The article is about which matters more: smarts, wealth, hard work, or risk-taking.
Thought experiment: given a dumb person with $10M (say, Britney Spears) and a smart person with $1M (say, Warren Buffett), who is more likely to turn that into $100M within a generation?
I would bet money on the smart person. It's really easy to lose a lot of money if you make the wrong decisions.
And Buffett thinks he could do very well with a small sum:
> "If I was running $1 million today, or $10 million for that matter, I'd be fully invested. Anyone who says that size does not hurt investment performance is selling. The highest rates of return I've ever achieved were in the 1950s. I killed the Dow. You ought to see the numbers. But I was investing peanuts then. It's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that. "
Thought experiment: given a dumb person with $10M (say, Britney Spears) and a smart person with $1M (say, Warren Buffett), who is more likely to turn that into $100M within a generation?
I would bet money on the smart person. It's really easy to lose a lot of money if you make the wrong decisions.