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Rich People Know Everything
Just ask them
The annual Berkshire Hathaway shareholder convention is referred to as the “Woodstock of Capitalism.” Held in Omaha, Nebraska, the event is a celebration of business featuring mascots of major corporations, entertainers, music, and appearances by business luminaries like Bill Gates. But the signature feature of the event is a question-and-answer session with founder Warren Buffet who was previously joined by late investment partner, Charlie Munger.
Buffet’s astute investment selection has made him one of the richest men in the world. His career in the corporate boardroom has made him an astute observer of human nature as well as a great quote. This, combined with his investment acumen has earned him the title, “The Oracle of Omaha.” In one of his addresses to investors, he confides that one of his strategies is to “buy companies an idiot could run, because one day, an idiot will.” But Buffet is quite modest in his assumptions about his financial intelligence crossing over to other areas.
A great laboratory where rich people apply their assumed omniscience outside of their field is in professional sports. Being the football junkie that I am, I get to see the delusionally wealthy apply fantasy football logic to real life roster building. Cleveland Browns owner Jimmy Haslam installed a data based Moneyball approach shortly…
