Perspective on the Madness

[Anonymous]

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Anonymous wrote:Not in terms of jobs but in terms of money Musk (UPenn), Bezos (Princeton), Larry Ellison (dropout UIUC), zuck & gates (dropout Harvard), Page (UMich), Brin (UMaryland), Dell (dropout UTA), Ballmer (Harvard), Bloomberg (JHU) have all the bananas.

Steve Jobs (dropout Reed College)
Mark Cuban (University of Pittsburgh college, Indiana University MBA)

Jobs' kids attended Stanford and Harvard. Cuban has a kid at Vanderbilt and a crew recruit daughter going to UCLA.

What does it matter where the kids go? They are nepo babies now. Ofc they'll inherit privilege. It's the schools the parent went to (Mark Cuban) who made the wealth that matters.

Because those same parents when wealthy want their kids to attend top schools...even though it doesn't matter at all where their kids attend college.

Also, as someone else rightly pointed out...it's like a 10-to-1 ratio of elite school grads to non-elite if you are looking at the wealthiest people.

Now do "economic background" for those wealthiest people.

The economic background skews UMC but not wealthy. Zuckerberg’s dad is a dentist…Bezos mom had him in HS and stepdad was a network engineer.

There is no doubt that being UMC or above is a huge leg up, but other than the Walton children that inherited Wal Mart stock (and BTW didn’t really attend elite schools for the most part), the families played little to no role in the ultimate success.

Bezos was given 245k to start Amazon by his stepdad. Zuckerberg's dad gave him 100k. Might seem like nothing to you but this much capital with zero pressure to reimburse it is a huge head start.

Both co-invested in larger funding rounds which is quite different than giving the only $$$s.

Bezos worked at DE Shaw (hedge fund) and had far more personal wealth than his parents at the time.

Once more…it is an advantage to be UMC, but the families played little in the scheme of things for ultimate success.

But the schools they attended did? Bezos didn’t start Amazon until nearly a decade after he graduated. Zuckerberg barely spent time at Harvard though it’s where he found the idea he stole, so that counts for something, I guess.

It's hard to not give credit to Harvard for assembling the group of people that became the FB founders. Literally, this is why elite school alums have such outlier massive outcomes.

I doubt FB would ever have happened if Zuckerberg had attended SUNY Binghamton (he is from Westchester...hence referencing a SUNY).

It would have happened in some form because it was someone else’s idea (at Harvard).

Smart people have smart ideas and come up with big things. They also attend top colleges. I’m not sure why you credit the school versus the people, or give more weight to the school than other factors around them. This is the lack of perspective mentioned.

This is silly...I guess you get all your facts from the movies.

BTW, if smart people attend top colleges and that is where the big ideas are created...how is that not a reason why people are "caught up in the madness" to attend these schools?

Nobody is claiming that the institution of Harvard magically imbued a bunch of random kids with these talents...but they do assemble a class of kids that they hope/expect will do great things.

It’s not silly at all, I’m just explaining simplistically why there is a correlation between the most successful people and the top schools they went to. That isn’t causal. It’s the same reason you see top undergraduate schools well represented in top grad programs.

It’s why Buffett transferred from Wharton to Nebraska and still became the richest person alive (at one point) and one of the most successful investors of all time. It wasn’t because he spent two years at Penn. That’s perspective. But you would want to cite this as a reason to obsess about your kid going to Penn.

Warren Buffett went to Columbia Business School where Benjamin Graham taught, and then went to work at Graham's firm where Graham mentored him

Yes, so what you’re saying is that the more important thing is grad school and having good mentors and on the job training. Hence, perspective.

[Anonymous]

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Anonymous wrote:Not in terms of jobs but in terms of money Musk (UPenn), Bezos (Princeton), Larry Ellison (dropout UIUC), zuck & gates (dropout Harvard), Page (UMich), Brin (UMaryland), Dell (dropout UTA), Ballmer (Harvard), Bloomberg (JHU) have all the bananas.

Steve Jobs (dropout Reed College)
Mark Cuban (University of Pittsburgh college, Indiana University MBA)

Jobs' kids attended Stanford and Harvard. Cuban has a kid at Vanderbilt and a crew recruit daughter going to UCLA.

What does it matter where the kids go? They are nepo babies now. Ofc they'll inherit privilege. It's the schools the parent went to (Mark Cuban) who made the wealth that matters.

Because those same parents when wealthy want their kids to attend top schools...even though it doesn't matter at all where their kids attend college.

Also, as someone else rightly pointed out...it's like a 10-to-1 ratio of elite school grads to non-elite if you are looking at the wealthiest people.

Now do "economic background" for those wealthiest people.

The economic background skews UMC but not wealthy. Zuckerberg’s dad is a dentist…Bezos mom had him in HS and stepdad was a network engineer.

There is no doubt that being UMC or above is a huge leg up, but other than the Walton children that inherited Wal Mart stock (and BTW didn’t really attend elite schools for the most part), the families played little to no role in the ultimate success.

Bezos was given 245k to start Amazon by his stepdad. Zuckerberg's dad gave him 100k. Might seem like nothing to you but this much capital with zero pressure to reimburse it is a huge head start.

Both co-invested in larger funding rounds which is quite different than giving the only $$$s.

Bezos worked at DE Shaw (hedge fund) and had far more personal wealth than his parents at the time.

Once more…it is an advantage to be UMC, but the families played little in the scheme of things for ultimate success.

But the schools they attended did? Bezos didn’t start Amazon until nearly a decade after he graduated. Zuckerberg barely spent time at Harvard though it’s where he found the idea he stole, so that counts for something, I guess.

He didn't steal the idea.
The idea was already in the air; there were many competitors at the time.
Zuck was hired to build Facebook by a pair of dumb rich aholes (Winklevoss), decided he'd rather keep his work for himself and be the rich ahole too.

Hint: if you’re hired to do work for a company and then take that work, it’s stealing.

There’s a reason the Winklevii still got super rich off Facebook.