Author F. Scott Fitzgerald is said to have once told fellow author Ernest Hemingway, “The rich are different from you and me,” to which Hemingway replied, “Yes, they have more money.” Now a new study by Barclay’s Wealth, based upon a survey of 2,000 wealthy people in 20 countries around the globe, suggests that Hemingway was pretty much correct.
Like ordinary investors, the study finds that a fair proportion of the wealthy let their emotions drive their investing. Also like ordinary investors, many of them trade too much, even though they know they shouldn’t. And like many ordinary investors, they try -- and often fail -- to discipline themselves in their investing.
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