We survey 2,484 U.S. individuals with at least $1 million of investable assets about how well leading academic theories describe their financial beliefs and personal investment decisions. The wealthy's beliefs about financial markets and the economy are surprisingly similar to those of the average U.S. household, but the wealthy are less driven by discomfort with the market, financial constraints, and labor income considerations. Portfolio equity share is most affected by professional advice, time until retirement, personal experiences, rare disaster risk, and health risk. Concentrated equity holding is most often motivated by belief that the stock has superior risk-adjusted returns. Beliefs about how expected returns vary with stock characteristics frequently differ from historical relationships, and more risk is not always associated with higher expected returns. Active equity fund investment is most motivated by professional advice and the expectation of higher average returns. Berk and Green (2004) rationalize return chasing in the absence of fund performance persistence by positing that past returns reveal managerial skill but there are diminishing returns to scale in active management. Forty-two percent of respondents agree with the first assumption, 33% with the second, and 19% with both.

我们调查了 2,484 名拥有至少 100 万美元可投资资产的美国个人，了解领先的学术理论如何描述他们的财务信念和个人投资决策。富人对金融市场和经济的看法与美国普通家庭的看法惊人地相似，但富人对市场、财务限制和劳动收入方面的担忧较少。投资组合股权份额受专业建议、退休时间、个人经历、罕见灾害风险和健康风险的影响最大。集中股权持有最常见的动机是相信股票具有优越的风险调整回报。关于预期回报如何随股票特征而变化的信念经常与历史关系不同，更高的风险并不总是与更高的预期回报相关。积极的股票基金投资最受专业建议和更高平均回报的期望驱动。Berk 和 Green (2004) 通过假设过去的回报揭示了管理技能，但在主动管理中规模回报递减，从而在缺乏基金业绩持久性的情况下合理化了回报追逐。42% 的受访者同意第一个假设，33% 的人同意第二个，19% 的人同意两者。Berk 和 Green (2004) 通过假设过去的回报揭示了管理技能，但在主动管理中规模回报递减，从而在缺乏基金业绩持久性的情况下合理化了回报追逐。42% 的受访者同意第一个假设，33% 同意第二个假设，19% 同意这两个假设。Berk 和 Green (2004) 通过假设过去的回报揭示了管理技能，但在主动管理中规模回报递减，从而在缺乏基金业绩持久性的情况下合理化了回报追逐。42% 的受访者同意第一个假设，33% 的人同意第二个，19% 的人同意两者。