I think the “socialism for the rich” meme works because if you have a billion dollars, and one mistake costs you 99% of what you’ve earned over an entire lifetime, you’re still rich.https://twitter.com/RBReich/status/1095066916870180864 …
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Rich people necessarily have high beta, because one way to get rich is to love taking risks and then get lucky.
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Replying to @ByrneHobart
nouveau riche do paleorich don't the way you STAY rich is to not take risks
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Replying to @MorlockP
Seeing the really rich invest in high risk-high reward stuff and not realizing that it’s the tip of a pyramid of safe real estate and bond holdings is a mistake.
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There’s a certain kind of frugality (and even cheapness) I’ve noticed in old money also.
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Replying to @ElamBend
My folks aren't rich, but they're decently well off (2 houses + some investment property, 3 cars, 1 boat, 2+ very nice vacations/yr). Mom was bitching recently that Walmart raised the cost of mustard from $1.00 to $1.69 in one fell swoop.
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apples, trees
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difference: I bitch about the cost of mustard seeds, which I grind into paste and then mix with home-made apple cider vinegar
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