Bill Ackman - road to the first mil
- Thread starter Nobert
- Start date
On the contrary, I believe most people who "play the lottery" with moderation do so because they get genuine fun out of it. I know I do. I play an occasional powerball ticket for 2 bux. I have three sitting on my desk spread from July to November, whose numbers I have not checked yet, because I know the odds are so super low. But it's fun to just indulge once in a while.
But there is one truth that cannot be denied...You cannot win ANYTHING if you do not put anything into the middle.
The R:R ratio on the lottery is terrible, but harmless fun IF DONE WITH MODERATION.
Agree. I don't think most lotto purchasers plan their life around winning.
A billion to one or whatever - what the hell. Been at least 10 years since the last ticket I bought. I used to sell them (back in the 90's) in my retail locations and from my own observation very few players likely had a bad gambling problem - as opposed to those who hit the casinos or bookies.
A billion to one or whatever - what the hell. Been at least 10 years since the last ticket I bought. I used to sell them (back in the 90's) in my retail locations and from my own observation very few players likely had a bad gambling problem - as opposed to those who hit the casinos or bookies.
His father was a congressman. Pretty sure that did not hurt
Sure. But big money in the hand (insurance company cash flow) beats money in a an unmarked envelope passed under the table. Got to own something to have a congressman cut you a break, even one you are related to.His father was a congressman. Pretty sure that did not hurt
The access to information and access to people who want dads favor is very valuable. In either case, his father was also an investor of some sort as per the wikipedia page. So while Warrens father was not a multi-millionaire who left him a fortune, he did have a significant tail wind.
They plan their lives around hoping. Like losing traders and people in general who don't see a path to wealth.
It's easier to bet on hope, it leaves a path for escape/excuse. Like, if it ,,didn't happened'' - then it was a ,,bad luck''.
(and in no way, the lack of personal effort)
His business model is copyable by anyone with a brokerage account. Sell options/buy stocks/reinvest dividends/repeat endlessly. That is why his biography is called snowball, it refers to the compounding of money in the way described.