The performance of social investing is so bad that anyone investing other people’s money and having fiduciary duties to the owners of that money should take legal advice. Over the 16 years charted below, socially responsible investing wiped $4,000 off the initial investment of $10,000. Over a lifetime of saving, that is a big difference to the security of your retirement.
Source: How Are We Doing? – AEI.
Australia’s top income earners are a lazy lot. The top 0.1% only ever had a rising income share under a Labor government in the 1980s. Even the top 1% had a pretty lean time until the 1990s.
Source: The World Wealth and Income Database.
I used Uber for the first time over the weekend. My car was towed away and a friend had the app on his phone. We used it to go to the tow away yard to pay the $275 release fee.
One of the things I noticed was the the driver could immediately use his GPS because it was pre-programmed by the booking.
When you book a regular cab, they do not know where you are going until they arrive. This is to stop drivers avoiding picking up short trips. It also means that they must know where they are going rather than waste time programming the GPS. Prior to the GPS, they simply had to know where everything was.
The Knowledge, knowledge of London streets necessary to qualify for a black cab License is so difficult that neurologists study the brains of black cabdrivers to see how they are different from others in memory capacity.
Uber destroyed the Knowledge in a wave of creative destruction by linking the app booking request to GPSs. No diver needs to know where anything because the destination and pickup points are both pre-programmed into their GPS.