I don't think it's stupidity per se. I think guys who make it that far are ultra competitive. If they talk to a legitimate advisor, they'll either be steered towards something ultra conservative (they've hit their number, why bother with risk?), or maybe a portfolio with some market exposure, but still bond heavy (safe, but not sexy). Then they talk to a guy who knows a guy who says they can make their small fortune into a very large one (think about how many stars talk about owning teams when that's almost an impossibility) and they think they're better than average and they give that guy their money.
