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One interesting question that isn’t discussed that often is how did Michael Bloomberg get so incredibly rich since he became mayor of New York City in 2002:

These data are from the Forbes 400. (In case you were wondering, Bloomberg’s own Bloomberg Billionaire’s List doesn’t list the boss’s net worth.)

Bloomberg was 92nd on the Forbes 400 in 1999, 42nd in 2001 when he ran for Mayor, and 8th the year after he left office. So he did well in relative terms, too.

Of course, I never really understood how Bloomberg Terminals, a 1980s technology if there ever was one, generate so much cash in the 21st Century. Maybe if I grasped how you could make (and keep) a fortune off the Wall Street equivalent of AOL, I’d have more money myself.

It’s clearly real money because Bloomberg, a generous man, periodically writes huge checks to various worthy charities.

 
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  1. Dan Hayes says:

    Steve,

    Interesting that the foundational basis of Bloomberg’s later good fortune was the severance package received upon being sacked from Goldman Sachs.

    • Replies: @Dan Hayes
  2. Anonymous[375] • Disclaimer says:

    Of course, I never really understood how Bloomberg Terminals, a 1980s technology if there ever was one, generate so much cash in the 21st Century. Maybe if I grasped how you could make (and keep) a fortune off the Wall Street equivalent of AOL, I’d have more money myself.

    It’s a network effect monopoly, like Windows or Facebook or the old telephone networks. You have to use it because everyone else on Wall St. already uses it. It has value and is able to charge a lot because everybody’s on it and there’s vendor lock-in, not because it’s particularly good or some great advance. Like you say, it’s 40 year old technology.

    • Replies: @jambavan
  3. He got in on the ground floor at Purdue Pharma.

    • Replies: @Reg Cæsar
  4. Lagertha says:

    Bloomberg fills in everything for the past 4 years. Forgetbout all the women, color or not, he knows they can never win . We know they can never win.

    Bloomberg and the gay guys: they wish that their horses could be as neatly tucked under their loins as possible…but good looking guys, horses and all, is what looks good on the Spring Runway.

    Bloomberg only goes to these vacuous parties with collosally, and very dumb and un-worldy people, because he is told so…by colossally and stupid to think it is a smart of his time.

    Bloomberg is a snake and he is old which is the worst kind.

  5. Dan Hayes says:
    @Dan Hayes

    Correction. Laid off from Phibro Corp (not Goldman Sachs) without severance pay but with plenty of equity.

    • Replies: @Anonymous
  6. Kronos says:

    “Of course, I never really understood how Bloomberg Terminals, a 1980s technology if there ever was one, generate so much cash in the 21st Century”

    In Michael Lewis’s book “Flash Boys” they too were “compromised” by high frequency trading.

    • Replies: @El Dato
  7. Trump is obviously corrupt because he continues to operate hotels and golf courses while Trump is President.

    Where was the inquisitive press when Bloomberg built himself a subsidized corporate headquarters in Manhattan? Did the New York City elite press question the numerous banking interests that have extensive business relationships with Bloomberg LP when Bloomberg was mayor, including the construction of the heavily subsidized Goldman Sachs headquarters?

  8. @Far Side of the Moon

    He got in on the ground floor at Purdue Pharma.

    I’m sure that’s much cleaner than the ground floor at Perdue Chicken!

    Yet Perdue is better than most:

    What a Chicken Wants

    Perdue Farms Signs Up For A Chicken Welfare Revolution

    • LOL: Lot
  9. For financial markets professionals, there is no substitute for Bloomberg. This was true even before Bloomberg became mayor, but the erosion of Thomson-Reuters’ first mover advantage took time, especially given that Bloomberg was always more expensive than everyone else. By the time his mayoral stint ended, Bloomberg’s market share may have caught up with the fact that it was the clearly superior product. The following head-to-head comparison explains why:

    https://www.wallstreetprep.com/knowledge/bloomberg-vs-capital-iq-vs-factset-vs-thomson-reuters-eikon/

  10. El Dato says:
    @Kronos

    I found Flash Boys a bit over the top. Is it for real or did the author “improve” let’s say 30% of the story?

    • Replies: @Kronos
    , @Dave Pinsen
  11. New York is the most corrupt city on earth.

    • Replies: @Redneck farmer
  12. New York is the most corrupt city on earth.

    Only a Chicagoan would say that.

    • LOL: Hibernian
  13. @Reg Cæsar

    I believe he’s an African, so he must know exactly what he’s talking about.

  14. Bloomberg spends his days protected by his armed bodyguards, occasionally giving out a few tens of those millions to anti-Constitutional fake-grassroots organizations that work hard to make sure one won’t be able to protect oneself in the future, barring becoming rich like Michael Bloomberg.

    Sure, a few dozen millions is just a pittance for him, but millions of gun-owners have to pony up to fight his BS. I don’t care what letter appears before his name, Michael Bloomberg will always be a scumbag to me.

    • Replies: @Alden
  15. Kronos says:
    @El Dato

    Might’ve been pressure from the editor. But the exploitive nature of the high-speed frequency technology is beyond dispute.

  16. @obwandiyag

    Obviously, you’ve never talked to anyone from, oh, Washington D.C., London, Paris, Bonn, Moscow, Shanghai, Lagos, and every other financial hub or national capital in the world.

    • Replies: @Peter Akuleyev
    , @TTSSYF
  17. Dave Pinsen says: • Website
    @El Dato

    I didn’t read it, but I remember when it came out there was a press tour for an alternative exchange and thinking Lewis’s book seemed like a hugely expensive PR campaign for them.

    • Replies: @reiner Tor
  18. It would be a genuinely altruistic act, if someone who truly knows this subject, were to tell us (even roughly) what kind of assets make up the bulk of Bloomberg’s wealth, how the distribution changes over time, and importantly, what information source they consulted, in order to find out these things.

    • Replies: @Anonymous
  19. @Redneck farmer

    Indeed, all things considered New York City is probably the LEAST corrupt major city on earth. That may not say much for the human race, but there we are.

    • Replies: @anonymous
    , @(((Owen)))
  20. Clyde says:

    Bloomie looks tight and is a semi-health nut. Maybe he is getting those Silicon Valley style yung blood transfusions? Thus he should be around as long as Ginzborg is now, and she is 86. Blooms can live past this.

  21. LondonBob says:

    I read Bloomberg got the exclusive on certain Fed news that meant all bond traders needed a terminal to not suffer a fatal delay in receiving market moving news. Bloomberg terminals weren’t then or now a superior product otherwise. The LSE is doing a merger with Thomson Reuters so we might see a new challenger.

  22. As much as I don’t like his politics, I’ve been a customer of Bloomberg for decades. Un-matched value-add, and the best company I’ve ever interacted with. It’s the data (clean and long), analytics (fast and flexible), and breadth (from info, entering trades, scenario analysis, messaging).

    The news is now crap and just propaganda…that’s a big new misstep and may end them, though. The news department used to be after the truth, because there’s too much money in truth to be ignored. Now they are just a more subtle NYT. They also used to know their readers knew more than the journalists. Now, just a more subtle NYT.

    • Replies: @JL
  23. …. how did Michael Bloomberg get so incredibly rich since he became mayor of New York City in 2002:

    Maybe he was extorting protection money from Jeffrey Epstein.

    • Replies: @SFG
    , @Woodsie
  24. @Johann Ricke

    I once clinched a job by saying, “I can play a Bloomberg machine like a piano, and my mother was a concert pianist.”

    I must admit, with some shame, that I do recall using a Quotron at some point.

  25. Anon[377] • Disclaimer says:

    I thought it was common knowledge that fellow tribe members at the Fed gave him a monopoly on listing their information.

  26. @Clifford Brown

    Was George Washington “obviously corrupt” to continue to own his very profitable plantation while president? Trump was wealthy before political office. Many of these douchebags aren’t wealthy until during and after political office.

  27. @Johann Ricke

    All the people saying it’s like AOL have clearly never used it. BBG has order routing and execution management, full market data, chat and email functions plus a directory of everyone in Finance who actually matters. It’s fairly easy to use once you get used to the commands and help desk is a chat away and always helpful. It has an absolute ton of other useful functions and lays out nicely across 2-6 monitors which may be cantilevered over one’s desk. There are very few (or zero) other products that offer the kind of full package Bloomberg offers.

    • Replies: @reiner Tor
  28. his wealth may have skyrocketed, but his political and social influence has dropped to insignificance. Same with a bunch of others. Bill Kristol, David Brooks, Paul Gigot, entire WSJ editorial page. Is Ezra Klein still a thing? Matt Yglesias, Morning Joe, …

  29. JL says:
    @Anonymous Joe

    The news is now crap and just propaganda

    We recently ended our own multi decade relationship with Bloomberg over this very issue. It was so good back in the 90s, their journalism was no bs, just the facts. This is absolutely integral to analysis. Now, it seems like they’re trying to sell you something, which is annoying considering how much the subscription costs. I agree, it’s a huge misstep on their part.

    • Replies: @reiner Tor
  30. Hopscotch says:
    @Clifford Brown

    O/T

    The movie Wall Street is interesting in that its antagonist, Gordon Gecko, based on an amalgam of the early 80’s Jewish corporate raiders, became a cultural anti-hero, motivating many Gentile dudes to go into finance.

    In hindsight, the 1980’s LBO surge is one of the most stereotypically Jewish episodes in finance. Raiders, motivated by money but nursing Golfocaust-style grievances against the WASP business elite, figure out a way to dislodge them. With junk bonds, they could bypass the last vestiges of noblesse oblige among Wall Street investment banks. They coordinated among themselves and voted in blocs at shareholder meetings, skirting the confines of SEC reporting.

    Milken was not the first person to think of LBO takeovers. But he was the first to have a network who viewed the WASP establishment with enough antipathy (and average American worker as expendable) to get the ball rolling in the 1980’s, when Jewish power was on the ascent in the US.

    • Replies: @SFG
  31. @Clifford Brown

    Bloomberg has an amazing new HQ in Central London. He’s really done a great job. Goldman Sachs have a new building too, and it’s a disgrace really. They haven’t bothered trying. It’s an anonymous fortress.

    • Replies: @Clifford Brown
  32. jdubs says:

    Looks like that chart has bad/unreliable data.

    Vast majority of his net worth is the private Bloomberg LP.

    No reliable valuation for that until 2008, when Merrill sold its 20% back to him, which I believe is the only mark-to-market occurrence on that whole chart’s timeframe. That transaction probably informs the 2007 net worth as well.

    That was basically a fire sale during the depths of the financial crisis as Merrill was desperate for cash to sure up its underwater balance sheet, so it probably occurred at a discount.

    Since then, there’s been a huge run up of valuations for financial companies AND SaaS AND social networks. Bloomberg’s terminals arguably fall into the latter two buckets, and the company’s valuation should benefit from the rebound of its customer base.

    If Bloomberg LP were a publicly traded company, the graph would have probably shown a higher pre-crisis net worth, coupled with a bigger 2009 trough, and a rebound that tracked well with other SaaS companies.

    An aside on the quality of the technology: while the UI looks 40 years old, that’s by design. For the last two decades, any inclination to modernize the UI has been headed off by the reality that non-technical 40-something year-old bond traders do NOT want to learn how to use a new platform. The “bad” UI makes for a good UX. The back end has continued to improve over four decades.

  33. TWS says:

    Oh for goodness sake might as well ask how Hillary and Bill became millionaires instead of owning a Vegas brothel.

  34. @Clifford Brown

    So you are saying nobody with a business income independent of their government salary should be elected to positions of power and responsibility? Lets have professional politicians only, never anyone who has and continues to live in the free economy.

    I say treat them like other fiduciaries and prohibit all self dealing.

  35. anonymous[354] • Disclaimer says:
    @Peter Akuleyev

    “New York City is probably the LEAST corrupt major city on earth.”
    By what metric?

    • Replies: @Alden
  36. TTSSYF says:
    @Redneck farmer

    But he wouldn’t be too far off-base in mentioning any number of U.S. state capitals, rife with corruption (Tallahassee comes to mind).

  37. SFG says:
    @The Alarmist

    LOL. But I would have guessed insider trading.

  38. Woodsie says: • Website
    @The Alarmist

    Bloomie spent most of his weekends while Mayor on his own private island.

    • Replies: @Dan Hayes
  39. jambavan says:
    @Anonymous

    This is a lot of it. It’s essentially a highly exclusive social network, since the only people with Bloomberg handles are people who have funds at sufficient scale and employees who are sufficiently worthwhile for their employers to spend $25k a year for them to have access to information. I recommend Byrne Hobart’s fine article on this: https://medium.com/@byrnehobart/why-its-hard-to-kill-the-bloomberg-terminal-61073482e496

    In addition, Bloomberg is a good deal in terms of breadth and quality of information you get. In general, access to quality financial information has been regressing over the past decade. The market has become increasingly oligopolistic and expensive, and it’s quite hard to get the wide panel of information a sophisticated macro investor would like. If you run a discretionary macro fund and are doing quant analysis (as I do), do you really want different vendors for equity fundamentals, Eurodollar contracts, exotic options, etc? Much easier to get Bloomberg and get everything. The API isn’t bad, either.

    • Replies: @keypusher
  40. ATBOTL says:

    Bloomberg news has been pushing anti-white propaganda hard lately.

  41. indocon says:

    What’s the probability that Bloomberg terminal is a front end for sharing secretive trading information at back end, for the select few?

  42. Anonymous[337] • Disclaimer says:
    @Dan Hayes

    No, he worked for Salomon Brothers, where he had very little equity, which was near bankruptcy from scandals. Citibank was the acquirer.

    Bloomberg terminals are both hard to grasp on a user level and in the abstract as a profitable business in the internet age. But the fees charged each month are very real.

    AOL cant find quotes or market participants on bonds, and many other derivatives etc that are infrequently traded and quoted. Unlike say Apple or Exxon. There are tons of other things on there at this stage but its still fundamentally finding quotes on decades old bonds with very little active market.

    Of course its also private with no real peer equivalent for valuation comparables, so while the profits are very real there are no obvious buyers for the company as a whole except perhaps Reuters. Its morphing into news media increasingly. He owns 88% of the LP with his 3 partners of many years ago having the balance and all worth roughly 1 bill each according to Forbes.

    Secunda
    Zegar
    MacMillan

  43. Anonymous[337] • Disclaimer says:
    @Mitchell Porter

    Just read the methodology on forbes which is the one making these estimates ?

    ” He put in the seed funding for the company and now owns 88% of the business, which has revenues north of $9 billion ”

    Essentially for private companies they simply look at the revenue and profits and try and approximate a select industry peer in the public markets where price discovery is more reliable and liquid. Who really can say what Koch enterprises is worth, but it resembles some other oil, chemicals and ag conglomerates. Then its just a question of who owns what percentage, discounting the sum a bit for illiquidity and relative opacity of private companies vs public actively traded companies.

    • Replies: @Mitchell Porter
  44. Alden says:
    @Achmed E. Newman

    Didn’t Bloomberg want to sue the state of Virginia on the grounds that all those illegal unregistered, mostly stolen guns NYC blacks killed each other with came somehow from legal conforming to all regulations retail stores in Virginia?

    Between being felons, on parole, on probation , under DV restraining orders etc ; half the blacks are forbidden from being in possession of a firearm anyway, especially a stolen one.

    It’s impossible to enforce the existing gun control laws because it would be disparate impact. Ask any cop or criminal attorney you know. Most blacks own illegally obtained guns. If they get off on attempted murder you can get them on being a convicted felon in possession of a firearm. It’s amazing how many blacks are arrested for possessing stolen guns when they call police for a routine domestic violence or neighborhood dispute.

    If liberals really want to confiscate illegal guns just put a temporary fence around the nearest black neighborhood at 3/am. As soon as it’s up and guards are in place, knock down every door seize the illegal guns and arrest the blacks.

    White legal gun owners just fill out more forms, pay another fee and don’t commit crimes with their guns. Blacks just steal them, pass them around and use their unregistered guns to commit crimes. I’m pretty sure guns used in most crimes are illegally obtained or in violation of some arcane persnickety gun law. For instance in most cities and many suburbs it’s illegal to fire a gun within city limits.

    If we ever really enforced gun laws half the blacks in the country would be in the local jails awaiting trial.

    I love, love, pointing these facts out to the liberal Jews I know when they start on gun control.

    • Replies: @216
  45. Alden says:
    @anonymous

    Well, you don’t have to pay a bribe to get electricity gas water WiFi cable or in the old days landline phones turned on as you do in many third world cities.

  46. Dan Hayes says:
    @Woodsie

    Woodsie:

    That only became common knowledge when Bloomberg was stranded there during a NYC snowstorm.

  47. BB753 says:

    Steve, to ask the question is to answer it.

  48. SFG says:
    @Hopscotch

    Everything is the Jews’ fault? Any career that revolves around raising money is going to attract the fanatically greedy. There was pretty ‘wild capitalism’ in the robber baron era, and not many of them were Jewish.

    • Replies: @Hopscotch
    , @anon
  49. Is this a head fake to make us look away from Epstein’s ridiculously impossible fortune?

    At least Bloomberg has something that people actually pay for and use, and more that the general public can log on to or watch on TV. There is a Bloomberg business, but there never was an Epstein one.

    No doubt his fortunes improved while he was mayor, but that is typical. This is not to say it is not valid to ask the question, but there are degrees of this. See: Clintons.

    • Replies: @J.Ross
  50. 216 says: • Website
    @Alden

    Blacks just steal them, pass them around and use their unregistered guns to commit crimes. I’m pretty sure guns used in most crimes are illegally obtained or in violation of some arcane persnickety gun law.

    Prosecutors are reluctant to go after straw purchasers, as it can be difficult to prove; they prefer going after corrupt FFLs.

    The typical straw purchaser is a gang member’s girlfriend, which at least on paper can be profiled.

    One thing we don’t see much of anymore is “zip guns”, which are more common where legal firearms are inaccesable or expensive.

    The story with guns is not really about (black) crime, its about (white) suicide terrorism (euphemistically called mass shooters). Gun owners have been derelict of duty in terms of ways of stopping this, and will be held collectively responsible for this by the liberal majority in society.

    Can we expect CCW permit holders to deter suicide terrorism? Unlikely as the laws barring armed staff in certain areas are unlikely to be repealed.

    Could an invasive police state stop the deranged from acquiring arms? Possibly

    Would neutering guns, and making them “fudd-only” stop attacks? The experience in Canada suggests otherwise. But the Australian experience says yes. The Mexican experience obviously says no.

    The harder slog is that without a rebuilt social capital that dries up the alienation (fueling suicide terrorism) and policies deviancy; gun owners will see their rights legislated away by a liberal society that is content with growing authoritarianism.

  51. @Anon

    I thought it was common knowledge that fellow tribe members at the Fed gave him a monopoly on listing their information.

    Aha! This explains why he phenotypically presents, to an expert anthropological eye, as a member of the Cayugas. Although in the flickering light of an upstate longhouse, one might mistake him for a Seneca.

    • Replies: @Anonymous
  52. Hopscotch says:
    @SFG

    I know, I know. It’s waaaccisst! to notice every prominent corporate raider, with a handful of exceptions, was Jewish, and that it was an anomaly, even by the standards of finance at the time.

    Please point me to a time in US financial history, where behavior was as blatantly predatory and destructive to livelihoods on a macro scale in non-recessionary times. We’re not talking about banks foreclosing on farms during a panic, but rather guys like Icahn gutting TWA. Think he would have done the same, with say, El Al airlines?

    Hint: a solid contender would be subprime, payday lending where the poor can receive loans, with a few-hundred percent APR. I’m sure there are no discernible ethnic patterns in this industry, as well?

    • Replies: @Steve Sailer
  53. @Hopscotch

    Mortgage lending 12 years ago wasn’t as Jewish as corporate raiding in the 1980s.

    • Replies: @Hopscotch
  54. @Anon

    I thought it was common knowledge that fellow tribe members at the Fed gave him a monopoly on listing their information.

    I have read this several times now, but have yet to see a definitive source. It would be a great business case study if true. Does anyone have a link to something that confirms this? What were the terms of the deal, and who was the magnanimous government official behind it? It would also be interesting to know whatever happened to that person… were they ever repaid somehow?

    • Agree: reiner Tor
  55. Anonymous[427] • Disclaimer says:
    @Reg Cæsar

    Either way, it’s the pot calling the kettle black.
    But their corruptions have a different flavor entirely.

    • Replies: @Reg Cæsar
  56. Anonymous[427] • Disclaimer says:
    @Kibernetika

    One thing we don’t see much of anymore is “zip guns”, which are more common where legal firearms are inaccesable or expensive.

    In the age of CAD/CAM and 3D printing, ‘zip guns” are unlikely to come back.

  57. I met the guy who built the terminals for Bloomberg.

    He didn’t invent any other indispensable business technologies after that. He just made a lot of money. Now he raises police dogs in the Charlottesville area.

  58. @Cowboy shaw

    Bloomberg is a media and technology company so it likes to portray itself as cutting edge and open.

    They haven’t bothered trying. It’s an anonymous fortress.

    That’s how Goldman likes it. Goldman Sachs historically prefers extremely boring, nondescript buildings. For thirty years, Goldman was located at 85 Broad Street in Lower Manhattan, a building that embodies brutalism without the charm.

    Their new headquarters is extremely tasteful and well proportioned, but meant to not stand out. I was down in Battery Park City right before Superstorm Sandy hit and everywhere was quiet except for the Goldman Sachs headquarters where several forklifts were frantically placing sandbags in place to prepare for the storm.

    The Goldman Sachs headquarters famously remained lit as the rest of Lower Manhattan lost power and was shrouded in darkness. Sort of like how Goldman Sachs escaped the Subprime Crisis largely unscathed.

    • Replies: @Dan Hayes
  59. Dan Hayes says:
    @Clifford Brown

    Clifford Brown:

    When it occurred, I don’t recall local NYC media reporting that only Goldman Sachs remained lighted but I do recall the Daily Mail reporting it.

    • Replies: @J.Ross
  60. @Anonymous

    But their corruptions have a different flavor entirely.

    Sure do. In New York, there is someone to oppose it.

  61. Hopscotch says:
    @Steve Sailer

    I’m willing to attribute good faith to many things that were ultimately economic disasters: the housing crisis, NAFTA, US trade policy towards China, Larry Summers giving economic advice to Russia. Even if these things had predatory aspects, there was a fundamental good faith attempt.

    One can’t say the same about the LBO’s of the 1980’s. For some perspective, compare the treatment of Carl Icahn vs someone like say, Chainsaw Al Dunlap. In Gentile culture, there is a basic appreciation for that fact that guys like Chainsaw Al are destructive, sociopathic creeps. I doubt the financial press or business school profs will come to the same conclusion about Icahn.

  62. J.Ross says:

    There are many funny things about the benighted fetishizing the National Rifle Association as some kind of illegitinate superpower but one of the funniest is that it is totally financially outgunned by one man.

  63. J.Ross says:
    @Dan Hayes

    The principle of triangulation in news media: Russian news is great if you’re not interested in Putin, Al Jazeera had nothing to say about the Arab Spring.

  64. J.Ross says:
    @Buzz Mohawk

    As roundly evil as Epstein was, he didn’t use his money to try to destroy our Constitution.

    • Replies: @Buzz Mohawk
  65. anon[200] • Disclaimer says:
    @SFG

    … the robber baron era, and not many of them were Jewish.

    Jay Gould ring any bells?
    No doubt there were many others.

    • Replies: @Steve Sailer
  66. @Dave Pinsen

    But in my experience his book is mostly correct about HFT. It’s highly disruptive, but in a bad way.

  67. @a boy and his dog

    It’s still not very 21st century, though. I’m pretty sure that it could be improved tremendously.

    But it’s a monopoly. If you have millions of subscribers, you can easily afford to pay for the development and maintenance of a nice (by 20th century standards, at any rate) interface, while a new competitor would have to pour billions into creating a new system upfront. Even then, they’d need to provide all the services which probably have very high fixed costs. Say, Bloomberg provides information from all (?) stock exchanges in the world. This costs a lot of money to build the necessary infrastructure. They also have historical data. I don’t know how much money it would cost to develop and run for a few years a competitor firm. But I’m sure it would be massively losing money for years even if it was a thoroughly better product through and through. (We know that very complex new products developed by new companies tend to have lots of issues until they manage to gather the necessary experience.)

    Thomson Reuters has a crappier interface, but it probably has way fewer subscribers, and so it’s not putting enough money into developing it further.

    Are there any other serious competitors?

  68. @JL

    Where do you get the real time financial information?

    • Replies: @JL
  69. @anon

    Jay Gould was a Presbyterian.

    • Replies: @Buzz Mohawk
  70. Gc says:

    It’s clearly real money because Bloomberg, a generous man, periodically writes huge checks to various worthy charities.

    Those super-rich are weird species. The reason why middle-class in nordic countries love the welfare state is that you don`t need to save or think about money so much. I call it freedom. Sure you would be better off financially without it, but you need to save 20 years to put your kids in college. It fits for people who like money and think about money a lot. Those are rebublican kind of rich who hate the welfare state.

  71. JL says:
    @reiner Tor

    If, by real time financial information, you mean news, it’s necessary to amalgamate a number of other sources. It’s true that Bloomberg is first a lot of the time, but since the rise of the machines, it doesn’t matter much to most humans the way it used to (whoever was fastest on the keyboard).

    Most of the real time quotes on Bloomberg cost extra via subscription to the exchange where they trade, which is annoying if you only need a few quotes. Brokers offer this service to its clients for free, if they pay enough in commissions. Bloomberg can be good for illiquid bond quotes, but brokers or friends with terminals can get us these. IDB access is nice, but only available to brokers anyway.

  72. @J.Ross

    Wellllll I could say he used the money from wherever to destroy our girls and to help others destroy our Constitution. But I don’t know anything about that. Maybe he was just a hyper-testosterone-alpha-super-fun-guy who won friends and influenced teenagers.

    Bloomberg continued Giuliani’s hitting streak to the benefit of anyone who had to spend time in Manhattan. As I’ve said, he was the Lou Gehrig to Rudi’s Babe Ruth in the NY mayoral lineup. They will be missed, and I don’t go there at all anymore because I don’t have to.

    • Replies: @J.Ross
  73. @Steve Sailer

    Jay Gould was a Presbyterian.

    #Me too, according to my wife’s Calvinist priest. (They translate minister to “priest,” but they are Reformat, not Catholic.)

    Another boring true story for anyone who might find it entertaining:

    Preparing for our Euro church wedding (a year after our real wedding on the beach in Westport with my friend, a justice of the peace) we had to sit with my wife’s family’s priest. He was filling out a form and asked me what my religion was… I responded something like this:

    “Well, my family history is Christian, but we only went to church on Christmas or Easter sometimes. I know my mother went to a Methodist church in the South, and my father’s line includes Quakers and Christian Scientists and even a Jew, maybe.”

    The Transylvanian priest looked at me, pen to paper, and said, “you’re a Presbyterian.”

    So, I am a Presbyterian on our beautiful, Old World, marriage certificate, framed on the wall behind me. And proud of it!

    • Replies: @Gabe Ruth
    , @Old Palo Altan
  74. Gabe Ruth says:
    @Buzz Mohawk

    The Boomers on this site are the only ones I will speak for on the DOTR.

  75. J.Ross says:
    @Buzz Mohawk

    No, it’s different. Epstein is essentially a (criminally overgrown) lobbyist. The protection against lobbyists is the quality of our elected officials. Bloomberg is unambiguously and directly attacking the Bill of Rights, and without his obscene and unique efforts, there would be no paid gun control herd panicking over statistically insignificant non-events. There would always be a (much less bad) Epstein in any version of events but the Constitution should not have to tolerate a simple enemy like Bloomberg.

  76. @Peter Akuleyev

    all things considered New York City is probably the LEAST corrupt major city

    Least corrupt? Seoul, Tokyo, Madrid, Nagoya, Helsinki, Barcelona, Zurich, Oslo, and Osaka all appear to be well-run, competent, efficient, and much less corrupt than any American city.

    NYC is not very corrupt by American standards, but that just means it falls in the same general range as Guadalajara and Lisbon.

  77. @Anonymous

    Thank you. So these figures are guesstimates (I had naively thought they might come directly from hard data). There are publicly traded companies where we know more about what’s going on; and then applying some rules of thumb and statistical black magic, we extrapolate from the verifiable facts about the public companies, to the unknown facts concerning private companies in the same sectors.

    Comment #33 by @jdubs is complementary to yours, in that it emphasizes what is actually known (relatively little), and something about the trends affecting the valuations of the public companies.

  78. keypusher says:
    @jambavan

    Thanks for that link, I learned a lot.

  79. @Buzz Mohawk

    Your wife is a Hungarian Calvinist? Splendid: they are the healthiest and most realistic Christians left in Europe. Orban is one, Horthy was another, and most of the truly effective aristocrats of the old regime were as well.

    The Catholics in Hungary are excellent, and one of the reasons they are is that they have to keep looking over their shoulders at the Calvinists and their clear example of what a manly and proud Christianity looks like. They are a third of the population after all. Cross the border into Austria and the picture is entirely different: A Church as decadent and cowardly and ready to collapse before the spirit of the world as any in Europe.

    I’ll say it once again, if I were forty years younger I’d move to Hungary tomorrow.

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