● The Algebra of Wealth: A Simple Formula for Financial Security
Scott Galloway
Q&A with author via New York magazine
Q: Over the last ten years or so, you had the idea of crypto democratizing finance. Now you have AI democratizing talent, like there’s this hack around wealth and around work.
A: I don’t want to call them get-rich-quick schemes — but the number of people who have made money by buying crypto or buying Nvidia when it was a $10 (now it’s at $800) is small. Even among those few who have managed to do so, a lot give most of it back because they fall under the illusion of thinking it was about skill rather than luck. They double down and start making bigger bets on even riskier assets. The market reminds them in a fairly ugly way that they actually aren’t good. They just got very lucky. I find over the long term, luck is pretty symmetrical. There are people who have made a lot of money in meme stocks; most of them gave it all back because they started conflating luck with talent.