What drives these guys?
Discussion
Now obviously this is a rather emotive subject and you could argue that the article has some political bias 
http://www.bbc.co.uk/news/business-11942117
What I'd like to know though is, what drives these guys? Let's not even take the highest earner here at $4bn dollars, let's go for the guy at the bottom who earns a paltry $825m.
Bearing in mind that this is every year (give or take a few million( what drives these people to continue doing this? Why not just retire and live the life of Riley? Obviously the money itself is worthless to them, you just can't "need" that kind of money.
The wife and I bought a very big, very old but very, very knackered house here in France some years ago for a very good price. With blood, sweat and tears we restored it ourselves (saving a huge amount of dosh in the process) and it is now a lovely place. At some point I will buy myself another interesting motor vehicle, don't know when. There not being any other major expenses I just don't work as much as I could and spend my free time doing other productive things. You only live once right?
So what drives these people to keep going on and on earning this kind of money? Do they not ever look up at the night sky and wonder what its all about, think about exploring the world and even the universe, spending their time doing something other than juggling numbers with lots of zeros about?
I don't get it. Do you?
http://www.bbc.co.uk/news/business-11942117
What I'd like to know though is, what drives these guys? Let's not even take the highest earner here at $4bn dollars, let's go for the guy at the bottom who earns a paltry $825m.
Bearing in mind that this is every year (give or take a few million( what drives these people to continue doing this? Why not just retire and live the life of Riley? Obviously the money itself is worthless to them, you just can't "need" that kind of money.
The wife and I bought a very big, very old but very, very knackered house here in France some years ago for a very good price. With blood, sweat and tears we restored it ourselves (saving a huge amount of dosh in the process) and it is now a lovely place. At some point I will buy myself another interesting motor vehicle, don't know when. There not being any other major expenses I just don't work as much as I could and spend my free time doing other productive things. You only live once right?
So what drives these people to keep going on and on earning this kind of money? Do they not ever look up at the night sky and wonder what its all about, think about exploring the world and even the universe, spending their time doing something other than juggling numbers with lots of zeros about?
I don't get it. Do you?
Bing o said:
Jesus, could that article be full of any more bile. Has crankedup landed a job at the Beeb?
Really? What article are you reading? I don't see a huge amount of 'bile' more a little amazement at how much they earn, it doesn't seem to be written in an aggressive manner to me.Edited by theboyfold on Thursday 3rd February 11:31
lets have a look see at them:
David Tepper owns Appaloosa Management
George Soros owns Soros Fund Management
James Simons owns Renaissance Technologies
John Paulson owns Paulson & Co
Steve Cohen owns SAC Capital Advisers
Carl Icahn owns Icahn Capital
Edward Lampert owns ESL Investments
Ken Griffin owns Citadel Investment Group
John Arnold owns Centaurus Advisors
Philip Falcone owns Harbinger Capital Partners
I see nothing that suggests anything other than bloody good business men owning business that are at the top of their game and happen to be hedge funds.
Not really a story.
David Tepper owns Appaloosa Management
George Soros owns Soros Fund Management
James Simons owns Renaissance Technologies
John Paulson owns Paulson & Co
Steve Cohen owns SAC Capital Advisers
Carl Icahn owns Icahn Capital
Edward Lampert owns ESL Investments
Ken Griffin owns Citadel Investment Group
John Arnold owns Centaurus Advisors
Philip Falcone owns Harbinger Capital Partners
I see nothing that suggests anything other than bloody good business men owning business that are at the top of their game and happen to be hedge funds.
Not really a story.
Driller said:
The wife and I bought a very big, very old but very, very knackered house here in France some years ago for a very good price. With blood, sweat and tears we restored it ourselves (saving a huge amount of dosh in the process) and it is now a lovely place. At some point I will buy myself another interesting motor vehicle, don't know when. There not being any other major expenses I just don't work as much as I could and spend my free time doing other productive things. You only live once right?
Sounds a waste of time to me, why would you want to spend years living in and working on a old ruined building? I don't get it!
I do not know what drives these mega earners, however, on a more lowly note I think many business people spend so much of their life building their empire, to the allmost complete detriment to family, hobbies, interests, even travel they are unable to do anything else.
A friend of mine for 35 years has steadily built a large company, earned very good money yet let all other aspects of life pass him by. Now at 60 he cannot contemplate retirement since he has no real interest in anything outside his company.
He has rarly traveled outside the U.K, has no real hobbies (golf being for business purposes), and no home life worth having. Prior to my (full and eventfull) retirement my work brought me into dealings with such self made people on a daily basis and I would guess the majority fell into the same catagory. Building a large and profitable business would seem to be a long and often lonely task that leaves many unwilling or indeed unable to enjoy the simpler things that life can offer.
A friend of mine for 35 years has steadily built a large company, earned very good money yet let all other aspects of life pass him by. Now at 60 he cannot contemplate retirement since he has no real interest in anything outside his company.
He has rarly traveled outside the U.K, has no real hobbies (golf being for business purposes), and no home life worth having. Prior to my (full and eventfull) retirement my work brought me into dealings with such self made people on a daily basis and I would guess the majority fell into the same catagory. Building a large and profitable business would seem to be a long and often lonely task that leaves many unwilling or indeed unable to enjoy the simpler things that life can offer.
A few years back, I worked for a large investment bank. At the time I joined, there was a major re-shuffle going on at the top and I was given a bit of intel on the going on by a very senior bod.
One of his sentences early on was "the top 60 people in this bank have a net worth of US $100 million. Each."
I actually asked the same question the OP has asked - "what drives them, its clearly not the money?".
The response was simple - power. They dont work for the money, they work for the power they have, plain and simple.
Like most people, I cant really comprehend it. I witnessed one chap get a sizable bonus when I was there - I dont know how much the bonus was, but after it was paid in to his bank (at which time he was on annual leave), he didnt return to work ever again. His boss called, asked where he was and his reply, apparently, was "I'm in Italy, I've thought about it and I'm retiring". I understand he was 32.
One of his sentences early on was "the top 60 people in this bank have a net worth of US $100 million. Each."
I actually asked the same question the OP has asked - "what drives them, its clearly not the money?".
The response was simple - power. They dont work for the money, they work for the power they have, plain and simple.
Like most people, I cant really comprehend it. I witnessed one chap get a sizable bonus when I was there - I dont know how much the bonus was, but after it was paid in to his bank (at which time he was on annual leave), he didnt return to work ever again. His boss called, asked where he was and his reply, apparently, was "I'm in Italy, I've thought about it and I'm retiring". I understand he was 32.
Pork said:
Like most people, I cant really comprehend it. I witnessed one chap get a sizable bonus when I was there - I dont know how much the bonus was, but after it was paid in to his bank (at which time he was on annual leave), he didnt return to work ever again. His boss called, asked where he was and his reply, apparently, was "I'm in Italy, I've thought about it and I'm retiring". I understand he was 32.
Fair play to the bloke!The 'they do it for the thrill/power' argument is not always valid (imo) - because the ultimate results of their carrying on working is >£/$.
Bascially they habituate. What they earn in one week (month/year etc) becomes normal to them and they push to earn more to differentiate themselves amongst their peers.
I think how much they earn (or are worth) is more important to them than simply how much organisational/industry/economic/political power they wield.
Their 'habituating' explains why they carry on well past where many people would say...'hold on, I earned £xxxxmil last year, I can afford to stop working'.
It's very impressive. The 'achievements' of these guys. You can't knock their ambition/competitiveness.
I can't envisage ever being in the £gorgillions realm of earnings/wealth. So don't know how I'd be have.
Bascially they habituate. What they earn in one week (month/year etc) becomes normal to them and they push to earn more to differentiate themselves amongst their peers.
I think how much they earn (or are worth) is more important to them than simply how much organisational/industry/economic/political power they wield.
Their 'habituating' explains why they carry on well past where many people would say...'hold on, I earned £xxxxmil last year, I can afford to stop working'.
It's very impressive. The 'achievements' of these guys. You can't knock their ambition/competitiveness.
I can't envisage ever being in the £gorgillions realm of earnings/wealth. So don't know how I'd be have.
Like the bit about "what to do with £4bn!" If I got it, I'd definately get the Spiderman etc bought up. Then get them all round my gaff, and just have them doing superhero type stuff all day, around the house. Make sure it have it CCTV'd up, so they cannot stop and wathc TV whiel I am out.
Be great if burglars got in, and found Spiderman, Iron man etc in there, whooping ass!
Be great if burglars got in, and found Spiderman, Iron man etc in there, whooping ass!
Pork said:
power
This. When I worked at BarCap years ago Bob Diamond was getting tens of millions a year. He was always there before everyone else, and left after everyone else.If I'd have got a tenth of one of his bonuses then I'd never have worked again.
And that, I now understand of course, is why I never did!
Edited by Soovy on Thursday 3rd February 13:06
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