The S&P 500 gained 30 percent last year and is looking bubbly. Bond yields are still low despite Fed tapering. What’s a millionaire to do?

Residential and commercial property is seen as the best alternative investment pick for 2014 by millionaires surveyed by Morgan Stanley Wealth Management.

About eight out of 10 investors with $1 million in assets already own real estate, the survey found, and a third said they plan to buy this year. About one in four said they’d invest in a real estate investment trust, the second-most popular alternative investment. Source: bloomberg.com.

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