Monday, March 29, 2010

4 easy steps to becoming a billionaire

A hilariously tongue-in-cheek archival post from Long or Short Capital:
  1. Take outrageous risks with extremely high upside.
  2. Be the 1 out of 500 million for whom it pans out. This one is key so focus on it.
  3. Attribute your wealth creation to your own hard work, your own genius and the power of your business plan. Be sure to stress how your wealth was singularly made possible by your unique endowment of elbow grease, street smarts, common sense, all of which your competitors obviously lacked (proven by how poor they are compared to you).
  4. Buy a mega yacht and/or athletic team.

Good stuff. I'm with the author, and Nassim Taleb, in viewing the predominance of luck as the most underappreciated factor in determining success.