Imitation may be the highest form of flattery -- and could be the quickest way to a market payoff. When you're ready to invest that next dollar you might want to follow the lead of the top 1 percent of the wealthiest Americans.
A survey by U.S.Trust shows 70 percent of the affluent hold growth stocks, 61 percent have blue chips and 56 percent own municipal bonds. They tend to buy a stock based on the quality of the company's management, stability, earnings growth potential and track record, the survey says.
Mutual funds tended to be included in portfolios based on reputation of the fund family and its future prospects and past performance -- but expenses were important to only 38 percent.
Most of the big-money investors -- 62 percent -- are in it for the long haul, counting on long-term capital gains rather than current income.
