The NYTimes can't fail to let the facts get in the way of a "good" spin these days. This piece by one Nina Munk* is no exception. http://www.nytimes.com/2005/09/25/business/yourmoney/25trail.html?pagewanted=1&ei=5090&en=77b8995bfdcfff3c&ex=1285300800&partner=rssuserland&emc=rss Munk asserts: "A few days ago, I read through the newest Forbes 400 list of the richest people in America, hoping to find many names I'd never heard of. They're not there. Through no fault of its own, the list no longer reflects a dynamic and elastic economy; instead, it reflects a growing concentration of wealth and economic power." But here are some contrasts the Forbes 400 of 1985 with those of 2005 - just twenty years difference: 255 with self-made fortunes vs. 165 in 1985 90 fewer "inherited at least some wealth" 25 immigrants vs. 1985's 14 4 more (129) have no college degree 25 with a Harvard or Yale Degree, down from 37 Although there are fewer women now, there were 33 new members this year, for a turnover of 8.25% in one year. Not good enough for Nina Munk. Just remember, what ever "it" is, it's always Bush's fault! ____________________ *Nina Munk is apparently the daughter of Peter Munk, a Canadian worth $350 million, including Barrick Gold. Munk did not make Canada's Business 100 last year. [Source: Megan McCardle]
I love this part of the article: Mr. Kelley is not what we've come to expect of Forbes 400 billionaires. For one thing, he's never been on a yacht. He drives a white Ford pickup and is the only member of the Forbes 400 from Kentucky - though he recently moved to Tennessee to be near his children's school. Mr. Kelley and his wife, Susan, have been married for nearly 20 years. He did not go to college. "I guess I just don't find that as unusual or remarkable as apparently a lot of other people do," he told me. " "I mean, I've had a lot of M.B.A.'s that've worked for me over time, off and on, that, excuse my French, were useless as teats on a boar hog."
What a great quote! I work with a number of self-made businesspeople that feel the same way. Most are just high-school graduates.
