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The latest news on Billionaires from Business Insider

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    Steve Cohen SAC CapitalMost billionaires own art: The average billionaire holds $31 million  or .5% of their net worth  in art, according to Wealth-X, a wealth intelligence firm. 

    But the world's top billionaire art collectors take their hobby to the next level. Wealth-X identified the top 10 billionaire art collectors, who have an average of 18% of their net worth invested in art.

    Of the top 10, luxury goods tycoon Francois Pinault is the wealthiest, with around $1 billion of his $9.9 billion net worth is tied up in art. And Hollywood mogul David Geffen has the most valuable collection, with around $1.1 billion worth of art.

    #10 Samuel Irving Newhouse Jr. owns $700 million worth of art

    Net worth: $7.1 billion

    % net worth invested in art: 9.9%

    The 85-year-old "Si" Newhouse is the chairman and CEO of Advance Publications, which owns Condé Nast.

    He was the original owner of Jackson Pollock's "No. 5, 1948," which was later sold to David Geffen.



    #9 Leon Black owns $750 million worth of art

    Net worth: $3.4 billion

    % net worth invested in art: 22.1%

    Black is the founder of Apollo Global Management.

    In 2012, he was revealed as the buyer of Edvard Munch's The Scream, for which he paid $120 million.

    His collection includes Old Masters, Impressionism, modern painting, Chinese sculpture, and contemporary art, and he sits on the boards of the Metropolitan Museum of Art and the Museum of Modern Art.



    #8 Doris F. Fisher owns $800 million worth of art

    Net worth: $2.3 billion

    % net worth invested in art: 34.8%

    Fisher started The Gap with her husband in 1969.

    She owns more than 1,000 works, including many by Andy Warhol, Roy Lichtenstein, and others.



    See the rest of the story at Business Insider

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    masayoshi sonJapanese billionaire Masayoshi Son is one impressive guy.

    But the most impressive thing about the SoftBank CEO is that he remains Japan's second-richest person years after losing $70 billion of his net worth.

    You read that correctly.

    Son was once reported to be worth $78 billion before the dotcom crash.

    But losing all that money didn't stop him, and under Son's leadership SoftBank's profits have skyrocketed in the past few years.

    Now he has his eye on acquiring Sprint. After upping his bid to $21.6 billion, the "maverick" CEO is on the precipice of winning the company over its other main suitor, Dish.

    Bloomberg has the 55-year-old "Bill Gates of Japan" at a net worth of $13.8 billion.

    Grade school classmates threw rocks at Son because he was Korean.

    Son was born in 1957 in Japan to a Korean immigrant family. His original name was Son Jeong-ui, signifying his family's Korean roots, but they took the Japanese name Yasumoto to fit in when Son was a child.



    Son's idol told him to go study in America.

    McDonald's Japan founder Den Fujita told him to go to school in the U.S, and that's exactly what Son did.



    He went to California at 16 to learn English.

    Son went to Serramonte High School just south of San Francisco. Then after two years at a local college, he transferred to the University of California-Berkeley and majored in economics. 



    See the rest of the story at Business Insider

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    New York socialite Tory Burch became the queen of fashion and a billionaire in less than a decade.

    She packaged her "boho prep" style, and distributed it to the masses by launching her namesake company in 2004.

    The core product of her aspirational brand, her signature Reva ballerina flat, priced at just under $200, hit a sweet spot in the market and quickly became a status symbol. 

    She has outpaced her competitors, Michael Kors and Coach, and the word on the street is that her company is on the road to go public.

    Watch Burch's road to success below:

     

    Produced by Alana Kakoyiannis

    SEE ALSO: Top New York Bartender Shows Us Why This Strawberry-Gin Cocktail Costs $20

    Join the conversation about this story »


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    Sergey Veremeenko

    The gonzo journalists at VICE figured the best way to really understand a Russian oligarch is to eat, hunt, and drink lots of vodka with one.

    VICE's Ryan Duffy cavorted with billionaire business magnate Sergey Veremeenko for a day, providing some insight on just how nice it can be to own vast swaths of snowy Russia.

    Forbes had Veremeenko's net worth at $1.4 billion in 2008, largely from coal, metals, and banking.

    "It’s an American thing to pay taxes, no one here paid any taxes," Veremeenko tells Duffy over vodka." So basically it was a free-for-all until we elected Putin."

    Some highlights include: A meal with Veremeenko's wife (2006 Miss World winner, although some argue Veremeenko rigged the competition), a hunting excursion, and some intimate time in the sauna.

    Check out the whole video:

    SEE ALSO: Hedge Funder Whitney Tilson Tells His Daughters What To Do If A Jerk Ever Says 'Get Down On Your Knees'

    Join the conversation about this story »


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    ira rennert sagaponack houseSometimes 64,389 square feet just doesn't cut it. We've all been there.

    For billionaire Ira Rennert, it was time to add a pilates studio, spa bath, sauna, steam shower, and three extra bathrooms to one of the two pool houses on his Hamptons estate, Newsday reports.

    But in a bit of poetic justice, Rennert — who amassed his $6.5 billion net worth from junk bonds  needs zoning approval from the Village of Sagaponack.

    From Newsday:

    The single bathroom at the pool "greatly under-serves a family social gathering," the application states. The closest bathroom in the main house "is over a 200-foot, several-minute, indirect walking distance away."

    The 633-square-foot addition to the existing 386-square-foot pool house "would complete the offerings of a modern, fully equipped family swimming facility," the application says.

    [Rennert's lawyer] Flanagan, in an interview, said, "Quite frankly, to walk several hundred feet to go to the bathroom is inappropriate."

    One of Rennert's neighbors summed the whole thing up pretty well: "Enough already."

    Read the full report at Newsday>

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    eike batista

    Things are worse for Brazilian billionaire Eike Batista than they have ever been before.

    Now he has written an open letter in the journal Valor International to express his intense regret to the public.

    Over the last year Batista's gone from being the 7th richest man in the world, to hemorrhaging $2 million a day.

    His fortune comes from his holding company, EBX. Under its umbrella are six companies that all deal with Brazil's natural resources and logistics. The Brazilian resource industry has gotten crushed as part of the overall emerging market slowdown. They've lost a combined $10 billion over the last year, says Bloomberg.

    What Batista wants is to be the country's champion again, and to have investors believe in him. To regain their trust he wrote:

    More than anyone, I wonder where I went wrong. What should I have done differently? A first question might be linked to the funding model I chose for the companies. Today, if I could go back in time, I would not have resorted to the stock market. I would have a structured private-equity firm that would allow me to create from scratch and develop over at least 10 years each company. And they would all remain private until I was sure that it was time to go public. In the projects that I conceived, time proved a vital stress factor for the reversal of expectations on companies bearing broadly satisfactory results and valuable assets.

    He's always said that his investments are patriotic — that he's making his fortune on one hand and exporting the riches of Brazil on the other. In the most recent disaster for EBX, its oil and gas company, OGX, is getting absolutely hammered. Its stock is down 86%, and the company's bonds maturing in 2018 have fallen as much as 20%.

    Fields have gone untapped, Batista isn't making production targets, and investors are suing Batista to stop him from selling OGX assets. The lawyer who filed the lawsuit against Batista, Jorge Lobo, is saying that bankruptcy is imminent for OGX at least. He's restructured a risky $2 billion loan he took from Abu Dhabi's sovereign wealth fund, the Mubadala Investment Corporation.

    In his letter, Batista explains what went wrong with OGX:

    What has happened since it became clear that OGX would not be able to deliver the results that once seemed possible to achieve? Have I suddenly become a reckless adventurer who marshals resources for his own benefit and does not care if I will deliver what I had advertised? Today it is hard to remember, but OGX was built by some of the crowned heads by decades of services to reputed companies. I did not invest in the oil industry without surrounding myself of those I and the market understood to be among the most skilled professionals one could find. When winning the fields it got, expectations around OGX were sky high.

    I had offers to sell big stakes or even the control of OGX from a valuation of $30 billion. Two years ago, I put more than $1 billion out of my pocket in the company. I lost and have been losing billions of dollars with OGX. Does someone who wishes to mislead the other do so at a cost of billions of dollars? If I wanted, I could have performed a scheduled sale of $100 million every six months over 5 years. I would have pocketed $5 billion and still remain in control of OGX. But I did not. Who lost the most with the collapse in the value of OGX was one shareholder: Eike Batista. No one has lost as much as I did, and it is fitting that it be so.

    The nastiest whispers about Batista are that he's a swindler — the best PowerPoint-maker in the world, able to convince investors to give him money the same way a magician can pull a rabbit out of a hat.

    To those criticisms, Batista asks that observers remember his record. He didn't come out of nowhere.

    I became an entrepreneur still in the early 1980s, when I ventured in gold mining in the Amazon. I learned a lot in border regions, environments hostile to productive activity, with enormous difficulties of all sorts to transport equipment, outbreaks of malaria that forced me to replace entire teams overnight, the challenge of extracting ore in places almost inaccessible and my own questioning about the possibilities of success in the face of adversities that appeared. I ended up becoming mine owner in several countries and decided to settle down in Brazil and ultimately get rid of the stakes I held in the mining business...

    In recent months, my business obituary has occupied the pages of blogs, newspapers and magazines. I can only say that I find myself far from this retired Eike. I am 57 years old and have a lot of energy to roll up my sleeves and take new projects off the drawing board. I am a Brazilian entrepreneur, I believe in what I do, love my country. Every day, my head is buzzing with new ideas that spring from nothing and slowly take shape. I feed myself from this ability to dream and achieve. Undertaking is in my blood, in my DNA. It is my inexhaustible source of energy and life.

    If that doesn't take your team running full speed into the fourth quarter, I don't know what does.

    SEE ALSO: The Fabulous Life Of Eike Batista—The Brazilian Who Is Risking It All To Become Richest Man In The World

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    eike batista

    Brazilian tycoon Eike Batista no longer belongs to the world's billionaire's club, Bloomberg reports. At this time last year he was the world's 8th richest man.

    Most of Batista's problems can be traced to his oil and gas company, OGX. In the last year the stock has fallen 86%, investors have filed an injunction to prevent Batista from selling any company assets, and his larger holding company, EBX, has been forced to refinance a loan from Mubadala Investment Corporation, Abu Dhabi's sovereign wealth fund.

    At his richest last March, Batista was worth $34.5 billion, according to Bloomberg's Billionaires Index. Now, with $1.5 billion due to Mubadala and about $2 billion worth of personal liabilities, Bloomberg estimates that he's worth $200 million.

    Earlier this month, in an open letter to Brazilians in the journal, Valor International, he wondered what went wrong:

    More than anyone, I wonder where I went wrong. What should I have done differently? A first question might be linked to the funding model I chose for the companies. Today, if I could go back in time, I would not have resorted to the stock market. I would have a structured private-equity firm that would allow me to create from scratch and develop over at least 10 years each company. And they would all remain private until I was sure that it was time to go public. In the projects that I conceived, time proved a vital stress factor for the reversal of expectations on companies bearing broadly satisfactory results and valuable assets.

    Indeed ultimately, Batistas companies did not live up to his promises. At the end of his letter, he assured readers that he was still "buzzing with new ideas that spring from nothing and slowly take shape. I feed myself from this ability to dream and achieve. Undertaking is in my blood, in my DNA. It is my inexhaustible source of energy and life."

    For his sake, he better be right about that one.


     




    Join the conversation about this story »


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    rick cohenRichard B. Cohen has $11.2 billion, but you won't find him on any international wealth ranking.

    Bloomberg has a new profile of Cohen, the hyper-private chairman of C&S Wholesale Grocers, described as "the biggest company no one has ever heard of."

    Fittingly, Cohen was not interviewed for the piece (he hasn't done an interview in a decade). The epitome of stealth, he even keeps the company's delivery trucks unmarked.

    From Bloomberg:

    The 61-year-old -- who goes by “Rick” -- has transformed C&S into the world’s largest grocery wholesaler since taking the helm of the business in 1989, making him one of the 100 richest people in the world and the wealthiest man in New England after Connecticut hedge-fund manager Raymond T. Dalio, according to the Bloomberg Billionaires Index.

    The company had sales of $21.7 billion in 2012, distributing more than 95,000 products to 4,000 supermarkets from Maineto Hawaii. Cohen is the business’ sole owner, Granger said. He has a net worth of $11.2 billion, according to the Bloomberg index.

    So what is the billionaire like (other than private)? He's "smart, analytic and quantitatively driven" according to a Harvard professor who had written a case study on the company.

    Read the full report at Bloomberg>

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    putin judo 2

    It is hardly surprising that Vladimir Putin made such a big deal of mourning his former judo coach and mentor Anatoly Rakhlin this week. If nothing else, it again highlights that, as well as such broad circles as the KGB veterans (and siloviki in general), the “Peterburgers,” the “Ozero Dacha” clique, the “Orthodox Chekists” and similar factions within the sistema, there is clearly a judocracy, too.

    “Being a judo sparring partner of Vladimir Putin’s is clearly a good career move,” I wrote last month in one of my Moscow News columns, on the mooted appointment of Viktor Zolotov, one such judoka, to become deputy head of the MVD Interior Troops. He was hardly the first:

    Arkady Rotenberg, who learned judo alongside [Putin] as a teenage, is now a billionaire; the $7.4 billion contracts his companies won for the 2014 Sochi Games can’t hurt his bottom line. Igor Sidorkevich, president of the St. Petersburg Judo Federation is apparently to head the new military police. And now former sparring partner Viktor Zolotov is tipped to become the deputy head of the Interior Ministry’s 180,000 paramilitary VV Interior Troops, and heir apparent to their current commander, Nikolai Rogozhkin, who is of retirement age.

    Zolotov, it is worth noting, is currently head of the Presidential Security Service. Since I wrote the above, the appointment of Sidorkevich — sorry, Colonel Sidorkevich — to head the military police has been confirmed. But we shouldn’t also forget billionaire Boris Rotenberg, Arkady’s brother and another judoka, who sparred at St Petersburg’s Yavara-Neva judo club, which Arkady runs.

    His wealth pales before that of Gennadi Timchenko, though, co-founder and honorary chairman of Yavara-Neva and the boss of commodity trading firm Gunvor, who is worth $14.1 B according to Forbes. (And, it is widely rumored, Putin’s bagman and the ‘banker’ of the Russian deep state.) Vasily Shestakov, another co-founder of Yavara-Neva and a co-author with Putin of judo books, is a State Duma deputy, president of FIAS (the International Sambo [unarmed combat] Federation) and one of the key figures in Russia’s “soft power” initiatives, having been named as a potential media chief and now being a prime mover in the new Positive Russia Foundation.*

    It speaks volumes about the way power in Putin’s Russia is essentially the power of an autocrat’s court, where factions crystallize not just around charismatic individuals, common ideas or shared self-interest, but even around a sport. Rich, powerful, well-connected: all hail the new Russian judocracy!

    *A Postscript on the Positive Russia Foundation

    I was curious to see just what this outfit was and what it did. I am little the wiser having dug a little. It was reportedly set up in June, but as near as I can tell it has no website or other presence beyond some media puffs at the time of its foundation. It is registered to the address of the company secretaries in East Sussex, with Timothy Lewin listed as itsdirector, presumably the same Timothy Lewin who is a Russia/fSU-oriented commodity trader and consultant. Watch this space.

    SEE ALSO: These Soviet Space Propaganda Posters Look Really Cool

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    Jeff BezosEveryone wants to be a millionaire – but what does a billionaire want to be? They’re already so rich that their investing decisions might have more to do with making a big splash or scratching an itch than making a buck.

    Jeff Bezos recently paid $250 million (1 percent of his fortune) for the Washington Post, which lost $50 million so far this year. Is it boredom? A childhood fantasy? The pursuit of glory? Here are 10 investments of the super-rich that make Bezos’s bold purchase of the Post look as safe as buying T-bills.

    Being Citizen Kane

    Bezos is not the first rich man to buy into newspapers. Warren Buffett, Carlos Slim and Jared Kushner invested large sums in struggling newspapers. Facebook co-founder Chris Hughes and entrepreneur Sidney Harman opened their checkbooks to keep magazines afloat (The New Republic and Newsweek, respectively). In Kane’s day, that’s how you made millions. Today, it’s a way to lose money. But acquiring the Washington Post is a great way to get noticed in the nation’s capitol.



    Immortality

    A 32-year-old Russian tech billionaire, Dmitry Itskov, has put much of his billion-dollar fortune into funding an immortality research center.

    The cryogenic “freezes” of octogenarians are no longer cool. His plan is to put brains into indestructible avatars.



    Hollywood fame

    It’s tough to buy glamour in a city where an estimated 25,000 wealthy investors are trying to fund the next “Titanic.”

    Shale oil billionaire Tim Headington funded a series of flops before landing Oscar winners “The Departed” and “The Aviator” (ironically about the most famed mogul-turned-producer, Howard Hughes). In truth, theatrical movies lose money even for studios. Investors would do better in Vegas.



    See the rest of the story at Business Insider

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    wang jianlin

    China's richest man is now Wang Jianlin, according to Bloomberg's team of billionaire hunters. He's the chairman of the Dalian Wanda Group  — a conglomerate that holds shopping centers, five star hotels, movie theaters, and more —  and worth an estimated $14.2 billion.

    Wang was boosted to the number one spot when a June 30th filing revealed the worth of his company's retail and entertainment businesses.

    A few things to know about Wang — he's 58, from western China near the border with Tibet, comes from a military family, and is known for singing Tibetan and Mongolian folk songs at meetings.

    That sounds very Buffett-like...

    To get the full break down of Wang's wealth, head to Bloomberg>

    Join the conversation about this story »


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    michael bloomberg and daughter georginaNot all of the world's billionaires are dedicated to being extraordinarily altruistic— many decide to spend their money indulging in fancy cars, planes, and yachts.

    But others want to spread as much of their wealth as possible before they die. A select few even want that last check to only cover the cost of their funeral.

    Of course, not everyone stands to gain from such selflessness — namely, the children of these generous donors. 

    Though they will still have untold opportunities, advantages, and connections, to help them succeed, the children of these 15 tycoons won't be living large off their inheritances.

    Eric Goldschein also contributed to this story.

    Business magnate Warren Buffett

    As an incredibly wealthy investor and philanthropist, Buffett has pledged to give away 99% of his wealth, either during his life or when he dies. He started by promising 83% of it to the Gates Foundation, according to FORTUNE Magazine.

    The Oracle of Omaha isn't worried about his children not getting their fair share. Echoing a common sentiment on this list, Buffett said in his letter to the Gates Foundation: "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing."



    EBay founder Pierre Omidyar

    Ever since Omidyar became a billionaire when he was 31 years old, the eBay founder has made it his life's work to donate the majority of his money to those less fortunate instead of to his three children, according to Forbes.

    He signed the Gates and Buffett Giving Pledge in 2010, and continuously gives eBay shares to the Omidyar Network, his philanthropic investment firm.

    He and his wife Pam are also the single biggest private donors to the fight against the human trafficking industry.



    New York City Mayor Michael Bloomberg

    Bloomberg gets paid $1 a year for his government duties because with a net worth of $19.5 billion, he's pretty much set financially.  

    But Bloomberg is also an avid philanthropist, having donated millions to Johns Hopkins University, the Carnegie Corporation, and thousands of other non-profits.

    In his letter to The Giving Pledge, Bloomberg wrote that "nearly all of my net worth will be given away in the years ahead or left to my foundation."

    Bloomberg's two daughters, however, may be left to foot the bill upon his death. Bloomberg once said"the best financial planning ends with bouncing the check to the undertaker."



    See the rest of the story at Business Insider

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    This is the Rosehearty, she's almost 138 feet long.

    When you're young, the hardest part of breaking up is getting back your stuff.

    When you're older, the hardest part is giving up your stuff.

    And so it goes at the end of the beautiful romance that was the marriage of Rupert and Wendi Deng Murdoch. The couple filed for divorce three months ago, and now Murdoch is selling his gorgeous yacht, Rosehearty, CNBC reports.

    Apparently Wendi used it more than Rupert since he works a lot.

    Rosehearty, for her part, boasts 5 cabins and some pretty amazing toys like water skis and full sets of diving gear. The vessel is being sold by Camper & Nicholsons.

    This is the Rosehearty, she's almost 138 feet long.



    This is one of the five guest cabins aboard.



    The boat accommodates about 12 guests.



    See the rest of the story at Business Insider

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    rupert murdoch wendi deng

    Australian billionaire businessman Clive Palmer, whose Palmer United Party (PUP) is running in the upcoming federal election, said on Thursday (September 5) he intended to sue Rupert Murdoch's newspaper, The Australian.

    Palmer said he was suing Murdoch over an article which questions Palmer's claims of wealth, being a mining magnate and a university professor, and whether voters should enable Palmer to gain "great political power," local media said.

    "Rupert Murdoch will be sued by me today and he'll be brought to Australia to answer these questions in theSupreme Court. It's time that this fellow was brought to account, this foreigner that tries to dictate what we do," Palmer said on the Seven Network's Sunrise programme.

    The broadsheet is backing conservative opposition leader Tony Abbott to win the election and said it had spent months examining Palmer's track record.

    Palmer also appeared on the Nine Network's Today Show and accused Murdoch's estranged wife, Wendy Deng, of being a spy for China.

    "You know, Rupert Murdoch's wife, Wendi Deng, is a Chinese spy and that's been right across the world. She's been spying on Rupert for years giving money back to Chinese intelligence. Read the truth about it. She was trained in southern China. I'm telling you the truth. Wendi Deng is a Chinese spy, that's why Rupert Murdoch got rid of her, and that's the truth. This guy wants to control Australian politics," Palmer told Today Show host, Karl Stephanovic.

    Palmer has predicted that his PUP will win 10 seats in Saturday's (September 7) election, local media reported.

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    Part of the Burning Man experience is roughing it.

    The 61,000 people who attended this year's Burning Man Festival all stayed in tents, yurts, RVs — or didn't sleep at all.

    But some "camps"— as the clusters of tents and RVs are called — are nicer than others.

    For example, I went to Burning Man and stayed in this small, smelly RV:

    Burning Man

     

    Others stayed in tents like this:

    Burning Man

    But not all accommodations are so ... dusty.

    invited myself visited the camp of one billionaire, who hosts an annual "fancy camp" for friends at "The Burn."

    This was the dining room where the camp gathered for meals. It is by far the nicest set-up I saw throughout the festival.

    Burning Man

    The food was prepared by a staff of caterers (!) who have an entire truck devoted to meal prep. The meals are then served buffet-style in a separate tent.

    Burning Man

    There was sea bass, risotto, and fresh veggies!

    Burning Man

    Heirloom tomatoes and burrata cheese drizzled with balsamic vinegar!

    Burning Man

     Chocolate mousse for dessert — and there was even a vegan option!

    Burning Man

    Meanwhile, I was eating whatever food I could scavenge, like fried chicken from this guy:

    Burning Man

    But not in the billionaire camp! In fancy camp, you have everything you need — head lamps, dust masks, even Q-Tips — organized in shelves with labels! 

    Burning Man

     There was a bar that served cosmopolitan cocktails from a cooler:

    Fancy Camp Burning Man

    Even the trash was clean and organized:

    Fancy Camp Burning Man

    This is what trash looked like in other camps:

    Burning Man

    But at billionaire camp, you get pool tables!

    Burning Man

    And a custom-built stage with a rock band flown in to perform — because this billionaire doesn't like typical Burning Man house music, but he loves rock 'n roll:

    Fancy Camp Burning Man

    SEE ALSO: I went to Burning Man and it was even crazier than I expected [PHOTOS]

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    eike batista

    This happened very quietly on Friday, but it's very dangerous for former billionaire tycoon, Brazil's Eike Batista.

    According to the Wall Street Journal, shareholders in his flagship oil and gas company, OGX, are demanding the Batista make good on a promise he made back in 2012 — "the Batista put."

    Basically Batista said he wold buy $1 billion worth of OGX stock by April 2013, but that never happened.

    Now shareholders want him to buy up $100 million worth immediately, and buy the rest as needed.

    OGX stock, down over 90% for the year, jumped 27% on this news, but here's the thing — Batista has fallen hard from his position this time last year. In the early fall of 2012 he was in the top 20 richest people in the world, now he's not even a billionaire and he's got a lot of debt to pay off.

    So Batista has been selling off assets from his crumbling commodities empire (known all together as EBX) but observers wonder if he can pay for $1 billion worth OGX stock.

    Because of his promise, Batista would have to pay 6.30 Brazilian reais per share. Shares are currently valued at 0.52 reais. He's going to try to reason with OGX shareholders, but if they don't work something out in 60 days, he will seek arbitration, according to a filing.

    This is something (that could be hard) to watch.

    SEE ALSO: Eike Batista Is Slowly Becoming The Poster Boy For Everything That's Wrong With Brazil

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    jim koch

    The billionaire hunters at Bloomberg have found another one — a billionaire born out of the bottom of a glass.

    Jim Koch, the founder of Boston Beer Co., brewer of Sam Adams, rode the craft beer wave to wealth with a family recipe.

    When he started, though, the United States was basically a "beer wasteland." He told Bloomberg, "nobody wanted my beer."

    So Koch, a Harvard graduate and sixth generation brewer, knocked on doors at bars across the country to get them to carry his beer.

    He first paid himself $60,000 and hoped to sell $1 million worth of beer in five years — likely a step down from his first job at Boston Consulting Group in 1979. At the time there were only about a dozen craft brewers in the country going up against the big beer companies.

    It was at that point that Koch's family realized he was not kidding about making his brewery happen, so they brought out the big guns (from Bloomberg):

    When his father realized Koch was serious about starting a brewery, they went into the attic and dug out the recipe developed in the 1860s by his great-great grandfather Louis Koch. That became the basis for Boston Lager. Within a year, his marketing scored two boosts: taking the brand name from Samuel Adams, a Revolutionary War Patriot he found had a brewing connection, and getting the beer named the country’s best at a national brewing festival.

    By 1990, Koch had exceeded his business plan multiple times, selling $21.2 million in beer that year. Four years later, revenue topped $128 million.

    Boston Beer Co. IPO'd in 1995 and now sells 2.7 million barrels of beer a day.

    Very serious stuff.

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    Greenwich polo grounds

    At the end of the summer it is important to send off the season with some kind of celebration. Most of us have a nice barbecue with a few close friends — maybe a pool party.

    Then there's billionaire paper mogul Peter Brant. He does his end-of-summer party a little differently but it's still in essence, a summer blowout.

    On Sunday Brant opened up his massive property on Conyers Farm, an elite residential enclave, to what seemed like the entire town of Greenwich, Connecticut.

    So we had to go check out the details. Couldn't help ourselves.

    A few things you should know about Brant — he is probably best known in business circles for modernizing the paper company his father founded, White Birch Paper, in an age when the newspapers White Birch once serviced were (and still are) dropping like flies.

    Thanks to that the Brants stayed wealthy, and Peter used that wealth to take on some interesting hobbies. Two of those hobbies were on full display this weekend. The first was Brant's love of collecting contemporary art, especially works created by his friend, Andy Warhol, and the second was the "sport of kings," polo.

    Brant picked up the sport in his 30s (because... why not?) and now hosts matches on the grounds he co-founded, the Greenwich Polo Club, which is also on Conyers Farm.

    Andy Wathol mao 1972The grounds also house The Brant Foundation, which is where we met Brant around 2:00 pm for a private viewing of his new exhibition, ANDY WARHOL.

    For the record, the billionaire does not look like a polo player. He also does not look like he ran with the wild crowd that Warhol reportedly hung out with. Then again, as Brant told us, Andy hung out with "very unstable, and very stable people."

    Brant, with his preppy style, quiet voice, and steady gaze was clearly in the latter group of Warhol's friends.

    And there he was, not just leading the tour, but on the walls as well. Among the 15 foot Mao painting and the Warhol self portraits, there were Polaroids of a young Peter relaxed among friends.

    After the tour of the collection it was time to sit down for some polo, the Royal Salute Jubilee Cup, to be specific. This is when things got really crazy.

    Thousands of people were roaming the grounds, eating and drinking in the sun — kids, dogs you name it. And why not? To close the polo season in North America, the best (hands down, no question) polo player in the world was playing on Brant's Royal Salute team.

    Facundo PieresHis name is Facundo Pieres. He's from Argentina and he's only 28.

    To be the best player in the world of polo you must start young. You must not be afraid of falling off a horse at a weird (maybe deadly) angle or flying into your opponent (or even teammate) at incredibly high speeds. You must not get lonely when you travel around the world's polo circuit, which spends fall/winter in South America, then traverses the globe until it gets to the United States for the summer.

    Pieres is number one in the world because he is the best "10 goal" player in the world. All players in polo are assigned a goal ranking from -2 to 10. Pros are generally a 5 or above. There are only ten 10 goal players in the entire world. Brant, for the record, is a 2.

    Now, polo is an expensive sport. There are 4-6 periods (known as chukkers) per game and you need a new horse for every chukker. For that reason, most teams have sponsors. Brant's team is sponsored by Royal Salute, a Chivas Brothers scotch, and Pieres was just named the Royal Salute Ambassador.

    Needless to say, this was a major plus for Sunday's polo patrons.

    Royal Salute Jubilee Cup, Polo GreenwichAs we sipped, the players on the field soared. Polo is all about speed, super clear communication, and some weird psychic ability. Guys like Pieres know where the ball is going before it gets there because they can feel it. They can juggle it on their sticks so no one can take it from them. They can make horses to back flips.

    This skill made for some exciting moments for an increasingly tipsy crowd. In the last chukker, the opposing side (Airstream) scored an incredible 5 goals. Airstream had been down by 6, and they could've tied the entire thing up. But lucky for Pieres and Brant, they ran out of time. The crowd went nuts.

    In the world of sports and at the end of the summer, seriously... how much better does it get?

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    T. Boone Pickens

    Energy magnate T. Boone Pickens once challenged rapper Drake to imagine how hard it is to make your fist $1 billion.

    Now, according to Forbes, he also knows how it feels to lose it.

    For the first time since 2005 Pickens has fallen off the 'Forbes 400: Definitive Ranking of the Richest Americans.' He's graces the list with 33 other individuals including, 5-Hour Energy drink creator Manoj Bhargava and Washington Redskins owner Dan Snyder.

    This isn't to say that Pickens is poor. Though he told MSNBC he "lost his ass" in the wind energy business, Forbes estimates that Pickens is still worth $950 million.

    The 84 year-old Oklahoma native made his fortune acquiring energy companies throughout the 1980s, eventually forming his hedge fund, BP Capital Fund in 1997. Most recently he's been a  vocal advocate for American energy Independence.

    Check out the full list of Forbes 400 drop offs here>>

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    Dustin Moskovitz Facebook Asana at Disrupt

    A tiny fraction of people could even hope to know what it feels like being a billionaire. And an even smaller number will have a 10-digit bank balance before the age of 30. 

    So when Dustin Moskovitz, the world's youngest billionaire at age 29, revealed what it’s like being a card-carrying member of the billionaires club, we took notice. As co-founder of social networking giant Facebook and co-founder and CEO of organization app Asana, he says he views his fortune as a resource to promote the social good rather than as a means to fulfill his own interests. 

    The entrepreneur, who Forbes estimates has a net worth of $5.2 billion, gave us permission to post his following response to an inquiry on Quora into how he feels about being a billionaire, whether he ignores it, if the money is a burden, and where it will go when he dies: 

    I'm very fond of this quote from Louis C.K. below and generally view the world through this lens:

    “I never viewed money as being ‘my money.’ I always saw it as ‘The money.’ It's a resource. If it pools up around me then it needs to be flushed back out into the system.”

    In other words, Cari and I are stewards of this capital. It's pooled up around us right now, but it belongs to the world. We are not perfect in applying this attitude, but we try very hard.

    All that said, it turns out to be quite difficult to flush such a large sum back into the world in a way you can feel confident about, which is why we started Good Ventures and work so closely with GiveWell. But we're learning more and more every day and accelerating our pace as we do. We intend not to have much left when we die (i.e. we have a "burn down" foundation).

    Moskovitz later posted the following update on how he feels about reinvesting his wealth back into business:

    A few people have commented or sent me private messages along the lines of "businesses can do good for the world too! Don't just give it all away!" I want to be clear that I agree 100% with that viewpoint. I personally work full time on building Asana because I agree so strongly (Solving the ultimate meta-problem at The Asana Blog). I also have many decades to invest my capital before the "burn down" aspect even starts to meaningfully limit the opportunities I can pursue on the business side. We've even already made one very notable investment from the foundation side of our world (Vicarious Raises $15M Led By Good Ventures To Build Software That ‘Learns Like A Human’).

    But I see no strong reasons to try to set up a system that perpetually invests this capital after I die, so I'd like to be rid of it before then (much like Warren Buffett). Further, even the money we grant will inevitably be re-invested in the economy somehow; it has not been "consumed". So, I'm just giving other people a chance to be stewards of the capital in the long run, to re-grant it or invest as they see fit.

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