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by vtlynch 3456 days ago
Can you please provide widespread proof of "income streams vanish[ing]"?

Because for the ultra-rich, I dont believe there is any evidence of this. Do they lose money some of the time? Sure But nearly any prudent investor could manage a portfolio that would be able to keep them wealthy in perpetuity.
1 comments
rsync 3456 days ago
"Can you please provide widespread proof of "income streams vanish[ing]"?"

Were you in a coma from 2007-2010 ?

Ok, let's stipulate that you were. You were in a coma. Fine.

How about twentieth century world history from high school ? Great family dynasties all over the western world were ruined in the aftermath of WWI.

How exactly would you hedge against the leninists arresting you and killing your entire extended family ? Remember, WWI is going on in the background so you can't just jet off to St. Barts...

Moving on to WW2, how would a "prudent investor" manage their portfolio of businesses and contacts and resources in their family base of Dresden ? Or Hiroshima ?

Your scope of thought on this issue is ... limited.

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vtlynch 3456 days ago
Your criticism is that there isn't a foul-proof way for the rich to stay rich forever?

Of course there are going to be major hurdles during total war and extreme regime change. That would be obvious to anyone who wasn't being disingenuous or thick-headed, or both.

Those circumstances have nothing to do with this discussion as its not a realistic threat for billionaires of today, especially in America.

The 2007-2010 crisis did not impact the billionaires. They are still billionaires.

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rsync 3456 days ago
"Your criticism is that there isn't a foul-proof way for the rich to stay rich forever?"

The parent claimed that "the rich" have foolproof recipes to stay rich forever - they just need smart portfolio management.

So yes, my criticism is that that is false.

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bungle 3456 days ago
Crisis are good for billionaires. That's when they get to buy the assets cheap.
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eli_gottlieb 3456 days ago
There is a very easy way to hedge against the risk of world wars and revolutions: spread the wealth around so they don't happen. Pay much higher taxes, especially inheritance taxes, and think of it as anti-communist insurance.
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