How Resources Are Decided Among Middle-Aged and Elderly People

Young boxers all want to step into the ring, because if they lose, they have nothing to lose. But if they somehow knock out the veteran with a few wild swings, they become overnight sensations. Well-known veteran fighters, though, refuse to take on those challenges. Because even if they win, it changes nothing; but if they lose, their reputation is ruined.

You have to understand one thing: what happens when someone is young and has money? They become risk-seeking. When someone is young but broke, and still risk-seeking—if he wants to go all-in, what can he do? He has to borrow.

This is true everywhere in the world.

So where is the money right now? It's in the pockets of middle-aged and older people—people like me, in my age bracket. You can't count on these folks going all-in on you, throwing caution to the wind. That's not going to happen.

He's young, he wants to climb the ladder, he's got a huge gambling itch. But the rich old man is already old, without any gambling appetite, because it's not worth it. What does winning a bet get him? Immortality? He'd still just be a rich old man. But if he loses, he's no longer a rich old man.

Given that asymmetry, who would ever take that bet?