If your ambition doesn’t grow with your wealth, the wealth makes you stupid by enabling you to delay decisions longer under uncertainty. I’ve done most of my on-time risky trigger pulling when money was tight, delayed it too long when it wasn’t
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Replying to @vgr
When wealth accumulates, so do advisors around that wealth. Possibly harder to trust intuition when lots of people you pay yelling to pump the breaks?
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Replying to @karanortman
Don’t know how common that effect is. Most wealthy people I know limit that to some living-trust type stuff but retain control over bulk of wealth and ignore advisors. But they do need to develop appetite for making bigger moves in same time.
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Replying to @vgr @karanortman
In my experience most wealth management is outsourced unless managing your own wealth is a full time gig.
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Replying to @ankushnarula @karanortman
Depends what you mean by management. Mechanics/taxes/vehicles/concierge yes, strategic allocation decisions (public vs private markets vs hedge funds, real estate, own act 2 efforts ...) not so much. Depends on how they make money I guess. SV millionaires not like say movie stars
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Replying to @vgr @karanortman
Agreed. The <50 folks I know who are in finance & tech are more hands on and allocate more dynamically. But the >50 wealthy people in construction, manufacturing, retail, etc tend to outsource to wealth managers. Different strokes.
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I’ll buy that. Almost all the ones I know are tech or hedge fund.
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