Members of millionaire peer investment group Tiger 21 recently named Warren Buffet's Berkshire Hathaway Inc. as their top stock.
According to Michael Soffenfeldt, a founder of Tiger 21, members of the group named Berkshire as their top stock in a survey of preferred investments due to Buffet's strategy of buying companies.
"No one wants to be a stock picker, but if they are, they're going to back someone who has essentially created his wealth through buying stock," Soffenfeldt said.
Tiger 21 is an investment club of 140 members, the majority of whom have a net worth of at least $10 million, with more than $10 billion in total collective assets.
Currently, a typical member of the group has about 30 percent of their portfolio in equities, 25 percent in real estate, 20 percent in fixed income, 10 percent in cash, 10 percent in private equity and 5 percent in hedge funds, he said.