Friday, February 23, 2018

Scrooge McDuck


David Dreman, an author of books on contrarian investing, claimed that a Scrooge McDuck segment formed his beliefs about wealth.

Scrooge McDuck is awakened by his three, mischievous nephews (Huey, Dewey and Louie) with the fake-news that gold, silver and currency no longer have value...that the new "money" is fish.  Having no fish, Scrooge is a pauper.

By nightfall Scrooge McDuck owns every fish in town.  The same focus, industry, social connections and negotiating skills that made him successful when precious metals were "money" made him successful when the rules changed.

Believable?

Wealth distribution and job quotas
That is why wealth distribution and job quotas fail.  Wealth is not the medium of exchange.  Wealth is the ability to focus, the willingness to work, the cultivation and nourishing of social connections and the willingness to be your own advocate.  That is, wealth is a portfolio of character traits.

Of course, this is also why "revolutions" that advocate the massive transfer of assets and punishing of the successful are destined to fail.  The advocates see revolution as a shortcut to wealth.  History suggests there are few shortcuts to developing the character that is true wealth.

4 comments:

  1. Someone said, "It is easy to be rich if that is all you want to do."

    That gives the psychopaths the advantage. They are not distracted by morally or emotions. As they say CEO's, are 10X more likely to be psychopaths. They and their ilk rule the world.

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  2. I'd agree with Lucas... Sigh...

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  3. You're right Joe. I don't know Bill Gates, but the few relatively wealthy people I've known were smart and worked their butts off. Thinking of an acquaintance from H.S. that turned a mom/pop family business into a operation that has gone international. A great guy.
    It would seem that revolutionaries that want to confiscate this wealth suffer from the worst of the seven deadly sins, envy.

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