By Ryan Dolan
Fortune: “Ultrawealthy couples are living like the 1950s never ended…”
“53% of super rich couples (median net worth of $17.6 million) had arrangements in which the woman was not gainfully employed, compared with 27% of rich couples (net worth $2.3 million), 20% of upper-middle-class couples (net worth $796,000)...”
“Just 28% of super rich couples had both the man and woman working full time. In rich, upper-middle-class, and less affluent households, that figure was 51%, 61% and 50%, respectively.”
Novel Investor: “Wise Words from Sam Zell”
“Early on I adopted a philosophy I call the Eleventh Commandment, ‘Though shalt not take thyself too seriously,’ and it became a governing principle in my life.”
“I am very focused on understanding the downside. And I have a pretty good track record, but it’s not perfect. You can’t play at this level without some pretty big highs and lows.”
WSJ: “The Supreme Court and a Wealth Tax”
“As Justice Samuel Alito asked: ‘What about the appreciation of holdings in securities by millions and millions of Americans, holdings in mutual funds over a period of time without selling the shares in those mutual funds?’ Ms. Prelogar replied: ‘I think if Congress enacted a tax bill like that, and it never has, that we would likely defend it as an income tax.’”
Bloomberg/Daily Shot: “Households Still Overweight Equities”