The point is investing is a bit like novelwriting: It looks easier than it actually is. In reality, the popular adage that you need 10,000 hours of practice to master any craft probably applies.

Most wealthy people delegate the management of their money to professional portfolio managers or so-called “Managed Money.” Some do this because they’ve learned the hard way that they’re not so great at managing their own personal wealth.

More likely, these are smart people who believe in the division of labour and concentrating on doing whatever it is they do best to make the money in the first place. Typically that’s building a business or exploiting a lucrative specialty in such professions as law, medicine or dentistry.