The Missing Billionaires: A Guide to Better Financial Decisions

[vnatale]

Kindle version available at Amazon for only $3.99. Just bought mine.


https://www.amazon.com/dp/1119747910/?r ... l_huc_item

The Missing Billionaires: A Guide to Better Financial Decisions
Victor Haghani and James White

Summary via publisher (Wiley)
Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake.

[Smith1776]

Kindle version available at Amazon for only $3.99. Just bought mine.


https://www.amazon.com/dp/1119747910/?r ... l_huc_item

The Missing Billionaires: A Guide to Better Financial Decisions
Victor Haghani and James White

Summary via publisher (Wiley)
Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake.

Thanks for this. I remember that the Rational Reminder podcast did an interview with the author of the book recently. I didn't bother to read the book, but definitely will now.

It's great point that the author makes. Fortunes are born and lost typically within a very short order. This also goes subtly goes against the left's argument about the inexorable concentration of wealth within the hands of a few.

[vnatale]

Kindle version available at Amazon for only $3.99. Just bought mine.


https://www.amazon.com/dp/1119747910/?r ... l_huc_item

The Missing Billionaires: A Guide to Better Financial Decisions
Victor Haghani and James White

Summary via publisher (Wiley)
Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake.

Thanks for this. I remember that the Rational Reminder podcast did an interview with the author of the book recently. I didn't bother to read the book, but definitely will now.

It's great point that the author makes. Fortunes are born and lost typically within a very short order. This also goes subtly goes against the left's argument about the inexorable concentration of wealth within the hands of a few.

Similar to $$$$$$ and those with power determine who the U.S. President will be. Trump proved that wrong in 2016.

[Smith1776]

Similar to $$$$$$ and those with power determine who the U.S. President will be. Trump proved that wrong in 2016.

Yeah. I mean, for all the talk about how power is concentrated in the hands of the few and that there's corruption at all levels, the US isn't actually doing half bad in the grand scheme of things.