It’s true that I’m a musician. Way back in the early ‘00s, I dropped my first solo record. Then I quit making music for a long time. Until around 2020, when the plandemic hit. That’s when I started releasing music again. Surplus was my last album. The follow up will be out this year.
Here’s song number 10, Holy Cow, for the new album, Opulence:
Amateurs Play the Game. Billionaires Own It.
Methods of Prosperity newsletter no. 119: Steve Wynn
“The Only Way to Win in a Casino is to Own One.”
– Steve Wynn
Most casino operators focus on maximizing immediate gaming revenue.
Not Steve Wynn. He invested heavily in non-gaming amenities that many considered unprofitable.
“I don't give a damn about the short-term market implications. This is not a company that gives a damn about short-term markets.”
– Steve Wynn
Wynn built his fortune through luxury casino and hotel developments. Such as The Mirage, Bellagio, Wynn Las Vegas, Encore, and properties in Macau and Boston.
He owns global real estate in Beverly Hills, Las Vegas, New York, Florida, and Idaho. Individual properties listed for $75 million or more.
Wynn collects fine art, including multi-million-dollar masterpieces by Picasso, Rembrandt, Monet, and Koons.
Additional high-value holdings include the $215 million yacht Aquarius. As well as a Gulfstream G650 private jet.
Wynn is one of Nevada’s wealthiest individuals. He’s ranked among the world’s billionaires. His sources of wealth remain casinos, hotels, luxury real estate, and world-class art.
Methods of Prosperity 119
Amateurs Play the Game. Billionaires Own It.
Steve Wynn
“The Only Way to Win in a Casino is to Own One.”
– Steve Wynn
Most casino operators focus on maximizing immediate gaming revenue.
Not Steve Wynn. He invested heavily in non-gaming amenities that many considered unprofitable.
“I don't give a damn about the short-term market implications. This is not a company that gives a damn about short-term markets.”
– Steve Wynn
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How to Get Rid of Outside Clients
Methods of Prosperity newsletter no.155: Michael Platt
Michael Platt didn’t become rich by managing money.
He became wealthy when he stopped managing other people’s money.
“It's much more profitable to have 0 and 100 rather than 2 and 20.”
– Michael Platt
In hedge fund language, here’s what that means:
Instead of earning a 2% management fee and 20% of profits from clients, own the capital yourself. Keep 100% of the upside.
Billionaires do not avoid taxes by taking out loans.
They do take out the loans. They don't have bank accounts. They just write a check for things, and the money comes from their margin account.
In theory, as critics point out, they never need to pay it back. The stock market (like the SP500) grows more than the interest payments, so they'd rather just keep paying interest and never pay back the loan.
In this theory, that means that when they die, they've gotten away with never having paid tax on the money.
But just because this works in theory doesn't mean they are doing this in practice. In practice, every few years, they'll sell some stock and pay down the balance, and pay taxes on this.
That's because there are problems with the theory. Debt is a risk, and there's a cost for the risk. If there's a crash in stock market, too much margin loans can bankrupt them.
Also, margin is backed by assets several times more than the loan itself, so this ties up a lot of their shares.
Thus, it's just better to occasionally pay down the margin loan.
Thus, the left has a conspiracy theory about tax evasion that really only happens in theory, but doesn't happen in real life.
When Ferrari Asks Apple to Design a $640,000 Toaster
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