The paper shows the wealthy investor is similar to the average investor in many ways. Retirement, risk of illness and the need for cash on hand for routing expenses are particularly important drivers of where and when to invest. And, when investing, there is a clear consensus that listening to professionals is particularly important.
Then, on where to invest, the wealthy collectively believe that high-momentum stocks and high-investment-expenditure stocks are overpriced. Instead, high-profitability stocks, i.e., ones that are currently registering higher profits relative to the market, tend to be good deals. And do not disregard actively managed funds over passive funds – the rich believe skilful managers can be good value for money if you find the right one.