The rich make bad investments just like you and me, sort of

What can’t money buy the wealthy? It doesn’t buy them access to a secret formula that guarantees a profit no matter the market conditions. A group of researchers took a look at where folks with an average net worth of $90 million put their money between 2000 and 2009. Turns out they fell victim to fad investments, such as hedge funds, the same as middle-income folks might invest in their cousin’s portable dog-grooming business.