“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831-0575 Fax: +44 (0)20 7831-5208 Email : [email protected] www.gresham.ac. uk Gresham College 2008 Mercers’ School Memorial Professor of Commerce Michael Mainelli How To Get Ahead In Commerce The Sure-Fire Ways To Make Money
Mercers’ School Memorial Professor of Commerce Michael Mainelli
Jan 04, 2016
Mercers’ School Memorial Professor of Commerce Michael Mainelli. How To Get Ahead In Commerce The Sure-Fire Ways To Make Money. Outline. Wise guys A rich taxonomy Fortune favours the lucky Getting rich through failure Front-running bubble style Money machines Owning the casino. - PowerPoint PPT Presentation
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“New Learning”
Barnard’s Inn HallHolbornLondon EC1N 2HH
Tel: +44 (0)20 7831-0575Fax: +44 (0)20 7831-5208Email : [email protected]
www.gresham.ac.uk
© Gresham College2008
Mercers’ School Memorial Professor of CommerceMichael Mainelli
How To Get Ahead In CommerceThe Sure-Fire Ways To Make Money
www.gresham.ac.uk
© Gresham College2008
Outline
“Get a detailed grip on the big picture.”Chao Kli Ning
Wise guys
A rich taxonomy
Fortune favours the lucky
Getting rich through failure
Front-running bubble style
Money machines
Owning the casino
www.gresham.ac.uk
© Gresham College2008
How To Get Ahead In Commerce
www.gresham.ac.uk
© Gresham College2008
Sincerity Personified
www.gresham.ac.uk
© Gresham College2008
Sincerity Certified
www.gresham.ac.uk
© Gresham College2008
Ponzi Numbers Game
1
10
100
1,000
10,000
1,000,000
10,000,000
100,000,000
1,000,000,000
10,000,000,000
www.gresham.ac.uk
© Gresham College2008
Do You Sincerely Want To Be Rich?
www.gresham.ac.uk
© Gresham College2008
Get Rich Taxonomy
Go!
Criminal
• frauds• swindles• Ponzi schemes• pyramid schemes• forgery & counterfeiting• tax evasion• embezzlement• robbery & theft• corruption• price-fixing
www.gresham.ac.uk
© Gresham College2008
What You Know or Who You Know?
Go!
Criminal
Hard Work Smart Work
www.gresham.ac.uk
© Gresham College2008
Successful Habits
£780,043£155,832£49,960£24,769Mean value for group
£351,137£99,727£35,345£5,093Entry level for group
42,000421,0004.21 Million
29.5 Million
Number
Top 0.1 % (or the
"very,very rich)
Top 1 % to 0.1%
(adults)
Top 10% to 1%
(adults)
All Taxpayers
[Source: “Racing Away? Income Inequality And The Evolution Of High Incomes”, Institute for Fiscal Studies, IFS Briefing Note Number 76 (January 2008)
www.gresham.ac.uk
© Gresham College2008
Sunday Times 2007 UK Rich List
1 Lakshmi Mittal and family £19,250m - Steel 2 Roman Abramovich £10,800m - Oil and industry 3 The Duke of Westminster £7,000m - Property 4 Sri and Gopi Hinduja £6,200m - Industry and finance 5 David Khalili £5,800m - Art and property 6 Hans Rausing and family £5,400m - Packaging 7 Sir Philip and Lady Green £4,900m - Retailing 8 John Fredriksen £3,500m - Shipping 9 David and Simon Reuben £3,490m - Metals and property 10 Jim Ratcliffe £3,300m - Chemicals 11 Sir Richard Branson £3,100m - Transport and mobile phones 12= Charlene & Michel de Carvalho £3,050m – Inheritance12= Sean Quinn and family £3,050m - Quarrying, property and insurance 14 Simon Halabi £3,000m - Property, health clubs 15 Kirsten and Jorn Rausing £2,825m - Inheritance and investments 16 Joe Lewis £2,800m - Foreign exchange, investments 17 Earl Cadogan and family £2,610m - Property 18 Nadhmi Auchi £2,575m - Finance, property and hotels 19 Vladimir Kim £2,261m - Mining 20 Bernie and Slavica Ecclestone £2,250m - Motor racing
www.gresham.ac.uk
© Gresham College2008
Fortune Favours The Lucky
Go!
Criminal Luck
• inheritance• sex• lotteries• gambling
Hard Work Smart Work
www.gresham.ac.uk
© Gresham College2008
Getting Rich Through Failure
Go!
Criminal Luck
Hard Work Smart Work
Scarcity & Competition
Information Asymmetries
Externalities Agency Problems
www.gresham.ac.uk
© Gresham College2008
Barking Up The Right Tree
“It’s a dogwood tree. I can tell from the bark.”
www.gresham.ac.uk
© Gresham College2008
Getting Rich Through Bubbles
Go!
Criminal Luck
Hard Work Smart Work
Scarcity & Competition
Information Asymmetries
Externalities Agency Problems
Front-Running
www.gresham.ac.uk
© Gresham College2008
Front-Running Bubble Style
[William Hogarth, The South Sea Scheme, 1721]
www.gresham.ac.uk
© Gresham College2008
Getting Rich Through Magic
Go!
Criminal Luck
Hard Work Smart Work
Scarcity & Competition
Information Asymmetries
Externalities Agency Problems
Front-Running
Money Machines
www.gresham.ac.uk
© Gresham College2008
Black Box Machines
www.saltofthevalley.comMark Bump
www.gresham.ac.uk
© Gresham College2008
Money Machines
www.gresham.ac.uk
© Gresham College2008
Get Rich Taxonomy
Go!
Criminal Luck
Hard Work Smart Work
Scarcity & Competition
Information Asymmetries
Externalities Agency Problems
Front-Running
Money Machines
www.gresham.ac.uk
© Gresham College2008
Greed, Fear, and a Little Gas
[Source: http://www.fortunewatch.com/handling-greed-and-fear-in-investing/]
www.gresham.ac.uk
© Gresham College2008
Discussion
1. When should we let third parties invest our money, ignoring tax advantages?
2. Do regulatory and professional safety costs genuinely offset caveat emptor, or just take our money?
www.gresham.ac.uk
© Gresham College2008
How To Get Ahead In Commerce:The Sure-Fire Ways To Make Money
Thank you!
“Get a big picture grip on the details.”Chao Kli Ning
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