I’m coming to you live from Miami Florida. This week I’m at The Family Office Club Super Summit, which attracts some of the most accomplished private wealth managers in the industry. We spent several days in a large conference setting and in one on one conversation with people who manage the investments for some of the world’s most affluent.

These folks have the task of making sure the money of the ultra-wealthy is put to work in a safe and responsible way.

Attendees at this conference include both new money and old. Old money is the multi-generational wealth that has been passed down through several generations. New money is wealth that was created in the current generation, usually through the hard work involving the growth of an active business. In some cases, the business has been sold and a pile of cash remains where there once was a business.

Once wealth has been created, the focus shifts from wealth creation to wealth preservation. The ultra-wealthy have the same problems that all investors have, only on a larger scale. If you are wondering where is a safe place to invest your retirement funds, the same can be said of the ultra-wealthy.

Wealth is simultaneously patient and impatient. People of wealth are not in a hurry to make a quick buck. They don’t need to maximize their rate of return. If they make an extra 5% on their money, it’s not going to change their life. They don’t like to lose money, so its far more important to protect its than maximize the growth in all circumstances. They are willing to be patient for their money to grow.

But they’re simultaneously highly impatient. They understand that time is their most precious commodity. They have thousands of details and opportunities vying for their attention. They need to be judicious about what to pay attention to. There is so much noise in the world, that they make fast decisions about what to pay attention to.