-haven assets amid the chaos and discussed where he thinks investors should be putting money if they’re concerned about a possible bank failure.
Though Wagner encourages investors (particularly business owners) to consider putting some funds in a “back-up bank,” he stresses that the odds of multiple failures are very slim.
“Lightning rarely strikes twice in the same spot,” he told TheStreet. “The odds of you having your main bank and your backup bank go under at the same time are very slim.”