Brooke Astor's Bold Investments

Tony Marshall, Brooke Astor's son, claimed to have done well investing her portfolio, turning $19 million into $80 million or more.

Sure enough, an inventory of Mrs. Astor's estate last fall, reported in The New York Times, shows investable assets totalling $79.5 million.

Her asset allocation looks much more aggressive than that of the average multi-millionaire, not to mention the average 105-year-old.

Hedge funds and private equity 59%

Stocks 30%

Bonds 10%

Cash and equivalents 1%

For comparison, Northern Trust's 2007 Wealth Survey found the average asset allocation for those with $10 million or more was 40% stocks, 15% cash, 11% bonds, 11% private equity and 2% hedge funds, plus allocations to real estate and commodities.

Hedge funds, however, are a structure for pooled investing, not an asset class. The Times reports that Mrs. Astor had $20.6 million in a hedge fund that invests in equities. That suggests that over 50% of her investable wealth actually was allocated to stocks.