Been doing some research and things are not rosy in the Wealth Management business.  I was under the impression US Venture Capitalists had their stuff together.  For the top firms, that's true.  For the majority of firms, not so much.

In May 2012 the Kauffman Foundation released a study on actual market performance of Venture Capital Funds.  The report, We Have Met the Enemy ... And He is Us, "a comprehensive analysis of the Kauffman Foundation's more than 20 years of experience investing in nearly 100 VC funds."  The finding isn't pretty:  

... the Limited Partner investment model is broken.

and Kauffman would have done better to invest their money in the Russell 2000 index of small-cap stocks.

Several reasons for this, the most important one is the General Partners (GP) of the fund are in the business of raising money and collecting management fees.  How well a GP manages the investments isn't in the picture.  

Which is weird but there it is.

I doubt the average Chinese wealth manager is any better than their American counterpart.  Lemming-like behavior is a well known property of the US investment markets thus I am confident it's a property of the PRC's investment markets too.  Some proof lies in the reports China has entire cities with houses, apartments, stores, etc. 100% purchased, as an "investment," and ~100% unpopulated.

This diary also provides a bit of evidence for something I've been thinking for some time: the world is awash in cash, most of it deployed and/or locked into economically useless fol-de-rol.  

If so, cannot one start to seriously question, and examine, the Pop idea:

cash = wealth

?

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre