The Unwise Rich: Why Billionaires Are Bad Role Models for Investors Peter Mallouk's remarks on investing in sports teams are a stark reminder that even the wealthiest individuals can be poor financial advisors.
As one of America's top wealth management experts, he should know better than to suggest that buying a sports team is a savvy investment move.
Mallouk compares the LA Lakers' valuation to the S&P 500 Index, noting that investing in stocks has outperformed owning a sports team over the long term.