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Mercers’ School Memorial Professor of Commerce Michael Mainelli

Mercers’ School Memorial Professor of Commerce Michael Mainelli. How To Get Ahead In Commerce The Sure-Fire Ways To Make Money. Outline. Wise guys A rich taxonomy Fortune favours the lucky Getting rich through failure Front-running bubble style Money machines Owning the casino.

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Mercers’ School Memorial Professor of Commerce Michael Mainelli

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  1. Mercers’ School Memorial Professor of CommerceMichael Mainelli How To Get Ahead In Commerce The Sure-Fire Ways To Make Money

  2. Outline • Wise guys • A rich taxonomy • Fortune favours the lucky • Getting rich through failure • Front-running bubble style • Money machines • Owning the casino “Get a detailed grip on the big picture.”Chao Kli Ning

  3. How To Get Ahead In Commerce

  4. Sincerity Personified

  5. Sincerity Certified

  6. Ponzi Numbers Game

  7. Do You Sincerely Want To Be Rich?

  8. Get Rich Taxonomy Go! Criminal • frauds • swindles • Ponzi schemes • pyramid schemes • forgery & counterfeiting • tax evasion • embezzlement • robbery & theft • corruption • price-fixing

  9. What You Know or Who You Know? Hard Work Smart Work Go! Criminal

  10. Successful Habits All Taxpayers Top 10% to 1% (adults) Top 1 % to 0.1% (adults) Top 0.1 % (or the "very,very rich) Number 29.5 Million 4.21 Million 421,000 42,000 Entry level for group £5,093 £35,345 £99,727 £351,137 Mean value for group £24,769 £49,960 £155,832 £780,043 [Source: “Racing Away? Income Inequality And The Evolution Of High Incomes”, Institute for Fiscal Studies, IFS Briefing Note Number 76 (January 2008)

  11. Sunday Times 2007 UK Rich List 1 Lakshmi Mittal and family £19,250m - Steel 2 Roman Abramovich £10,800m - Oil and industry 3 The Duke of Westminster £7,000m - Property 4 Sri and Gopi Hinduja £6,200m - Industry and finance 5 David Khalili £5,800m - Art and property 6 Hans Rausing and family £5,400m - Packaging 7 Sir Philip and Lady Green £4,900m - Retailing 8 John Fredriksen £3,500m - Shipping 9 David and Simon Reuben £3,490m - Metals and property 10 Jim Ratcliffe £3,300m - Chemicals 11 Sir Richard Branson £3,100m - Transport and mobile phones 12= Charlene & Michel de Carvalho £3,050m – Inheritance 12= Sean Quinn and family £3,050m - Quarrying, property and insurance 14 Simon Halabi £3,000m - Property, health clubs 15 Kirsten and Jorn Rausing £2,825m - Inheritance and investments 16 Joe Lewis £2,800m - Foreign exchange, investments 17 Earl Cadogan and family £2,610m - Property 18 Nadhmi Auchi £2,575m - Finance, property and hotels 19 Vladimir Kim £2,261m - Mining 20 Bernie and Slavica Ecclestone £2,250m - Motor racing

  12. Fortune Favours The Lucky Hard Work Smart Work Go! Criminal Luck • inheritance • sex • lotteries • gambling

  13. Getting Rich Through Failure Hard Work Smart Work Go! Scarcity & Competition Information Asymmetries Criminal Luck Externalities Agency Problems

  14. Barking Up The Right Tree “It’s a dogwood tree. I can tell from the bark.”

  15. Getting Rich Through Bubbles Hard Work Smart Work Go! Scarcity & Competition Information Asymmetries Criminal Luck Externalities Agency Problems Front-Running

  16. Front-Running Bubble Style [William Hogarth, The South Sea Scheme, 1721]

  17. Getting Rich Through Magic Hard Work Smart Work Go! Scarcity & Competition Information Asymmetries Criminal Luck Externalities Agency Problems Front-Running Money Machines

  18. Black Box Machines www.saltofthevalley.com Mark Bump

  19. Money Machines

  20. Get Rich Taxonomy Hard Work Smart Work Go! Scarcity & Competition Information Asymmetries Criminal Luck Externalities Agency Problems Front-Running Money Machines

  21. Greed, Fear, and a Little Gas [Source: http://www.fortunewatch.com/handling-greed-and-fear-in-investing/]

  22. Discussion • When should we let third parties invest our money, ignoring tax advantages? • Do regulatory and professional safety costs genuinely offset caveat emptor, or just take our money?

  23. How To Get Ahead In Commerce:The Sure-Fire Ways To Make Money Thank you! “Get a big picture grip on the details.”Chao Kli Ning

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