Comments on: Where are You on the Financial Food Chain

By: Why folks get paid by the hour instead of by the job — Victus Spiritus

Why folks get paid by the hour instead of by the job — Victus Spiritus — Wed, 08 Jun 2011 13:03:53 +0000

[...] of by the job June 8, 2011 Instapaper Text TweetA year back I had a good time reviewing the financial food chain and how it may affect one’s value system. In that riff I covered a broad range of income [...]

By: iPad Links: Tuesday, May 4, 2010 « Mike Cane's iPad Test

iPad Links: Tuesday, May 4, 2010 « Mike Cane's iPad Test — Tue, 04 May 2010 23:17:35 +0000

[...] CEO Offers to Make Young Employee ‘Cumm,’ Sends Her His Jerk-Off Video, Fires Her Where are You on the Financial Food Chain To put it into perspective what takes a minimum wage worker an hour to make, takes Warren under 8 [...]

By: Mark Essel

Mark Essel — Tue, 04 May 2010 08:47:16 +0000

Great anecodote. I think I lost 140k of retirement funds in 2008. I'm
still recovering.

Will pass along your idea. Aakin doesn't mind editing a wide range of
material although his specialty is in layouts and conversions.

By: Dave Pinsen

Dave Pinsen — Tue, 04 May 2010 08:41:12 +0000

Heh.

BTW, the idea I had in mind for your friend with Ars Vox was to consider expanding the concept to multiple blogs, centered on one historic event. E.g., take the housing bust. You could collect, curate, and edit posts from blogs by house flippers, mortgage brokers, people who owned shares of mortgage companies, etc., etc., and intersperse the posts with some milestone/chronology markers. Would be a compelling sort of history.

One tiny example from '07 sticks in my head, and it wasn't even a blog post. New Century Financial was a client of my inamorata's company at the time and when it started stumbling its stock price dropped, and some unfortunate souls bought it on the way down, thinking they were getting a bargain. Then it filed for bankruptcy protection. I remember a post on its Yahoo! message board that went something like this,

"Holy shit -- I went out for a quart of milk and I get back to find I'm out 14 grand -- that was the most expensive quart of milk in the world".

By: Mark Essel

Mark Essel — Tue, 04 May 2010 08:15:57 +0000

That movie has stuck in my head for years.

Beef jerky time!

By: Dave Pinsen

Dave Pinsen — Tue, 04 May 2010 08:09:16 +0000

"So pondering this list I wondered how Warren Buffet could possibly value a single dollar the same way that the 100 thousand medium income folks, or 500 thousand low income earners who match his yearly income value that same dollar."

Remember the movie Trading Places, where the old plutocrats bet whether or not they can turn Eddie Murphy's homeless character into a high stakes commodity trader? When they made the bet they said it was for "the usual sum" or something to that effect. You find out later that this sum is $1.

By: Leland

Leland — Tue, 04 May 2010 05:20:31 +0000

Thanks for that link David.

By: bitácora de uno » Gano 10 a la 6 veces más que tú

bitácora de uno » Gano 10 a la 6 veces más que tú — Mon, 03 May 2010 19:45:50 +0000

[...] Por algún otro lado sobre negocios en internet he leído una frase que viene al pelo: “Es mejor tener suerte que ser bueno” Detalle | Where are you in the finantial food chain [...]

By: David Semeria

David Semeria — Mon, 03 May 2010 15:54:05 +0000

Jeremy Bentham had a similar thought a couple of centuries ago and called his concept 'utility'.

Check out http://en.wikipedia.org/wiki/Utility

By: Mark Essel

Mark Essel — Mon, 03 May 2010 15:12:37 +0000

This is my favorite line of your commentary Leland, and it's why I believe I'm fabulously rich already
“At the extreme limits, top players do not even consider gold to be valuable at all. At that stage of the game, social connections are much more valuable then even an infinite supply of gold.”

The model of multiple overlapping games is a powerful one. We can only influence so much of one game's results at a time with our personal energy. I'm doing my best to direct that effort towards a game that creates social and financial wealth, as I believe tools of high value can be connected to a prosperous business.

ps I played wow and had a couple of 80s so your analogy is perfect.