Warren Buffet Doubt

[Arvind Mahendra]

What does he mean by this?

"A market economy creates some lopsided payoffs to participants. The right endowment of vocal chords, anatomical structure, physical strength, or mental powers can produce enormous piles of claim checks (stocks, bonds, and other forms of capital) on future national output. Proper selection of ancestors similarly can result in lifetime supplies of such tickets upon birth. If zero real investment returns diverted a bit greater portion of the national output from such stockholders to equally worthy and hardworking citizens lacking jackpot-producing talents, it would seem unlikely to pose such an insult to an equitable world as to risk Divine Intervention" - Warren Buffet

[Ernest Friedman-Hill]

He's saying that some people -- the strong, loud, sociable, or good-looking -- can have an unfair advantage on the trading floor. He thinks it would not be a bad idea to try to counteract those effects somehow, although he doesn't say how.

[Arvind Mahendra]

what is he an unapologetic, self-loathing commie now? How can the man say such things?

[John Smith]

Ernest Friedman-Hill wrote:He thinks it would not be a bad idea to try to counteract those effects somehow, although he doesn't say how.

It's not in this quote, but Warren Buffet supports progressive taxation, inheritance tax and estate tax, to level the playing field dominated by those who he refers to as the "members of the lucky sperm club."

[Pat Farrell]

I don't grok the explanations upthread. He is saying the pretty actresses with nice curves make more money than ugly actresses. That is how capitalism works. Get used to it.

Some people get rich for reasons that are unfair, for some definition of unfair.

Get used to it.