5 ms·
I haven't read it, but I have a feeling we're not talking about the same people. I'm not talking about successful investors and millionaires. I'm talking specif
by gryfft 8y ago
I haven't read it, but I have a feeling we're not talking about the same people. I'm not talking about successful investors and millionaires. I'm talking specifically about net worth north of $200M in today's dollars. Not the people who jumped from their windows during the Depression. The ones who bought their stock and waited it out.
Edit: I've now read a few reviews and summaries of Devil Take The Hindmost. Its subtitle is "A History Of Financial Speculation," and it appears that its subject matter is not focused on ultra-wealthy persons with diversified portfolios being ruined by market corrections, but specifically speculators and frauds. At a glance, it doesn't look particularly relevant to this conversation.
- almost_usual 8y agoSome of the _wealthiest_ people in modern history have lost it all. A recent example is Eike Batista.
- gryfft 8y agoBatista is currently under arrest and has been sentenced to 30 years in prison for bribing disgraced Rio de Janeiro governor Sérgio Cabral, in order to secure public contracts, according to Wikipedia[0]. I'd prefer an example that isn't somebody who wound up in prison. 0. https://en.wikipedia.org/wiki/Eike_Batista https://en.wikipedia.org/wiki/Eike_Batista
- almost_usual 8y agoRead the book then because I’m not going to search through it to cite a rich person who lost it all that fits your changing criteria.
- gryfft 8y agoMy criteria didn't change. I was talking about people who were ruined by the market, and your example seems to be someone who was ruined by his own crimes.
- michaelmrose 8y agoCiting an entire book as a source is quite frankly a ridiculous suggestion. You are suggesting that the poster should spend hours proving your position for you when you wont spend a few minutes.