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First of all, how do you know his net worth? Are you taking his word for it? He said that his net worth fluctuates “with markets and with attitudes and with fee
by pg314 10y ago
First of all, how do you know his net worth? Are you taking his word for it? He said that his net worth fluctuates “with markets and with attitudes and with feelings, even my own feelings” [1]. Any accountant will tell you that a person's net worth does not fluctuate with the feelings of that person.
Unfortunately, we will probably never know, because he hasn't released his tax returns (which would at least have given us a partial picture).
The Economist tried to compare his financial performance with the S&P 500 [2] and is not impressed: on the longest timeframe (since 1986) he grossly underperforms the S&P 500.
Then there is the question of how he got his money. He seems to have left a long string of investors, banks, suppliers and partners that he essentially conned [3]. In the latter part of his carreer no American bank wanted to do business with him anymore (one of the reasons he switched to licensing his name instead of developing projects himself).
Charlie Munger, Warren Buffet's partner at Berkshire Hathaway, a staunch republican and a man of brilliant insights who knows a thing or two about business (he made his fortune by evaluating companies and their management) says this about Trump [4]: "Do I consider Donald Trump an ideal decision maker or manager of anything? And the answer is no. The last person almost I'd want as the president of the US".
If you voted for this man because of his business acumen, I'm afraid you are the latest in a long line of people he successfully conned.
[1] http://www.forbes.com/sites/chasewithorn/2016/03/31/how-donald-trump-exaggerates-and-fibs-about-his-4-5-billion-net-worth/#717849e8787e http://www.forbes.com/sites/chasewithorn/2016/03/31/how-dona...
[2] http://www.economist.com/news/united-states/21693230-enigma-presidential-candidates-business-affairs-tower-white http://www.economist.com/news/united-states/21693230-enigma-...
[3] http://www.newsweek.com/2016/08/12/donald-trumps-business-failures-election-2016-486091.html http://www.newsweek.com/2016/08/12/donald-trumps-business-fa...
[4] https://www.youtube.com/watch?v=RGLMnTzQIh8 https://www.youtube.com/watch?v=RGLMnTzQIh8