6 ms·

I don't buy the genetic argument. Intelligence is worthless. In this society, a complete idiot with capital can achieve much more than a genius can achieve wit

I don't buy the genetic argument. Intelligence is worthless. In this society, a complete idiot with capital can achieve much more than a genius can achieve without capital.

xyzzyz 7y ago
Which is why top companies are founded by children of lottery winners and media celebrities, while poor immigrants never achieve anything significant.
- atq2119 7y ago
  Founding a top company is the most visible way of gaining a lot of wealth, but it is by far not representative. Much more common are ways of starting with a lot of wealth and turning it into even more wealth.
  - Viliam1234 7y ago
    This is exactly the kind of information that will NOT be welcome at Hacker News.
    - zone411 7y ago
      Even according to a source that wants to agree with you, 57% of Forbes 400 started with less than $1 million: http://d3n8a8pro7vhmx.cloudfront.net/ufe/legacy_url/410/BornOnThirdBase_2012.pdf?1448056427 http://d3n8a8pro7vhmx.cloudfront.net/ufe/legacy_url/410/Born....
icedchai 7y ago
An idiot with capital will, relatively quickly, lose all of his capital through wasteful spending. You see this all the time with lottery jackpot winners, those who receive a large inheritance, etc.
- jondubois 7y ago
  Not so. The reality is that his family banker will invest the money in an index fund like S&P500 for him and then he will see it compound a predictable 10% or so every year, becoming increasingly wealthy without ever having to lift a finger or exercise a single neuron.
  - icedchai 7y ago
    More likely the banker will invest it in low performing actively managed mutual funds and slowly drain 1-2% in additional "management fees" out of him...
  - ksenzee 7y ago
    If you're getting a predictable 10% from your investments, you're investing in a different SPY than I am.
- watwut 7y ago
  No. You can be extremely frugal while stupid as hell.
- savethefuture 7y ago
  Then he will become an idiot, without capital, whats your point?
  - icedchai 7y ago
    The point is one might luck into getting rich. Staying rich requires some intelligence, or you're going to make poor decisions. This is even true of dynastic wealth. One example: https://www.independent.co.uk/news/obituaries/huntington-hartford-riches-to-rags-grocery-heir-834613.html https://www.independent.co.uk/news/obituaries/huntington-har...
james_s_tayler 7y ago
That's exactly why sports stars and rappers with many millions of dollars often go broke and college kids eating ramen start billion dollar companies.

I don't buy the genetic argument. Intelligence is worthless. In this society, a complete idiot with capital can achieve much more than a genius can achieve without capital.

xyzzyz 7y ago

Which is why top companies are founded by children of lottery winners and media celebrities, while poor immigrants never achieve anything significant.

atq2119 7y ago
Founding a top company is the most visible way of gaining a lot of wealth, but it is by far not representative. Much more common are ways of starting with a lot of wealth and turning it into even more wealth.
- Viliam1234 7y ago
  This is exactly the kind of information that will NOT be welcome at Hacker News.
  - zone411 7y ago
    Even according to a source that wants to agree with you, 57% of Forbes 400 started with less than $1 million: http://d3n8a8pro7vhmx.cloudfront.net/ufe/legacy_url/410/BornOnThirdBase_2012.pdf?1448056427 http://d3n8a8pro7vhmx.cloudfront.net/ufe/legacy_url/410/Born....

icedchai 7y ago

An idiot with capital will, relatively quickly, lose all of his capital through wasteful spending. You see this all the time with lottery jackpot winners, those who receive a large inheritance, etc.

jondubois 7y ago
Not so. The reality is that his family banker will invest the money in an index fund like S&P500 for him and then he will see it compound a predictable 10% or so every year, becoming increasingly wealthy without ever having to lift a finger or exercise a single neuron.
- icedchai 7y ago
  More likely the banker will invest it in low performing actively managed mutual funds and slowly drain 1-2% in additional "management fees" out of him...
- ksenzee 7y ago
  If you're getting a predictable 10% from your investments, you're investing in a different SPY than I am.
watwut 7y ago
No. You can be extremely frugal while stupid as hell.
savethefuture 7y ago
Then he will become an idiot, without capital, whats your point?
- icedchai 7y ago
  The point is one might luck into getting rich. Staying rich requires some intelligence, or you're going to make poor decisions. This is even true of dynastic wealth. One example: https://www.independent.co.uk/news/obituaries/huntington-hartford-riches-to-rags-grocery-heir-834613.html https://www.independent.co.uk/news/obituaries/huntington-har...

james_s_tayler 7y ago

That's exactly why sports stars and rappers with many millions of dollars often go broke and college kids eating ramen start billion dollar companies.