I wonder if this statistics hold for the people making 10 millions or more. I wonder if it would be a tech business or some other side hustle
How People Get Rich Now
771–780 of 941 posts
Re: How People Get Rich Now
#772Earlier quoted context omitted.
he does elaborate, he said "after having been on the side of labor in its fight with capital for almost two centuries" whereby he describes the aspect of the left he is talking about. He is a pro capital-ist, and he's referring to the part of the left that is anti capitalist. There is a lot of the left that is not anti capitalist
I'm confused by this conversation. What's important about the semantics around the words vs my criticism around that his view is outdated? Nobody seems to comment about the substance around my original post. Paul Graham seems to think labor is now winning since it is able to get capital to do startups much easier than in the past. But nobody on the left is criticizing this. The left criticizes the organization of the…
either i responded to the wrong comment, or you edited your comment. What I was responding to was a statement that (paraphrasal) "he does not elaborate on what he means when he says 'quote' " and I was pointing out that he does elaborate in the quote itself.
Re: How People Get Rich Now
#773Earlier quoted context omitted.
Are the fake-meat companies tech companies? I thought they are more like contract manufacturers, brewers, or other industrial foodstuffs. No doubts on the access to cheap debt, though.
There's a ton of tech behind Beyond Meat. Their core science is based on research from an RNA professor at Stanford. That proteomics research is the reason their burger tastes so much better than previous generation veggie burgers.
If you're referring to Patrick O. Brown, you might be thinking of Impossible Foods, not Beyond Meat.
Re: How People Get Rich Now
#774Earlier quoted context omitted.
> Hm? That paragraph is accurate. No, the assumptions in it are ridiculous in context: 1) "You could probably work twice as many hours as a corporate employee" : Okay, maybe you can "work" 80 hours a week, as in "be in the office 80 hours per week". 2) "if you focus you can probably get three times as much done in an hour" : No. You can't stay focused for 11.5 hours a day, especially not 7 days in a row, especially e…
No. You can't stay focused for 11.5 hours a day, especially not 7 days in a row, especially especially not week after week after week. I'm a former software engineer. The best engineers absolutely, genuinely can work very long hours and remain productive. 80 hrs/week might be a bit high, but 65 hours a week at 3x average-programmer-productivity is definitely something that exists in the real world, and although it is…
> and because the rest of us are literally slacking as we post here, and want to believe our slacking is some kind of biological necessity.
Ugh, this one hit deep... why must you do this to me?
Re: How People Get Rich Now
#775Earlier quoted context omitted.
> It makes people uncomfortable to think that success is mostly a matter of luck. I constantly hear this sentiment and don't think it makes people uncomfortable at all. If anything it is the opposite, people cling to this idea to absolve themselves of responsibility for their own situation. What makes people far more uncomfortable is the nagging feeling that success isn't mostly a matter of luck. Success is a choice…
Ironically, people I know who did the most drugs in high school (myself included) are the most successful out of the people I know. The straight-laced A students are all way behind.
There’s a bifurcation.
Yes, I know kids who did drugs (partied as they say) and have some success in life. I also knew some kids who did drugs and barely graduated or dropped out and did poorly or are just hanging on and a handful who didn’t make it out of young adulthood due to those choices.
What we need are statistics to tell us what is more likely, not our particular anecdotes.
Re: How People Get Rich Now
#776Earlier quoted context omitted.
Stockholders are increasingly not putting up with it. Votes against are still kind of rare, but they do happen: https://www.restaurantbusinessonline.com/financing/starbucks... But also, the board makes CEO decisions, and it's not totally uncommon for board members to also be CEOs of other companies, so they buy the kool-aid because they also benefit from it. Plus, CEOs and boards don't exist in a vacuum. You've got t…
The stockholders can revolt. If they don't, and it's their money being handed to the CEO, is it reasonable for non-stockholders to gripe about it?
We're all stockholders, and anyone with a 401k is, by way of Vanguard and Blackrock.
Re: How People Get Rich Now
#777Earlier quoted context omitted.
> It makes people uncomfortable to think that success is mostly a matter of luck. I constantly hear this sentiment and don't think it makes people uncomfortable at all. If anything it is the opposite, people cling to this idea to absolve themselves of responsibility for their own situation. What makes people far more uncomfortable is the nagging feeling that success isn't mostly a matter of luck. Success is a choice…
Ironically, people I know who did the most drugs in high school (myself included) are the most successful out of the people I know. The straight-laced A students are all way behind.
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Re: How People Get Rich Now
#778Earlier quoted context omitted.
Well they bought the place in 2005 for about 1/3 of what the current Redfin estimate is, so probably very little? And even if that were not the case, with real estate climbing 8% or more per year, they are still in line for a huge payday if / when they choose to sell.
Well that depends - if the real estate market holds and they pay for all the appropriate upkeeps. What about the situation where real estate properties go down and it's difficult to find renters or pay for upkeep on the property. Also - rental real estate doesn't rise in the same way the single family homes do. The landlord is the scourge narrative bugs me. There are for sure a bunch of terrible land lords especially…
Not sure what the point you're attempting to make with those hypotheticals is? What if winning the lottery came with a bunch of pitfalls?
I don't begrudging the ppl who bought houses for their good fortune. I resent when those people block new development in the name of maintaining "historical character" or whatever other invented excuse to keep their own property values high.
Re: How People Get Rich Now
#779Earlier quoted context omitted.
Genuinely curious: Do you have any more background on this? Who are these rich people that are not listed in Forbes?
This is an ongoing curiosity of mine. One really cool example is Mubarak of Egypt who became wealthy from corruption. When he lost power he had some wealth exposed and he was richer than any known person in the world. https://www.forbes.com/sites/clareoconnor/2011/04/11/egyptia... It's very likely that the richest person in the world right now is Vladimir Putin.
At some point I guess you run into definitional questions around what counts as wealth or ownership. If you could seize any building in your country at will, do you own all of them? What if you could probably only size a few dozen before people started getting angry about it? Etc.
Re: How People Get Rich Now
#780Earlier quoted context omitted.
Didn't you just say the stock owners were being diluted by the CEO compensations? Doesn't that include the 401k and pension funds? Isn't this is a massive transfer of wealth the the managerial class, justified simply because they can do it, and leave the consequences to others to clean up.
Bingo. The massive growth in the stock market in the past 40 years is directly a result of the massive inflow of capital from middle class 401k purchases. Overinflated CEO compensation packages are a way to siphon some of this into the pockets of the ruling class.
No it’s not due to that. How do I know? Look at PE ratios. Stock prices are backed by earnings.