I think that, somewhere north of $1 ~ $5 million is life-changing on its own. There’s no need for someone to have tens of millions or hundreds of millions. Tens of millions is like, changing multiple lives in a family with how much that can stretch.
Whenever someone has billions to their name, it is boggling to think about. That it becomes just ‘fuck you’ money at that point because more often than not, not a lot of billionaires out there being charitable. When they know they’re set for a few lifetimes just by a single billion alone.
No single person should ever have that amount of gross wealth.
VTWAX is still like 65% US equities. It hasn’t diversified out of U.S. exposure (and frankly, international stocks aren’t protected from U.S. economic crises). A lot of people think about full blown collapse and crisis, but wouldn’t know what to do about lethargy and stagnation for decades, but still roughly the same economic and financial paradigm.
I think U.S. equities are overpriced right now, especially when looking at market cap weighted indexes (because the U.S. tech bubble seems to represent a much higher percentage of any given index). And I’m concerned that the correction will just be decades of tepid growth or even stagnation where decades of investment won’t actually earn a good return. Not that I’m investing in something else, other than maybe the soft skills I’ve described in my earlier comment.