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this post was submitted on 06 Oct 2024
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You're underestimating the effect of his father knowing the right people. Yes, there was no "small million-dollar loan" and yes Warren actually hustled quite a bit to capitalize on the advantages given to him by his father, but that doesn't erase those advantages when talking about his success.
Hard work is not the thing that got him where he is. If it were there are millions of people working multiple who should also be billionaires. Or, better yet, no one should be a billionaire at all and we make it so people don't have to work multiple jobs to survive, but I digress.
No other investor has his track record, or anything close to it, so I really do think it comes down to hard work.
Whether the type of work he did should be compensated as well as it was is certainly a valid discussion to have. That said, he's pretty much the top of his industry and extremely well-respected by his peers, so it makes sense that he has an outsized portion of the wealth of those in his industry. That said, I absolutely agree with Buffett that we should have higher taxes on the wealthy (like Buffett) because that level of wealth concentration doesn't benefit anyone, including the wealthy individual.
What got him to the top of his profession absolutely was hard work. What got him to become one of the richest people in the world was that plus the tax system and other legal structures that reward that work. In other words, "don't hate the player, hate the game."