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‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

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Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#91

Post by rufus_foreman »

somenameforme wrote: post #68
ISL wrote: post #29

> Ask 100 ten-year-olds what they want to do, and I’d guess 99 of them will say something that’s related to becoming rich or famous: A musician, YouTuber, actor, NBA player, Elon Musk, and so forth. People actually do ask this question of large numbers of kids regularly. Here's one: https://www.approvedcourse.com/when-i-grow-up/ Top three in that survey were doctor, teacher, astronaut. (I have read other surveys wher…

That wasn't asked of kids, that was asked of adults to recall what they wanted to be when they were kids, which is going to result in different answers. Lego, through Harris polling, ran this poll [1] internationally not that long ago and the results were stereotypical. Respondents were allowed to pick multiple dream careers: --- China: Astronaut - 56% Teacher - 52% Musician - 47% --- US: Youtuber - 30% Teacher - 25%…

I've always wanted to be an astronaut musician.

Planet Earth is blue and there's nothing I can do...

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#92

Post by johnfn »

rufus_foreman wrote: post #6

>> Person A was born in 1930. Person B was born seventy years later, in 2000. They both start applying the Graham investing strategy at a very early age, let’s say when they were 15 years. >> Person A becomes Warren Buffett, once the richest man on earth, who experienced one of the biggest booms in value stocks when he was young. Person B loses half of their money because value stocks are out of favor in the 2010s Bu…

> His net worth is 97.8 billion dollars, 97.5 billion or so of that was earned after he was 50 years old

This is quite deceptively phrased. 300M is already more than many of us will earn in a lifetime.

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#93

Post by rufus_foreman »

johnfn wrote: post #92
rufus_foreman wrote: post #6

>> Person A was born in 1930. Person B was born seventy years later, in 2000. They both start applying the Graham investing strategy at a very early age, let’s say when they were 15 years. >> Person A becomes Warren Buffett, once the richest man on earth, who experienced one of the biggest booms in value stocks when he was young. Person B loses half of their money because value stocks are out of favor in the 2010s Bu…

> His net worth is 97.8 billion dollars, 97.5 billion or so of that was earned after he was 50 years old This is quite deceptively phrased. 300M is already more than many of us will earn in a lifetime.

It's not deceptively phrased. You just absolutely refuse to comprehend compound growth.

That's on you.

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#94

Post by betwixthewires »

sbf501 wrote: post #83
betwixthewires wrote: post #57

Earlier quoted context omitted.

Its irrelevant in the example, because the Buffet-like person is only using one strategy in the example, available to everyone.

It isn't irrelevant because Buffet didn't use that strategy.

Which is why I said "buffet-like person." We are talking about different things. I'm talking about the article in the OP at the top of this thread, you're talking about what you wish we were talking about.

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#95

Post by johnfn »

rufus_foreman wrote: post #93
johnfn wrote: post #92

Earlier quoted context omitted.

> His net worth is 97.8 billion dollars, 97.5 billion or so of that was earned after he was 50 years old This is quite deceptively phrased. 300M is already more than many of us will earn in a lifetime.

It's not deceptively phrased. You just absolutely refuse to comprehend compound growth. That's on you.

Your post made phrased as if he did the majority of the work after he was 50. Anyone who sees two numbers that are less than 1% different would initially think the same. If you're making a point about exponential growth, feel free to use exponential notation, or talk in deltas.

> You just absolutely refuse to comprehend compound growth.

What a bizarre thing to say.

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#96

Post by rufus_foreman »

johnfn wrote: post #95
rufus_foreman wrote: post #93

Earlier quoted context omitted.

It's not deceptively phrased. You just absolutely refuse to comprehend compound growth. That's on you.

Your post made phrased as if he did the majority of the work after he was 50. Anyone who sees two numbers that are less than 1% different would initially think the same. If you're making a point about exponential growth, feel free to use exponential notation, or talk in deltas. > You just absolutely refuse to comprehend compound growth. What a bizarre thing to say.

$100 invested in 1945, what does it amount to today?

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#97

Post by rufus_foreman »

PuppyTailWags wrote: post #87
achenatx wrote: post #85

Earlier quoted context omitted.

my daughter is 14, her friend makes $17 hour working at a juice store. She makes about 300/week. In 1987 I was making about 25/hour doing programming as a senior in high school. There are always opportunities and those opportunities are not the same in every era. Kids today are making 100K being influencers opening toys on youtube Kids today are making 100K playing online poker Kids today are making $$ writing apps K…

> my daughter is 14, her friend makes $17 hour working at a juice store. She makes about 300/week. This is not 3k a month. This is less than 1/3 of that.

Take $300 a week for a year, that is $15,600. Say that was invested this year, what do you think that would be worth 82 years from now?

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#98

Post by sbf501 »

betwixthewires wrote: post #94
sbf501 wrote: post #83

Earlier quoted context omitted.

It isn't irrelevant because Buffet didn't use that strategy.

Which is why I said "buffet-like person." We are talking about different things. I'm talking about the article in the OP at the top of this thread, you're talking about what you wish we were talking about.

> Which is why I said "buffet-like person."

You edited your post to say "buffet-like person". At least have some integrity.

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#99

Post by hindsightbias »

sbf501 wrote: post #35
hindsightbias wrote: post #20

Earlier quoted context omitted.

He’s saying that because he thinks they want to brag. But there’s a completely 100% rational reason for doing it that he completely ignores. Given the choice of going to a destination for the same price (or at least “affordable”), would you A) fly commercial B) fly private?

Bit what is the difference? Just a hundred fewer people, and the knowledge that you're just polluting for a few extra minutes of boarding time? I don't see any positives, even at the same price per ticket. Also, smaller planes are less stable than larger planes, so there's the smoother ride factor too, right?

Flying direct vs hub and spoke. To Ibiza. Plus a 100 less potential Covid carriers.

Bigger planes can be more comfortable but a large factor is wing loading. Many smaller jets have higher ratios. IMO, the most comfortable airliner in turbulence was the MD-80, which had a tiny wing.

https://turbli.com/blog/the-best-planes-to-fly-through-turbu...

Re: ‘Why Am I Not Rich and Famous?’ The Delusion of Our Times

#100

Post by schwartzworld »

rufus_foreman wrote: post #55
PuppyTailWags wrote: post #28

Earlier quoted context omitted.

A 15 year old today cannot make ~$3k a month delivering Washington Post newspapers. I think the point still stands what much of wealth gain is lucky opportunity windows, such as being alive during a time where a job like newspaper delivery pays 3k a month.

>> much of wealth gain is lucky opportunity windows He sold gum, he sold Coke bottles, he sold magazines, he worked in a grocery store, he delivered newspapers, he sold golf balls, he sold stamps, he detailed cars, he invested in stock, he invested in land, he went to business school, he worked as an investment salesman, he worked as a stock analyst, he worked as a general partner, then chairman, then CEO at a compan…

The only feasible answer is that billionaires are insane hoarders, walling off society's resources for literally no reason.
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