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Pfft. No it doesn't. Does Bill Gates have a billion dollars' worth of soybeans sitting around in silos somewhere? Did Steve Jobs buy up $50 million worth of cru
by fennecfoxen 13y ago
Pfft. No it doesn't. Does Bill Gates have a billion dollars' worth of soybeans sitting around in silos somewhere? Did Steve Jobs buy up $50 million worth of crude oil at some point and no one told me? Does Warren Buffett have a freezer with $333,000,000 worth of pork bellies hanging in it? No. Even an ETF like PHCU has ~$15.24 million worth of copper - a drop in the ocean next to the wealth of a single billionaire.
The only commodity the rich put anything approaching a substantial amount of money into... is gold. (Oooh, no, the price of gold is too high! think of the children!)
No no. The super-rich put their wealth into BUSINESSES, which is why they remain super-wealthy. Also, they put it into: taxes (incl. the estate tax), charities, their heirs, corporate bonds, government bonds, and positional goods like fine art or NYC penthouses.
- amalag 13y agoA lot of money is in hedge funds through which it goes into businesses and commodities. So you have to see where the hedge funds have their money. I would guess that the wealthy have more money in hedge funds than positional goods like fine art. But this is speculation on both our parts.