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Old 06-07-2020, 02:14 PM
 
Location: Riverside Ca
20,896 posts, read 23,285,166 times
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Quote:
Originally Posted by pengin View Post
There would be no great mansions or art galleries...just old men wearing the same clothes until they fall apart and eating at McDonald's so they never have to spend any of they money.
Who the f really needs a mansion? We’re in a 2400 sq ft house and it’s more than enough for my needs
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Old 06-09-2020, 06:11 AM
 
3,632 posts, read 1,487,361 times
Reputation: 9489
Quote:
Originally Posted by pengin View Post
The way he's obsessed with buying and selling stocks, with no purpose -- it's kind of autistic?
I wouldn't say "with no purpose"- he attempts to buy companies that he believes are undervalued and have the potential to appreciate and has a pretty good track record although I've heard he's lagged the market recently. He also tends to hold onto companies for very long periods and let them pretty much continue to do what they've done well. Contrast this with private equity capital, where they buy the company, dump a lot of the people, start churning out lower-quality merchandise (look up J. Crew) and sell off the assets.

I'd say that billionaires who don't blow all their money living "Lifestyles of the Rich and Famous" are actually better able to endow museums and other public attractions as well as health and education charities. Buffet is giving most of his $$$ to the Bill and Melinda Gates Foundation. I suppose you could claim that he's depriving high-end retailers and yacht manufacturers of business, though.
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Old 06-09-2020, 01:50 PM
 
588 posts, read 198,711 times
Reputation: 1014
Quote:
Originally Posted by athena53 View Post
I wouldn't say "with no purpose"- he attempts to buy companies that he believes are undervalued and have the potential to appreciate and has a pretty good track record although I've heard he's lagged the market recently. He also tends to hold onto companies for very long periods and let them pretty much continue to do what they've done well. Contrast this with private equity capital, where they buy the company, dump a lot of the people, start churning out lower-quality merchandise (look up J. Crew) and sell off the assets.

I'd say that billionaires who don't blow all their money living "Lifestyles of the Rich and Famous" are actually better able to endow museums and other public attractions as well as health and education charities. Buffet is giving most of his $$$ to the Bill and Melinda Gates Foundation. I suppose you could claim that he's depriving high-end retailers and yacht manufacturers of business, though.
except a lot of the people blowing it on yatchts etc aren't the type to donate it anyway.
if more billionaires were like buffet the world would be a better place.
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Old 06-09-2020, 03:37 PM
 
Location: San Francisco
3,890 posts, read 1,026,385 times
Reputation: 2318
Quote:
Originally Posted by Electrician4you View Post
We’re in a 2400 sq ft house and it’s more than enough for my needs
Who really 'needs' a 2400 sq ft. home, for that matter (especially if it's stuck on Anywhere Street, USA). It's all relative.

There's no law which confines us to spending money in proportion to 'need'; in fact, the thread is relative to the 'super rich' so the assumption is, of course, they spend considerably beyond their (and especially your) needs.
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Old 06-09-2020, 03:44 PM
 
Location: Honolulu, HI
7,144 posts, read 2,361,067 times
Reputation: 9889
Quote:
Originally Posted by pengin View Post
There would be no great mansions or art galleries...just old men wearing the same clothes until they fall apart and eating at McDonald's so they never have to spend any of they money.
Imagine the amount of lost jobs because of that

The economy needs rich people to spend money, hoarding it does nothing.
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