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The 3 Simple Rules of Investing by George Peacock, Carol Fabbri, Kwok L. Tsui, Michael Edesess

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DEADLY TEMPTATION #6

Do What Wealthy and Sophisticated Investors Do

Wealthy and “sophisticated” investors actually get more wrong than ordinary investors. What they get wrong is that they think that because they’re fielding a lot of money, they can buy the best expertise—and that, of course, will get them the best return. But in the investment management business, there’s no relationship between what you pay for professional help and what you get in investment returns. We suspect it’s going to be hard to convince you how wrong this idea is.

Wealthy and sophisticated investors got wealthy somehow, right? Presumably because they knew how to make money. So is it possible that they don’t know how to make money better than the rest of us when it comes ...

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