Ozymandias @AVeidt1 - Twitter Profile

AVeidt1 retweeted

4 months ago

45 million people have read Ray Dalio’s article on X in the past 2 days. This might be the most important 60 minutes you’ll spend this year. I made a 16-minute podcast using Google AI. In short: the world will never be the same. Just listen. 👇

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AVeidt1 retweeted

Bill Ackman

@BillAckman

8 months ago

I think this is superb advice. Worth a careful read: Michael Milken – Lessons on Money, Family, and Success (Forum for Family Asset Management, Milken Conference, Mexico City – paraphrased notes) Spend time with your kids — you’ll pay for it (for better or worse) either now or later. Think about how you measure meaning and success in your children and grandchildren. Give them purpose. For children raised in very successful households, it’s often hard to emulate success — especially financial success. Most successful people are too busy to see their kids and grandkids. That absence shows up later in life. The center of success is the ability to dream. Real success is the freedom to live your life. The financial media is obsessed with lists. Forbes today is mostly about ranking wealth by dollars. There are countless stories of wealthy people who never had a good day with their kids. You’re only as happy as your least happy child — think about that often. He shared a story about a wealthy Chicago family whose fortune was divided into 1/13th shares after one heir demanded his part. That decision ended up dividing the entire family. Be careful not to do something that provides financially but destroys the family. The most important thing to teach children is financial literacy. The greatest failure among wealthy families is not providing financial literacy to their members. Example: an extremely wealthy Latin American family where the great-grandfather is still alive — his mindset is completely different from that of his great-grandchildren. In Asia, inheritance traditionally went only to men — that has changed in recent decades. Recommended reading: Economic Mobility Program – Invest in America. Example: Apollo bought the Venetian Hotel and gave all 7,000 employees stock. They paid a dividend the first year through a recap — everyone saw it as a “Christmas bonus.” The next year, when there was no dividend, employees were upset. No one had explained the difference between a dividend and a bonus. The biggest mistake over the last 50 years has been financial illiteracy — not understanding the business or the source of wealth. Families and employees both need to learn this. Best example of a united family: an Austrian family that’s 11 generations old. They own a resort used only by the five branches of the family. Ownership rotates every three years. To be invited when your branch isn’t in charge, you must get along with the others. No matter how much you build or earn, what truly matters in the long run is your relationship with your kids and grandkids. Define what success means to you — it’s what makes you happy. Entrepreneurs don’t just build companies; they can build nations or religions. One of the most successful entrepreneurs in history is Lee Kuan Yew. It’s not about how many things you own. If you’ve never been responsible for making payroll, your view of the world is very different. Hug your kids and grandkids. Let everyone find their own path. Children growing up around success feel enormous pressure. Remind them how valuable they are. Let kids make mistakes when the stakes are low — not high.

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