Novelist F. Scott Fitzgerald once said, “The rich are different from you and me” to which Ernest Hemingway responded: “Yes, they have more money”. As with many famous anecdotes, there was some embellishment and it didn’t quite happen the way you might expect. However, Hemingway was right. One of the clear differences is the rich do have more money, but not only are the rich different because they have more money, it’s also been suspected they tend to invest differently to us average folk. We finally have some conclusive proof on that. A study titled “Asset Allocation and Returns in the Portfolios of the…

I said, “So, Walter, errr, script’s pretty good, huh?” And he said, “The script sucks, kid. I owe my bookie $2 million.” And that was Kevin Pollack’s introduction to Walter Matthau on the set of Grumpy Old Men. It was said Matthau lost $50 million gambling over his lifetime. Matthau’s gambling addiction was so legendary, the odds he’d given each NFL team of winning the Superbowl that season were printed on the back of the program at his memorial service. Were Walter Matthau alive today, you’d wonder whether he’d still be dedicating his time gambling on horses and sports teams given the current obsession…