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Likewise, even down to being in the Boston area. I did OK at a couple of the eleven startups I worked at, but still made even more over just a couple of years a

Likewise, even down to being in the Boston area. I did OK at a couple of the eleven startups I worked at, but still made even more over just a couple of years at a FAANG. Many of my former colleagues on both sides have had similar trajectories. The vast majority of the "merely rich" in tech got that way by working at companies that had already broken away from the pack. Speaking of breaking away from the pack, that brings us to the ultra-rich. AFAICT what pg has shown is not that building wealth alone is a path to riches (nor was that his intent AFAICT). The way to become ultra rich is to be one of the "lottery winners" among a cohort of relatively minor wealth creators. Playing the lottery is just as essential as building wealth, just as with literal lottery winners. The main difference is that this lottery isn't entirely random. Even among those who make it into the first round (founders), some players have certain innate advantages over others in the second. There's little demographic distance between Gates, Ellison, Bezos, and Musk - and Graham, for that matter. It's no accident. If you want to become seriously rich, it helps if you can afford to ride out risks - or even actual losses - that would force others out of the race.

kdusneodnejdn 6y ago
"demographic distance" You mean they're all white, and men, and you have decided that means they are all the same, regardless as to the details of their backgrounds. This is literally racism, bigoted prejudice based solely on the group membership of people you don't like. You can't just look at people in these positions and say "they're overrepresented therefore systemic racism" or you're going to get into a really awkward place when you start to notice that Jews are actually overrepresented in places of leadership. If you consider race and sex the most important attribute of a person, then your statement about demographic makes sense. Only then. Regarding your username, you are in fact a coward.
fossuser 6y ago
I think this is true in the common case, but I thought Bezos was raised by a single mom who had him at 17 and his step father was a cuban immigrant? https://www.aboutamazon.com/news/policy-news-views/statement-by-jeff-bezos-to-the-u-s-house-committee-on-the-judiciary https://www.aboutamazon.com/news/policy-news-views/statement... There's also the donut king: https://news.ycombinator.com/item?id=25241898 https://news.ycombinator.com/item?id=25241898 I'm not trying to just pick rare counter examples, but I'm skeptical of the claim that there's little demographic distance or the implication that it's a prerequisite. One of the reasons people like the US is an immigrant can come here and they themselves (or their children) can become the richest person in the world (or the vice president). I'd agree there's a randomness element, but it's less lottery and more placing bets with odds that are hard to determine. Some people have better initial odds, but that's only one part of it. If anything - I'd hypothesize that extreme outliers share something other personality trait more relevant than demographics, willingness to take huge risks. You could argue that someone who has more of a safety net is in a better position to do so, but someone who has nothing to lose may also find the tradeoff easier. It's possible that most people in a relatively comfortable position would be less likely to take the big kind of risks that outlier payoffs require (I'd guess this is one reason why we have few people like Elon Musk).
- VRay 6y ago
  yeah, I think his adoptive dad was reasonably well-off though I think "demographic distance" makes sense if you think of it in terms of "Coming from a family of at least moderate wealth". My family was pretty poor, and there's a lot they couldn't teach me about money because they just had no idea. Plus, my whole life I've had to set aside $X per month to keep the family afloat, so it's made it a lot harder to dink around with startups that aren't going so well. I don't think I can get as rich as Bill Gates myself, but I'll bet I can get as rich as his dad, and give my kids a shot at becoming mega-billionaires
- Retric 6y ago
  The point about the demographic similarities doesn’t go away when you include outliers. Their are vastly more people with poor backgrounds so having them underrepresented doesn’t go away with a few exceptions sprinkled in. People talk about America as a meritocracy yet, the US has had vastly more presidents closely related to previous presidents than say Black, Hispanic, and or Female presidents combined. That’s to put it bluntly not he outcome of random chance even if you’re limiting things to just white men it’s obvious something else is involved. https://www.factmonster.com/us/government/executive-branch/us-presidents-who-were-related-to-each-other https://www.factmonster.com/us/government/executive-branch/u...
  - fossuser 6y ago
    I don't disagree really - and the president issue is somewhat separate given its political nature and obvious historical context. As I said, I agree in the common case - I just see people generalize and include in their examples people that contradict them (Bezos, arguably Musk too). Extreme outliers are often outliers in more ways than one.

kdusneodnejdn 6y ago

"demographic distance" You mean they're all white, and men, and you have decided that means they are all the same, regardless as to the details of their backgrounds. This is literally racism, bigoted prejudice based solely on the group membership of people you don't like. You can't just look at people in these positions and say "they're overrepresented therefore systemic racism" or you're going to get into a really awkward place when you start to notice that Jews are actually overrepresented in places of leadership. If you consider race and sex the most important attribute of a person, then your statement about demographic makes sense. Only then. Regarding your username, you are in fact a coward.

fossuser 6y ago

I think this is true in the common case, but I thought Bezos was raised by a single mom who had him at 17 and his step father was a cuban immigrant? https://www.aboutamazon.com/news/policy-news-views/statement-by-jeff-bezos-to-the-u-s-house-committee-on-the-judiciary https://www.aboutamazon.com/news/policy-news-views/statement... There's also the donut king: https://news.ycombinator.com/item?id=25241898 https://news.ycombinator.com/item?id=25241898 I'm not trying to just pick rare counter examples, but I'm skeptical of the claim that there's little demographic distance or the implication that it's a prerequisite. One of the reasons people like the US is an immigrant can come here and they themselves (or their children) can become the richest person in the world (or the vice president). I'd agree there's a randomness element, but it's less lottery and more placing bets with odds that are hard to determine. Some people have better initial odds, but that's only one part of it. If anything - I'd hypothesize that extreme outliers share something other personality trait more relevant than demographics, willingness to take huge risks. You could argue that someone who has more of a safety net is in a better position to do so, but someone who has nothing to lose may also find the tradeoff easier. It's possible that most people in a relatively comfortable position would be less likely to take the big kind of risks that outlier payoffs require (I'd guess this is one reason why we have few people like Elon Musk).

VRay 6y ago
yeah, I think his adoptive dad was reasonably well-off though I think "demographic distance" makes sense if you think of it in terms of "Coming from a family of at least moderate wealth". My family was pretty poor, and there's a lot they couldn't teach me about money because they just had no idea. Plus, my whole life I've had to set aside $X per month to keep the family afloat, so it's made it a lot harder to dink around with startups that aren't going so well. I don't think I can get as rich as Bill Gates myself, but I'll bet I can get as rich as his dad, and give my kids a shot at becoming mega-billionaires
Retric 6y ago
The point about the demographic similarities doesn’t go away when you include outliers. Their are vastly more people with poor backgrounds so having them underrepresented doesn’t go away with a few exceptions sprinkled in. People talk about America as a meritocracy yet, the US has had vastly more presidents closely related to previous presidents than say Black, Hispanic, and or Female presidents combined. That’s to put it bluntly not he outcome of random chance even if you’re limiting things to just white men it’s obvious something else is involved. https://www.factmonster.com/us/government/executive-branch/us-presidents-who-were-related-to-each-other https://www.factmonster.com/us/government/executive-branch/u...
- fossuser 6y ago
  I don't disagree really - and the president issue is somewhat separate given its political nature and obvious historical context. As I said, I agree in the common case - I just see people generalize and include in their examples people that contradict them (Bezos, arguably Musk too). Extreme outliers are often outliers in more ways than one.