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Showing posts with label billionaires. Show all posts
Showing posts with label billionaires. Show all posts
Sunday, October 31, 2021
Sunday, November 01, 2015
Buffett Vs. Trump On Women
Warren Buffett and Donald Trump are both undeniably rich. That is where they part company. Their temperaments are very much opposites. Buffett is reclusive and unassuming where Trump is vain and bombastic. Consider how their opinions of women in the workplace reflect their public personalities.
Mr. Buffett endorsed female empowerment in his legendary 2013 Fortune essay. Maximizing prosperity means getting the most from all of your people. Mr. Buffett sees vast potential in one half of the population that history has mostly ignored. Mr. Trump's remarks about women during this election season confine them to second-class status. His ridicule of journalist Megyn Kelly for capably performing her job tells women that their potential won't matter if they irritate powerful men with the truth. One business leader broadcasts an encouraging message while the other enjoys smacking competent people down. Feel free to decide which one you would prefer as your boss.
Consider how the two men treat women in their personal lives. Warren Buffett remained married to one woman for half a century, and even though they were separated for some time she approved of his longtime companion. The trio were comfortable with an enduring, lifelong partnership that most Americans would find unconventional. Donald Trump has been married three times, each time to a younger woman, yet some "conservatives" still think he's a role model. Uncle Warren's women are his partners and confidants. The Donald's women are his trophies and possessions. Feel free to decide which one would be a more reliable husband.
Hollywood icons offer useful ways to think of America's favorite business leaders. The Art of Manliness describes Jimmy Stewart as dignified, dutiful, and humble. Warren Buffet's folksiness recalls Mr. Stewart's graces. American author William Manchester wrote in 1987 about how real combat veterans of World War II humiliated John Wayne for his phony bravado. Brash, bold images that don't square with reality are an apt description of Donald Trump's reality TV franchise.
Business titans know a lot about success. They don't know everything, and some deserve more attention when their inner qualities are on display. Donald Trump's net worth is somewhere between $4B (according to Forbes) and $9B (according to his own big mouth). Warren Buffet's net worth was over $64B in 2014, according to SEC-compliant financial statements that everyone can read. The billionaire who sees enormous value in women is worth several times more than the one who sees them as mere playthings. Results matter in business. The more capable of these two investors knows the value of human life. Feel free to decide which one you would rather be. I'd work for Warren Buffett any day if it meant I could think like him.
Mr. Buffett endorsed female empowerment in his legendary 2013 Fortune essay. Maximizing prosperity means getting the most from all of your people. Mr. Buffett sees vast potential in one half of the population that history has mostly ignored. Mr. Trump's remarks about women during this election season confine them to second-class status. His ridicule of journalist Megyn Kelly for capably performing her job tells women that their potential won't matter if they irritate powerful men with the truth. One business leader broadcasts an encouraging message while the other enjoys smacking competent people down. Feel free to decide which one you would prefer as your boss.
Consider how the two men treat women in their personal lives. Warren Buffett remained married to one woman for half a century, and even though they were separated for some time she approved of his longtime companion. The trio were comfortable with an enduring, lifelong partnership that most Americans would find unconventional. Donald Trump has been married three times, each time to a younger woman, yet some "conservatives" still think he's a role model. Uncle Warren's women are his partners and confidants. The Donald's women are his trophies and possessions. Feel free to decide which one would be a more reliable husband.
Hollywood icons offer useful ways to think of America's favorite business leaders. The Art of Manliness describes Jimmy Stewart as dignified, dutiful, and humble. Warren Buffet's folksiness recalls Mr. Stewart's graces. American author William Manchester wrote in 1987 about how real combat veterans of World War II humiliated John Wayne for his phony bravado. Brash, bold images that don't square with reality are an apt description of Donald Trump's reality TV franchise.
Business titans know a lot about success. They don't know everything, and some deserve more attention when their inner qualities are on display. Donald Trump's net worth is somewhere between $4B (according to Forbes) and $9B (according to his own big mouth). Warren Buffet's net worth was over $64B in 2014, according to SEC-compliant financial statements that everyone can read. The billionaire who sees enormous value in women is worth several times more than the one who sees them as mere playthings. Results matter in business. The more capable of these two investors knows the value of human life. Feel free to decide which one you would rather be. I'd work for Warren Buffett any day if it meant I could think like him.
Wednesday, October 21, 2015
Friday, October 09, 2015
Saturday, March 15, 2014
Silicon Valley Billionaire Wastes Fortune On Life Insurance
Some Silicon Valley titan just dropped serious coin on the world's most expensive life insurance policy. This unnamed billionaire is probably very intelligent in her or his business career. That talent didn't prevent this very stupid decision. There are cheaper ways to incentivize one's heirs while leaving them the bulk of a hard-earned fortune.
This person could have pulled a George Lucas and dumped the bulk of their assets into a charitable foundation after selling off whatever enterprise they owned. They also could have set up separate charitable remainder trusts for each beneficiary among their next of kin and recorded major tax deductions. Charitable gifts work pretty much the same way for publicly traded securities, restricted shares, and entire private enterprises. The only things that would be difficult to gift might be "future assets" like deferred compensation from options or bonuses subject to earnouts. If this person's financial advisory team proposed a range of options for the client's consideration then they fulfilled their fiduciary duties.
Insurance products are among the most expensive things investment advisers can sell. All this nameless big shot accomplished was the transfer of risk from their portfolio to a collection of insurance companies. If one of those insurance companies ends up insolvent in the next financial crisis, like AIG was in the last one, that policy could be toast. Life insurance has a role to play in creating an estate that will provide income in the absence of a head of household. This billionaire doesn't have that problem. Their life insurance policy didn't need to be this big. Someone just wasted a lot of money for more peace of mind.
This person could have pulled a George Lucas and dumped the bulk of their assets into a charitable foundation after selling off whatever enterprise they owned. They also could have set up separate charitable remainder trusts for each beneficiary among their next of kin and recorded major tax deductions. Charitable gifts work pretty much the same way for publicly traded securities, restricted shares, and entire private enterprises. The only things that would be difficult to gift might be "future assets" like deferred compensation from options or bonuses subject to earnouts. If this person's financial advisory team proposed a range of options for the client's consideration then they fulfilled their fiduciary duties.
Insurance products are among the most expensive things investment advisers can sell. All this nameless big shot accomplished was the transfer of risk from their portfolio to a collection of insurance companies. If one of those insurance companies ends up insolvent in the next financial crisis, like AIG was in the last one, that policy could be toast. Life insurance has a role to play in creating an estate that will provide income in the absence of a head of household. This billionaire doesn't have that problem. Their life insurance policy didn't need to be this big. Someone just wasted a lot of money for more peace of mind.
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