Right on the money Tony! (bad pun intended 🙂)
The one thing I'd modify is that very few people even have the same investment horizon as the wealthy.
A wealthy family (at the level you're describing) likely has a family office that invests their wealth. The time horizon for the portfolio they manage is basically forever.
My first investment as an adult had to wait until I was in my 20s, and my first significant investment wasn't until my 40s. Assuming I retire in my 60s, that makes my investing career about 20 years.
Big difference.