The 7 biggest investment mistakes celebrities make

Morgan says many of his celebrity clients are dazzled by tech companies -- even the ones that will clearly never turn a profit.

"In 2000, there was a cadre of entertainment people that loved to invest in high-multiple tech stocks. They told me I was too old to understand that the real change was happening in technology. I told them, 'I'm not too old, the math doesn't work!'"

He recalls that clients who insisted on making these tech investments were lucky if they recouped 50% of their original investment.