Money Wise: How to Create, Grow, and Preserve Your Wealth

Musings on the creation, preservation and use of wealth devolve into rambling in this personal finance guide from a seasoned Wall Street investor and inventor of the Lipper Averages for mutual funds. In his search for “the eternal truths” of creating wealth, Lipper addresses the needs of only the very wealthiest Americans, suggesting that investors hire a supermanager to watch over their regular advisers if they have more than three. Focusing on the emotional and psychological aspects of wealth management, Lipper broods upon the reasons why people invest, wealth psychology and the various “investment personalities” (absolute, confident, uncertain, relative, fiduciary, bored, guilty). In a book marked by a paucity of practical suggestions, readers will likely notice—and be dismayed by—the lack of research to support the author's claims. While Lipper competently addresses the responsibilities of great wealth—including handling charitable donations and coming to grips with one's own mortality through decisions regarding wills, trusts and heirs, the long-winded slog to get there is not worth the haul. (Sept.)