the big secret about rich people is that they have 0-stake in anything. How it works is that they're born into a network and ask other rich people to loan them other people's money, which they gamble with. If they win, they're business geniuses, if they lose, that's the market - ThreadSky

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poppyhaze.bsky.social • 497 days ago

the big secret about rich people is that they have 0-stake in anything. How it works is that they're born into a network and ask other rich people to loan them other people's money, which they gamble with. If they win, they're business geniuses, if they lose, that's the market

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pjeffe.bsky.social•497 days ago

And for VC, they often just get to sell their bad bets to another company in their or another fund's portfolio, maybe even at a profit. I've often thought that there is a strong element of Ponzi scheme in these incestuous relationships.

theshawnmorris.bsky.social•497 days ago

Another big secret is that they're really stupid. Like absolutely mind numbingly dull to talk to with no interesting opinions on anything.

peteraidanbyrne.bsky.social•497 days ago

This ties into the "0 stakes," I think. Being insulated from the rest of the world, having no stake in it, does not tend to make a person particularly interesting or intelligent.

poppyhaze.bsky.social•497 days ago

this worked a lot better during the Zero-Interest-Rate-Policy from The Fed, during ZIRP, that meant money was effectively free, 0% interest. however, now that we're post-ZIRP, money costs money to fuck around with, so a lot of dumb ideas are no longer possible

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