Inside Goldmans bootcamp for ultra-rich Gen Z heirs: How to read the news, buy luxury watches and invest in sports teams

Goldman Sachs has been giving the young heirs of ultra-rich families crash courses in how to handle their fortunes — from buying art and pricey wristwatches to investing in sports teams.About 50 Gen Zers ages 18 to 23 descended on New York City in July for the Wall Street giant’s two-week “NextGS Investment Intensive,” much of whose class was made up of children from Goldman Sachs Private Wealth Management families.The bootcamp serves the children of families with an average account size of more than $90 million — with fortunes ranging from $10 million to more than $1 billion in assets.The third annual event mixed lessons on fixed income and diversified portfolios with sessions on watches, jewelry, handbags, real estate, infrastructure and the economics of owning sports teams, according to Fortune.Participants also dug into private markets, cryptocurrency and artificial intelligence — with AI coming up in nearly every session, according to Brittany Boals Moeller, a senior Goldman private wealth executive.Yet some of the curriculum started with Finance 101.Students were taught about credit scores and budgeting and spent nearly an hour learning how to read Wall Street Journal articles and pull out information that could move markets, according to the reporting.They also got a look at Goldman’s trading floors and learned about equity trading, hedge funds and portfolio construction.The program also gave the young heirs exposure to corners of the investment world more familiar to the ultra-rich.Christie’s specialists led a session covering watches, jewelry and handbags, while other classes tackled art and collectibles, property, infrastructure and sports investing.Participants showed particular interest in private markets and alternative investments, according to Boals Moeller.The intensive wasn’t limited to money.Attendees spent an eight-hour day working on communication, executive presence and leadership with Bill Hoogterp, chief executive of coaching...