"Crucial here is that tomorrow's brilliant companies are likely unknown to most of us, and it's safe to say that their eventual success will surprise even the most skilled of investors. Apple was a surprise. So was ESPN. So were Google, Facebook and Amazon. So once was GE and the lightbulb. All of these companies and their advances made it thanks to there being rich people capable of losing money on risky investments.
"Presently, [golfer] Phil Mickelson is being pressured by sports journalists with limited knowledge of basic economics to once again give his money to 'good causes.' They're confused. There's no better cause than progress when it comes to bringing the brilliance of the future into the present with great rapidity. Mickelson has the means with his millions to do just that, but only if he invests the fruits of his own genius rather than doing what the chattering classes say is 'right, but is plainly wrong." [Bold added]
~ John Tamny, form his article 'Phil Mickelson Should Keep Every Dollar of His $9 Million Win'
Hat tip to Gus van Horn who comments, "As Ayn Rand once put it, "[T]here are no conflicts of interests among rational men." The stark contrast between effectively throwing money out the window and growing it is an excellent illustration.
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