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A few days ago there was an interesting comment about luck and survivorship bias: https://news.ycombinator.com/item?id=14165781 https://news.ycombinator.com/ite

A few days ago there was an interesting comment about luck and survivorship bias: https://news.ycombinator.com/item?id=14165781 https://news.ycombinator.com/item?id=14165781 > How unsuccessful could someone be if they were extremely talented and hard-working, but had little luck. Warren Buffet has a concept called the Ovarian Lottery. Why should someone's kid get gobs of money simply for being born into that family? He hates it, and for that reason isn't leaving billions for his kids, just handfuls of millions. By being born in the US, you've already basically won, as your poverty line would be luxurious in many other countries. If he wasn't born in the US or a handful of other countries, even with the same drive and motivation he had, he wouldn't have been able to be successful like he has been because far more time would be spent seeking out food and basics of living.

gist 9y ago
> He hates it, and for that reason isn't leaving billions for his kids, just handfuls of millions. I wish he would just shut up sometimes and stop being so avuncular and precocious. He is leaving enough money to his kids to be able to have no financial issues and not having to work and be able to enjoy a nice life. And they are also getting a big halo boost just because they are his kids. Make no mistake about that. (I'd take that over $5 million in cash easily..) Also he himself doesn't appear to see much value in all of his billions other than the fame that it gets him. He appears to enjoy it nominally and likes being well know and doing business much better. So he is making a value judgement as well based on what 'floats his boat' personally and marrying it to some concept that makes him appear to be so much like a common man. If money is not that important to him, then why not give it away now and not just to charity?

gist 9y ago

> He hates it, and for that reason isn't leaving billions for his kids, just handfuls of millions. I wish he would just shut up sometimes and stop being so avuncular and precocious. He is leaving enough money to his kids to be able to have no financial issues and not having to work and be able to enjoy a nice life. And they are also getting a big halo boost just because they are his kids. Make no mistake about that. (I'd take that over $5 million in cash easily..) Also he himself doesn't appear to see much value in all of his billions other than the fame that it gets him. He appears to enjoy it nominally and likes being well know and doing business much better. So he is making a value judgement as well based on what 'floats his boat' personally and marrying it to some concept that makes him appear to be so much like a common man. If money is not that important to him, then why not give it away now and not just to charity?