How a Berkshire Hathaway Manager became a Multi-Millionaire

[jongaltiii]

www.washingtonpost.com/business/2021/08/27/retirement-fund-millionaire/

A really good read on Ted Weschler.

This story came about after Pro Publica was set to release his financial records. His response to that story here: www.documentcloud.org/documents/20971124-ted-weschler-statement

There's good practical advice about investing at a young age and when/if to do a Roth conversion. The one observation I can't help but notice is how nonchalantly the world's wealthiest say (paraphrasing) - I took advantage of a perfectly legal loophole or tax law (and benefitted greatly from it) but I support new legislation that caps or limits that benefit for others. That's rich. 

If you took advantage of a perfectly legal opportunity to convert, then own it and respect other's rights to the same conversion. To now say that you support a restriction on something you took full benefit from just doesn't sound right or equitable. I think I would have answered that topic differently but he is keeping the same tone and style of response as Buffet himself on the same subject.

FWIW I have no issue with his conversion and greatly respect his transparency and response to Pro Publica. Good for him for creating such wealth for his family and building a legacy via hard work. 

[roi2020]

Mr. Weschler made some shrewd investments and consequently amassed a small fortune in his Roth IRA.
He invested only in publicly available securities.
I have no problem with this - good for him!

Peter Thiel, on the other hand, purchased founders' shares of a private company (Paypal) at below fair value ($0.001 per share).
Investors aren’t allowed to buy assets for less than their true value through an IRA.
The practice is sometimes known as “stuffing” because it gets around the strict IRA contribution limits imposed by Congress.
I don't know how Mr. Thiel was able to get away with this shenanigan!

 

[Chahta]

Sept 2, 2021 19:47:18 GMT jongaltiii said:

www.washingtonpost.com/business/2021/08/27/retirement-fund-millionaire/

A really good read on Ted Weschler.

This story came about after Pro Publica was set to release his financial records. His response to that story here: www.documentcloud.org/documents/20971124-ted-weschler-statement

There's good practical advice about investing at a young age and when/if to do a Roth conversion. The one observation I can't help but notice is how nonchalantly the world's wealthiest say (paraphrasing) - I took advantage of a perfectly legal loophole or tax law (and benefitted greatly from it) but I support new legislation that caps or limits that benefit for others. That's rich. 

If you took advantage of a perfectly legal opportunity to convert, then own it and respect other's rights to the same conversion. To now say that you support a restriction on something you took full benefit from just doesn't sound right or equitable. I think I would have answered that topic differently but he is keeping the same tone and style of response as Buffet himself on the same subject.

FWIW I have no issue with his conversion and greatly respect his transparency and response to Pro Publica. Good for him for creating such wealth for his family and building a legacy via hard work. 

Why was it anyone's business other than his own? ProPublica represents all that is wrong in journalism today regarding private citizens. If I had the ready cash I would convert my entire TIRA.

[yogibearbull]

 Chahta , these kind of leaks probably have hidden agenda. There may be a list of multi-million dollar R-IRAs going around as DC politicians are looking at this. So, there have been leaks of private IRS data - Romney (when he was a presidential candidate), Thiel, and now Weschler.

Edit/Add: I see that you and I are now Admirals in Big Bang "navy".

[Chahta]

Sept 3, 2021 14:59:31 GMT yogibearbull said:

 Chahta , these kind of leaks probably have hidden agenda. There may be a list of multi-million dollar R-IRAs going around as DC politicians are looking at this. So, there have been leaks of private IRS data - Romney (when he was a presidential candidate), Theil, and now Weschler.

Edit/Add: I see that you and I are now Admirals in Big Bang "navy".

LOL, missed the promotion. You are the real "Admireable".

I think the hidden agenda is the class envy that is promoted more and more these days. 

[johntaylor]

29 million in tax to convert to a Roth, opportunity cost...

[Chahta]

Sometimes it is luck to be in the right place at the right time. My dear departed cousin (died in the Bahamas on a vacation 2 years ago) worked his way up as the CFO for a Ft. Worth real estate/investing billionaire. You don't work next to a rich person without things rubbing off. My poor cousin passed away very wealthy, of which his family only knows now. It can happen to others as it did to Mr. Weschler.