“It is not greed that drives the world, but envy.” — Warren Buffett
Huh, didn’t realize Buffet had said this. Does he elaborate, or is it just an aphorism? I first learned of the idea that envy trumps greed from @egfalken, who really fleshes it out here http://falkenblog.blogspot.com/2010/03/why-envy-dominates-greed.html?m=1 …
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1/ “An investment that starts off solid & gains conspicuous support can cross over into a bubble because at some point investment demand can create a positive feedback loop as more people try to emulate their peers, who then generate more benchmarks that generate more emulation.”
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2/ Above encapsulates the recent Bitcoin/crypto frenzy.
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Can't find the ref, but in one Buffet article his appreciation clearly came from managing compensation w/in firms
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Just an aphorism, mainly to counter the idea that wall st and the like are motivated by greed
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In a system with multiple processes and dependencies between them, the financial world has a continuous improvement component that politically correct people call envy.
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