There's a divergence between US and world stocks, and the gap has been widening the past year as US stocks decelerate. It's harder to find value in America. Pulling US stocks down is any comment from the Fed and companies reporting weakness. Investors are waiting for something to happen on the US-China trade front, there's bark than bite here. He can't see Trump causing pain for middle-class voters.

20-30% of family offices are in private equity, so worth investing in? Yes, it's easier for smaller investors to invest in private equity firms. Large family offices are sophisticated and fee conscious, but it's hard for small investors to understand their fees or what they are buying. Also, so much institutional money is flowing into infrastructure an private equity that it's driving down yields and returns. Warning: the low-hanging fruit has already been picked. These are illiquid investments. If you pay too much for them, it'll be hard to get a return.

Emerging market sovereign high-yield bonds Don't buy them Greece is a good example. The rule can suddenly change and it's not worth the extra return. Too risky. Countries are not like companies--they change rules and an investor can't do anything.

A huge loss on the markets today. We've had quite a year. Take a step back and keep perspective. US earnings were up 1.5%, mostly positive, and better than expected. Many have been shorting volatility. Even a tweet can shift things entirely. Trump's latest tweet, threatening more tariffs against China, is not a surprise; he's done that before when negotiating. The sell off this week means investors are taking risk off the table. He's actually hoping stocks falls more to meet his buy targets. A deal will likely happen. Meanwhile, hold some cash. Economic data globally still isn't great.