The first client meeting is with George Bailey, an entrepreneur and self-made millionaire. To better understand Bailey’s investor behavior, Yang refers to notes in the client files and makes the following observations: Bailey is independent, strong willed, quick to make decisions, and extremely confident. Historically, his portfolio has had a high turnover rate, and he has tended to chase higher risk investments. He is also very “hands on.” Bailey’s youngest child is expected to graduate from university in the next couple of years, and Bailey has become increasingly emotional about his investments. Yang questions whether Owen has ever considered a behaviorally modified portfolio for Bailey, even though he demonstrates some of the shortcomings of classifying investors into personality types.
