CHAPTER 12John Maynard KeynesThe Most Addictive Game
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
—Charlie Munger
The cost of raising a child today is $233,610.1 This is a 41% increase over the past 15 years, or 2.3% a year.2
From gasoline to food to education and raising children, prices tend to rise over time. Staying ahead of inflation is why millions of Americans invest. But what about the one‐tenth of one percenters who have more money than they can spend in 4,000 lifetimes? Why do they still invest? I'm not talking about wealthy people who invest for future generations, but billionaires who spend the entirety of their sixth and seventh decades trying to beat the S&P 500.
A 60‐year‐old with a billion ...
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