Young, Rich Real-Estate Dummies

Some rich young people are putting big chunks of their savings into luxury apartments.

The Wall Street Journal reports that well-to-do young Americans prefer to put their savings into "safe" luxury real estate rather than "risky" equities. Some are wealthy heirs and heiresses who have nothing better to do with their money. Others are members of the nouveau riche, cashing out their Facebook shares for houses in San Francisco. Yet most people described in the article are simply young, rich and dumb.

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