Volatile equity markets are giving many investors reasons to sit on the sidelines. But members of Tiger 21, a peer-to-peer learning group for wealthy investors, like their stock plays and are sticking to them.

In a top 10 ranking of favorite ways to invest their money, Tiger 21 found that 26% of its members liked mutual funds; 23% liked to invest directly in individual stocks and 23% preferred managed accounts. Berkshire Hathaway was mentioned most frequently as a favorite stock.

For advisors, the study gives insight into the investing attitudes and habits of a coveted demographic-the very wealthy. The study found that this cohort are big fans of allocation and diversification.

Although most investors are concerned about defaults among municipal bond issuers, 28% of Tiger 21's membership chose munis as the second most popular investment strategy. More than half of those who held mutual funds said they had apportioned more than 20% of their investable assets to munis, according to the group.

Long-short equity funds were the third-most-popular strategy, at 22%.