Locator: 51847THEGILDEDAGE.
So much money sloshing around out there.
Philanthropy:
- Ken Griffin: $3 billion -- Carnegie Mellon University
- Michael Bloomberg -- single gift, 2018, $1.8 billion; but
- has surpassed $4.5 billion in cumulative giving to Johns Hopkins
- Phil Knight: $1 billion -- University of Oregon
Personal:
- Larry Ellison: eight mansions in Florida in one fell swoop for his staff
- Peter Thiel: $130 mansion in southern California (buying it as an investment);
- Casa Encantada ("delighted"; "please to meet you" when used by a female)
Sports, professional:
- pending
Tech (non-LDC) investing:
- valuations: Micron -- exhibit A
LDC investing:
- pending
Intergenerational wealth transfer
- variously reported; might be as high as $124 trillion through 2048
************************************
K-Economy In Housing Industry
Mortgage rates: mean little to the ultra-rich when buying mansions --
- high mortgage rates:
- a populist story that gets a lot of views on CNBC, but
- has no relevancy to the economy in general
- for lenders, for some, that's where the money is.
- buyers:
- ultra rich can pay 50% more (from 4% to 8% mortgage) for their personal use; or,
- they can pay that much more in taxes.
- when rates fall, these houses become ATMs
- on another note, I remember going through argument several years ago on the blog
- on that subject, this was my #1 blog (number of pageviews): link here. October 21, 2023.
- it's interesting to note that no one on CNBC speaks to New York state's pied-à-terre tax which became law earlier this year (May 2026) as part of the state budget.
- this push started in 2020 -- long before Zohran Mamdani was elected mayor to NYC
- link here; link: https://share.google/aimode/TBCSNlZTI3mjQL0F9.