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Warren Buffett's belief in the 'Ovarian Lottery' challenges the traditional paradigm of wealth inheritance by arguing against the automatic transfer of wealth to children based on birthright. He believes that this practice is akin to a lottery, where the winners are determined by the luck of birth rather than merit or effort. This belief led him to advocate for increased inheritance tax and apply the same principle to his own family, causing divisions. His stance challenges the conventional view that wealth should be passed down within families, suggesting instead that it should be redistributed more equitably.
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If Buffett cared about his outer scorecard, he would have realized many losses. His belief that inheritance tax should be increased, ruffled many feathers. Calling it the "Ovarian Lottery," he didn't believe that children should automatically win their family's wealth. Not only did he alienate the business world with this campaign, but he divided his family, applying the same principle to his own children and siblings. He shunned his adopted granddaughter in a letter saying that he had "not legally or emotionally adopted" her as a grandchild.
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When a group of economists came up with the Efficient Market Hypothesis, to explain how it was impossible for multi-billionaire investor Warren Buffet...
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