The people who have all of their wealth in 401Ks with mutual funds that were simply recommended to them by their financial advisors are the “Joe Sixpacks” of which I speak.
There are varying degrees of wealth, of course, and the hedged “wealthy” that I was referring to would not normally have all their assets in a 401K (or housing)…some would, but most probably would not; and if they did, they’d be hedged.
What you’ve noted is exactly what I’m talking about.
