201–205 of 205 posts
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he's no longer involved in uber as CEO, why would he want to tie his wealth to something he's no longer steering? there's not even an argument for Optics here.
So it can only succeed if he’s steering it? Doesn’t sound like a good business
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So it can only succeed if he’s steering it? Doesn’t sound like a good business
? Would you want a majority of your wealth tied to a business you used to work at? Or would you rather use it towards things you are actively working on?
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Diversification can mean different things to different people. If you mean that >30 stocks is pointless, I agree. How much different is the Dow than the S&P 500 or the whole market, even though its methodology is atrocious? If you mean that even with a large edge, you should take positions that are >20%, I don't agree.
Then we don't agree. The concentration of a position depends on the confidence of the investment and direction. 20% isn't a magical rule, no point in following it blindly.
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$100m can very comfortably afford a private jet. Maybe not a brand new G6, but a small to mid size jet could be comfortably purchased and maintained while barely spending more than the market appreciation of that $100m.
A new mid-size jet will run you $10-20M. Pilots and maintenance will cost you $1M+ per year. Depending on how much you use it, that could be significantly more. Spending 10-20% of your net worth on a vehicle up front + 1% pa going forward is not "comfortably afford". If my net worth was $2M, I would not say that I could comfortably afford a lambo.
Or, fly anywhere in one swoop with a less than 10 year old Citation CJ4 or similar that will run you less than $6m and seat 10 passengers. And the annual operating costs will not get you anywhere close to $1m. Even a G650 isn't going to run you much more than $1.5m annually unless you are putting a ton of hours on it.
But I will also say that 10-20% of your net worth (wouldn't be up-front, it would be financed.) is not that big of a deal when you have a huge net worth. It's a lot when you make just enough to survive. It's not a problem when you still have enough left over for several lifetimes of comfortable living. Just depends on your priorities.
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$100m can very comfortably afford a private jet. Maybe not a brand new G6, but a small to mid size jet could be comfortably purchased and maintained while barely spending more than the market appreciation of that $100m.
This is something silly one would do if they suddenly got a windfall - spend a chunk of it on a flashy purchase. You can just charter one for the once in a while you want a jet. How many flights is that, even for the 1M a year maintenance? Or fly 1st class. Or, you know, spend it on something that appreciates instead of losing value, like luxury real estate.
I agree that chartering is usually a better way to go. But private jet life is comfortably affordable at a $100m net worth. Maybe not private-jet-life, and mega-yacht-life, and rare-original-art life all at the same time. But you could definitely choose one or the other.