171–180 of 216 posts
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A 25-30 year old man with all the accumulated wisdom and life experiences of a 95 year old highly successful man… would literally have opportunities worth many trillions of dollars? Because they would literally be multiple times better than the next most competent person on Earth of a similar age, and literally dozens of times better than even the median unicorn founder. So it seems like a given that the relatively p…
With all due respect, I think your analysis is wrong. He points out how much luck plays into everything and so even if someone younger with 95 year experience came out I think he'd point out that in the end there's an element of luck to everything. The world isn't deterministic.
That’s why I used the word “opportunities” and not “guarantees”.
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> Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted. In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse. Yes, this…
What other creatures show this kind of hoarding pattern in nature? Storing more of a thing than can (reasonably) be used in hundreds, or thousands of lifetimes? I don't know of any (others) that do so, and then pass the hoard down through the generations.
Acorn woodpeckers, beavers, and corvids exhibit true, generational hoarding behavior.
Younger generations learn and maintain the same caches, structures, or techniques as their elders.
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To whom? To "charities" owned by other billionaires such as Bill & Melinda Gates Foundation and those owned by his children. I don't want billionaires to donate anything, I don't want them to use their money to shape the world to their liking. I want them to pay their fair share of taxes and a functional government that properly allocates those extra funds instead of funding the bare minimum.
Billionaires are simply people who play the money game best. I’m not the best basketball player, but I can admire the game of the best players without being jealous of them.
False in the general case - with inherited wealth, someone who starts with a lot but grows more slowly will beat a fast grower who started with nothing, at least on short time scales.
In other words, you can build a better OS than Windows today, and have better business sense than Bill Gates, but it'll still take you years to catch up to him wealth wise if you're starting at zero.
> I’m not the best basketball player, but I can admire the game of the best players without being jealous of them.
I agree with that - with any art/practice (business, programming, music, sports, etc), it's always inspiring to see the best play.
However, I'd argue that in our current business culture, many players will
1) do things I'm not comfortable doing morally - the sports equivalent of Maradonna's Mano de Dios [0] - so I'm not really comfortable using them as role models (I just tell myself I can do better by playing fair). Examples include Elon Musk and Peter Thiel, so-called libertarians with entire business that consist of "use your friends in government to get juicy government contracts and grow rich off that sweet, sweet taxpayer money" (SpaceX, Palantir), Jobs, Zuckerberg and Gates ripping off their friends and co-founders, products that are intentionally addictive (cigarette companies), etc.
2) not actually be that good but just be in a good position - many rich people are honestly just lucky. Yes, you have the serial entrepreneurs that make _several_ billion dollar fortunes like Jim Clark, you have the wise investors like Warren Buffet, but you also have people like Adam Neumann [1]or any New York real estate tycoon who got started with a small million-dollar loan from their millionaire parents/Saudi oil princes who just got lucky.
In particular, I firmly believe I've got more money-making talent than a random Saudi oil prince, even if my bank account doesn't reflect that.
Or to use the sports metaphor, I believe I'm a better player than a lot of people currently in the big leagues, even if it's taking a while for the rest of the world to realize that :)
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Your government is pretty dysfunctional the way it is. I'm not surprised billionaires don't want to waste their taxes on that crap.
Who do you think is responsible for such a dysfunctional government? Is it your average working class person earning about $65k/year or is it billionaires that can throw unfathomable amounts of money at any topic of their interest without it even making a dent in their pocket? To take a recent example, the median income in New York City is about $79k/year (before taxes), while Bill Ackman alone essentially threw away…
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Billionaires are simply people who play the money game best. I’m not the best basketball player, but I can admire the game of the best players without being jealous of them.
> Billionaires are simply people who play the money game best. False in the general case - with inherited wealth, someone who starts with a lot but grows more slowly will beat a fast grower who started with nothing, at least on short time scales. In other words, you can build a better OS than Windows today, and have better business sense than Bill Gates, but it'll still take you years to catch up to him wealth wise i…
Not true regarding SpaceX, they were just cheaper and better than the competitors. They had to sue the government to even be able to compete against Boeing/Lockheed for military contracts. Who had more friends in the government in the 2010s, SpaceX or Boeing/Lockheed? In 2014, NASA awarded two contracts to develop spacecrafts for transporting astronauts to the ISS (at the time, American astronauts flew to the ISS only on Russian Soyuz). SpaceX received $2.6B (for Dragon), Boeing received $4.2B (for Starliner). Since that time, SpaceX has made 11 operational flights with astronauts to the ISS, while Boeing has made 0 (they're still working on it). It's not friends in the government, it's delivering services faster and for a lower price.
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Who do you think is responsible for such a dysfunctional government? Is it your average working class person earning about $65k/year or is it billionaires that can throw unfathomable amounts of money at any topic of their interest without it even making a dent in their pocket? To take a recent example, the median income in New York City is about $79k/year (before taxes), while Bill Ackman alone essentially threw away…
A majority of voters elected Trump, while Ackman failed to influence the mayoral election with his money.
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Warren Buffett is a great investor but nobody in finance buys his folksy image. Everybody knows he's an animal. I heard from folks in the room that the way 3G and Buffett came in to do layoffs at Tim Hortons was one of the most cold blooded things they've ever seen.
Warren Buffet is the definition of oligarchy. Dude runs a rail and insurance monopoly while buying large top stocks for yield. He maintains a persona of this traditional and nice family dude who is old and wise. But this is the US, and people are ranked/valued by how rich they are regardless of how it is acquired. Still, he avoided political scrutiny (say comparing to Musk or Bezos) by maintaining this image. That wa…
Buffet is a bigamist. By all intents and purposes he lived with two wives. The legal status was not that of bigamy, to be clear. He married his other wife after his first wife died.
https://en.wikipedia.org/wiki/Warren_Buffett
The personal section here is not exactly false, but is a great example of how one should not trust Wikipedia outright. A careful reading of it shows his lifelong relationships/marriage with two women at the same time.
Look, I'm not going to yuck his yum. Do whatever you want man. But the homely aww shucks image is very intentional. And very much against his actual life choices. Homespun he ain't.
>Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior. >I write this as one who has been thoughtless countless times and made many mistake…
Warren Buffett is a great investor but nobody in finance buys his folksy image. Everybody knows he's an animal. I heard from folks in the room that the way 3G and Buffett came in to do layoffs at Tim Hortons was one of the most cold blooded things they've ever seen.
>The specific phrase was noted in a recent online discussion related to Warren Buffett, where a user commented, "Warren Buffett is a great investor but nobody in finance buys his folksy image. Everybody knows he's an animal," to suggest he is a ruthless, cold-blooded businessman, likely in reference to aggressive business tactics like mass layoffs.
Anyway I don't think he's a ruthless cold-blooded type, although he is educated and very hard working. Also sometimes layoffs happen in business.
Lucky guy: He managed to retire before having to reckon with the coming end of the Bubble Era. It won't be the same without him.