Forbes Rich List--Analysis

I just read the Forbes Rich List up to #104.



I was pondering today whether I should purse a MBA or a master of Finance, or some other graduate degree. Just one of the abundant choices I have now that I'm done with school. Turns out the UCs don't have a Master of Finance.

Since I'm a little direction-less, I decided I should read up on Forbe's Rich List to see who are the most successful people and how they got that way.

Schooling: It seems people at the top are almost all drop-outs. I'm guessing that's because their time is too valuable as in the opportunity cost of going to school is too high so they forgoed school. Is forgoed a word?

So it almost seems education isn't that important. However, there is more to it than just the drop out ratio. As more people go to college, one has to be educated to innovate. For example, Sam Walton was on to something revolutionary when he embraced self-service shopping and discount pricing and shopping malls. Then Bill Gates had his success because he focused on computers, a cutting edge technology at the time. Brin and Page (Google guys) jumped on the internet as their vehicle to success. All of these successful people jumped on a wave that they were intellectually capable of. By all likelihood the next wave will be even harder to grasp and the only way we can be intellectually capable is by going to school. School is also beneficial in providing students with a great place to meet future partners in business. Example. Gates & Allen. Scribd guys.

Martial Status: It's pretty disappointing how many of them are divorced. My hypotheses are they're too focused on work to maintain a healthy relationship or they're changed by the wealth. Another thought is they love taking risks and pulling the trigger. They just do it and calibrate along the way, not afraid to make mistakes. Not afraid to be wrong.

Source: Many people made money by real estate and lucky investments. All they have in common is that they were innovative and their industries are extremely useful to people such as energy, search, computers, food, shoes, and homes. Another trait many of them have is that they started businesses very early in life. They had that drive and mentality from an early age.

People I didn't know about but now find fascinating:
Philip Anschutz-owns Lakers and movie studio
Charles Ergen-financial analyst to begin, moved into satellite TV
Edward Crosby Johnson III-- not fasinating, but interesting. started mutual fund
Summer Redstone- will research. viacom guy.
David Geffen-- con guy.
H Ty Warner- beanie baby guy

Wow. I thought Rupert Murdock was British... Wow. jury said Morgan Stanley cooked documents to entice Perelman to sell camping gear outfit Coleman to Sunbeam in 1998.

Favorite story:
King of the iPods sold his Pixar Animation hit factory to Disney for $7.4 billion in May. Today Jobs is Disney's largest shareholder; stake worth $4 billion. Convinced Google chief Eric Schmidt to join Apple board in August; duo likely to take on Microsoft. Adopted by working-class couple; dropped out of Reed College when he couldn't pay tuition. Founded Apple in parents' garage. Fired after power struggle with chief John Sculley 1985. Started Pixar; credited with computer-animated blockbusters Toy Story, Finding Nemo. Returned to Apple in 1996, created iPod; more than 40 million sold since debut in 2001. iTunes site sold 1 billionth song in February. In September added movie purchases to the iTunes store and previewed iTV, which streams movies from computer to TV. Shares up 50% in past year. Diagnosed with pancreatic cancer 2004 and is said to be in full recovery.


Prediction: Google guys will make top 10 next year.