Wealth is by Stuart E. Lucas (a descendant of the founder of the Carnation company). I've been reading this on and off for the last month; it is an interesting book. The author's family has a lot of money, and he talks about the challenges of managing it. The interesting parts for those of us with less money:

  • He advocates index investing for almost all investors.

  • He suggests viewing one's career as a form of investment that can be used to balance passive investing.

  • He views the government as a "silent partner" in one's investing. The government actually takes more of the burden when one realizes losses, and only shares in gains. This is an interesting view of capital-gains taxes.

He talks about some of the interesting challenges of raising children (especially in the context of a great deal of money). Some of the more generally applicable pieces of wisdom: "fair does not mean equal", and good parents try to help their children realize their own personalities.

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