Random fashion thoughts - Part II (A New Hope)

Discussion in 'Streetwear and Denim' started by LA Guy, May 15, 2015.

  1. Biggskip

    Biggskip Senior member

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    It's probably important to point that that there's a big difference between "social mobility" and becoming a member of the 1%. The first means that your dad was a bricklayer and you went to college and now you're a middle manager at an office. The other means that you probably worked very very hard in medicine, law, or finance and had a little luck along the way.
     


  2. LA Guy

    LA Guy Opposite Santa Staff Member Admin Moderator

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    So, being in "tech", albeit in a roundabout manner, I can say that the people I've seen get funding, the people who start companies and those who run them and those who fund them, are typically introduced to one another through a fairly closed network, often entered into at university, and often at a group of very elite universities. And once in these circles, it is fairly easy to stay in these circles - guys go from being the CEO of a startup to being a VP at a larger company that is run by the same VCs that funded them at the same time, etc... Based purely on my own experience, tech, academia, some other sort of business, it's much easier for someone who has gotten their foot in that world, to stay in that world, and in some cases, that includes opportunities to amass real wealth for themselves, from zero, like you said.

    However, these doors simply never open for most people.

    Also, it's uncommon to get $50MM in funding. You have to have a pretty decent track record and have demonstrated a fair deal of competency to get that.
     


  3. LA Guy

    LA Guy Opposite Santa Staff Member Admin Moderator

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    I think that it's also important to say that the 1% is highly heterogeneous. At the bottom of that top 1%, you are doing well, but you are hardly fuck you rich, merely affuent. Things like sending your kids to university (and obviously, you will get no financial aid, period) will still be a burden. There are a lot of people in that category, and then you quickly rise to the "rich" and then the the "wealthy". Among wealth managers, those with at least $10MM to invest are considered "high value individuals". At $1MM in the bank, you are considered to be doing okay.
     


  4. Spehsmonkey

    Spehsmonkey Senior member

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    Curious to actually see what the curve of wealth/percentile looks like within the 1% itself, but I think that what Fok says above is why a certain evil SJW scumbag once said we should focus on the influence of the top .1%
     


  5. LA Guy

    LA Guy Opposite Santa Staff Member Admin Moderator

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    Yeah, there is a world of difference between guys who own successful small businesses or are executives in tech or whatever, and like, the Koch Brothers. The former have a lot more in common with people working regular jobs for a wage than with the latter.
     


  6. ManofKent

    ManofKent Senior member

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    I'm not familiar enough with the US to really comment on how much of a meritocracy it is, but in the UK you'll find that all but the tiniest minority of that 1% will almost certainly have parents in the top 2 or 3% already. You're most likely to have been to a Public school (i.e, fee paying) and one of the top universities. There are exceptions - Premier League footballers for example...
     


  7. LonerMatt

    LonerMatt Senior member

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    Social mobility in Australia is as bad as in the UK - here the postcode you spend your formative years in is the single most accurate predictor of future educational attainment, earnings and life expectancy.

    People move up and down within their 'class' or income bracket all the time, but rarely beyond it.
     


  8. msg

    msg Senior member

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    Very accurate. That's why people talk about the "PayPal mafia"; there are a bunch of different closed ecosystems in tech and VC, ex -Google, ex-MSFT, Sand Hill rd, etc; people tend to stay within their pond because everyone already knows each other at the leadership/funding/founder level. Easier to risk money and more likely to be successful if everyone already knows each other.
     
    Last edited: Sep 21, 2015


  9. msg

    msg Senior member

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    As far as the 1% goes, the difference between someone making a 350k (last I checked that's what WSJ said was bottom of 1%) and the upper percentages of the 1% is huge. At 350k, you're working for your money; the top strata of the 1% are pulling in lots of money from investments and accumulated wealth.
     


  10. el Bert

    el Bert Senior member

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    Rakuten mobile version sucks
     


  11. Landscape

    Landscape Senior member

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    I've only heard bad about those documentaries and how they have a very obvious angle, so I never bothered watching them. I might though, as I find some of the people in them very interesting. That being said I'm staying out of the social mobility discussion for now
    [​IMG]
     
    Last edited: Sep 22, 2015


  12. Find Finn

    Find Finn Senior member

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    I watch them as I find the subject interesting and I work with that target group everyday, but DR is very clearly socialist in all their views and way of asking, Their programs are made without any commercial interest, so they are generally a lot more factual than all other danish channels.






    I have always posted a lot in the less popular subforums and my postings in CE have only gone up due to they actually started discussing something that interests me, unlike the Primary elections and US gunlaws.

    Their premise for being part of the 1% in Denmark was making $250k or over a year, so you don't need to be that intimate with their financials to workout, whether or not they make more than that.

    I believe I mentioned it earlier that by any idiot, I mean anyone no matter their education, so you don't need an MBA from Wharton, for them to be willing to invest in you.

    I truly hope only very few have 50 million sitting idle in their bank account, instead of having it create a passive cash stream.



    The foot in the door part is very important here, the first guy Über hired is a billionaire today (Ryan Graves), which just proves it is not impossible and you can't wait for the door to open, you need to kick it in yourself.

    In real estate your education is completely besides the point, as you can't get a direct eduction in Property Development, it's purely network and skilled based, 50M is also small for most PE firms, so it's not an uncommon number. If you "walk in from the street" and they don't know you and has no track, they will do a smaller project, so they can test you and figure out whether or not to invest.
     


  13. OccultaVexillum

    OccultaVexillum Senior member

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    Perfect

    [​IMG]
     


  14. LA Guy

    LA Guy Opposite Santa Staff Member Admin Moderator

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    Uber is a massively successful disruptive technology, and also the first mover. I am not saying that some people can't luck into massive wealth. But it is luck. No one can work hard or smart enough to become that rich. It requires many strokes of luck as well, beginning often with being born into a society that allows you to become massively rich without the use of guns.
     
    Last edited: Sep 22, 2015


  15. Biggskip

    Biggskip Senior member

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    PE is a very different animal than VC. People starting their own companies are typically looking for VC or Angel investors (and the subsequent investments are much smaller), not PE. Most PE firms, especially the type to layout $50MM in a single investment are looking for well established but distressed or underperforming companies.
     
    Last edited: Sep 22, 2015


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