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Comments (49)

Jul 7, 2019 - 12:34pm

Lead PM. Largest fund. > $40B at > 1% Do I need to expand?

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
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Jul 7, 2019 - 2:11pm
Whatever1984:

Lead PM. Largest fund. > $40B at > 1% Do I need to expand?

Do think you will make the Three Commas club too?

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Jul 7, 2019 - 2:12pm

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Jul 7, 2019 - 6:51pm

no

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
Jul 7, 2019 - 12:37pm
Shrek2OnDVD:

By richest, I mean self-made richest.

You really did not have to add this phrase.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Jul 7, 2019 - 2:02pm

The issue here is people post and don't know how to frame a debate or an analysis. You want comments about what the meaning of someone being self made is … or a look at some successful people in people's circles. I think you want the latter and just threw that in for no apparent reason in a breath of naivetΓ©.

Also, no man is truly self made. The only self made being is the creator of the universe.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Jul 11, 2019 - 3:31pm

Never discuss with idiots, first they drag you at their level, then they beat you with experience.

Jul 7, 2019 - 2:27pm

A family friend has over a $100mm net worth and accumulated most of it through selling a non-tech startup that was less than five years old.

I've met billionaire investors and F500 executives but wouldn't say I know them more than on a surface level, so I'm not including any of them.

Jul 8, 2019 - 12:24pm

Created company sold it.... bought another company fixed it sold it.... invested in BTC sold it..... Wealthy people with 3 commas buy and sell assets. Not many 3 comma club guys are in finance sure there is a few but there are may more doing entrepreneurship

Jul 8, 2019 - 2:22pm

was gonna comment - the richest people i know work for a living, the wealthiest people i know live off their investments

Gun rights activist
Jul 8, 2019 - 2:40pm

Works out two hours a day, sips on $500+ wine everyday, plays three hours of golf and drives a $125,000 car. He's a generous guy though. Involved in multiple charities and gives pretty generous wedding gifts

Jul 8, 2019 - 3:00pm

I would prefer not to say his name as a billionaire but he was an early investor in Facebook and Crypto-Currency. I emailed him about a ETF regarding Crypto. He actually sent me email and gave his personal email to me after. He is a really nice guy, we speak on the regular and we have seen each other multiple times as friends.

"It's okay, I'll see you on the other side"
Funniest
Jul 8, 2019 - 3:03pm
Funx2192:

I would prefer not to say his name as a billionaire but he was an early investor in Facebook and Crypto-Currency. I emailed him about a ETF regarding Crypto. He actually sent me email and gave his personal email to me after. He is a really nice guy, we speak on the regular and we have seen each other multiple times as friends.

So you're bffs with Peter Thiel huh?

Array

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Jul 8, 2019 - 3:28pm

Chairmen/CEO of massive company or another person who is the founder of ~$40bn hedge fund (and all around legend)

Both happen to be very nice people...both worth roughly $7bn, which I think may be a conservative estimate

Jul 8, 2019 - 3:58pm

Former boss is 92(?) now and is worth about $1 billion by building apartments in the D.C. suburbs in the 1960s and never selling them. They are now Class C pieces of dog crap but they print cash.

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Most Helpful
Jul 8, 2019 - 8:43pm

Old CEO is a billionaire real estate tycoon.

Another billionaire started out in energy and killed it, now he runs his own PE firm and rakes in the cash with all of his portfolio companies.

Another past CEO who is a billionaire started with a local trash company then moved into hotel development. Now he develops all property types and has a PE arm with the same management team who has the sauce - they turn no-name companies into billion dollar companies regularly, it is pretty impressive.

Jul 9, 2019 - 10:18am

Coming from a pretty rural place, there's not a whole lot of wealthy people around - and thus people I would know on a personal level. But I know two guys that are in the mid 8 figure range

A: co-founder of a online betting company from the 15 years back, which was acquired by one of the largest betting companies in the world. AFAIK, he's not doing much these days. Travels the world to play poker, and has some low-key projects tied up to his hobbies. Used to be a developer, but put that away as soon as his share of the purchase came in.

B: Older man, probably the most extreme case of workaholic I know. Works 6 days a week, 12 hours a day - he pretty much lives in his shop. Apparently made most of his money during the 80s, buying up cheap real-estate which has skyrocketed in price ever since.

That seems also seems to be the trend among people in the 7 to 8 figure crowd where I'm from. They either own companies, real-estate, or both.

Jul 11, 2019 - 6:40pm

Before banking, I worked in PWM. One of the clients I met with was worth a lot.

"Work ethic, work ethic" - Vince Vaughn

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Jul 12, 2019 - 1:04pm
Yankee Doodle:

Before banking, I worked in PWM. One of the clients I met with was worth ~$100 bn.

duck tales

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Jul 13, 2019 - 10:09pm

Only a small fraction of their wealth was in the account I was dealing with.

"Work ethic, work ethic" - Vince Vaughn

Jul 12, 2019 - 1:16pm

Thinking about it - probably MacKenzie Bezos. We had spin classes together back in the day. She's nice.

She is truly a self made example. Without her skills in keeping the optimal environment for success in her house, much wealth would have not grown in the world today.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Jul 12, 2019 - 1:31pm

Buddy's grandpa started one of the first dish networks. $1b+ family but you'd never know it. Humble people.

Another family friend was an early investor in Apple. Not sure how much that made them but I know it was a massive sum.

I know, but haven't spoken to for a while, the founder of priceline. Still have his number. Nice guy.

"Out the garage is how you end up in charge It's how you end up in penthouses, end up in cars, it's how you Start off a curb servin', end up a boss"
Jul 12, 2019 - 2:30pm

My uncle, real estate billionaire in Southern California. Worth around $1b or so; the man always dresses in t shirt and short; goes work out everyday despite being 89 years old. Cheapest man I know, still wears a $10 watch and eats at a Chinese buffet everyday. Started working as an optometrist after the Vietnam war and built up his RE portfolio from there.

Cash and cash equivalents: $138,311 Financial instruments and other inventory positions owned: $448,166
Jul 12, 2019 - 8:20pm

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Rerum quia dolorum ullam. Optio quas quod iusto accusantium. Quidem eum ut laboriosam laudantium.

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