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In theory, enormous wealth should have no trouble "hiring the best" for investment advisors and managers. In practice, I don't think that has ever been the cas

• rsynnott 2y ago
  The trouble is, “the best”, as in the most competent, will say “this is the long-term percentage growth that you can achieve safely and legally” (realistically, this isn’t going to be much different to the S&P500). And a certain variety of stupid rich person will either go “Not good enough, I can do better on my own” (and do stupid day trading), or go “Mr Madoff over there will do twice that” (investors in Madoff’s scheme and similar scams were, by and large, well off, but unsophisticated investors). In the case in the news article, DeVocht won the lottery, and then based his wealth management plan on winning the lottery again, repeatedly.