Entitlement Mentality According To Jonathan Hoenig

Created by evan_at_rockridge (Rockridge Institute staff member) on Tuesday, February 6, 2007 01:06 PM

In his essay "The Entitlement Mentality Doesn't Fly in Investing," Jonathan Hoenig writes to his audience of investors, "Aren't we all looking to get in on the next Microsoft (MSFT) or Google (GOOG)?" He then proceeds to write that investors who profit from such investments "rightfully feel pride in our accomplishments" because "we earned it." He laments that people "resent" successful CEO's because of their wealth.

After bemoaning the plight of the millionaire and billionaire CEOs, who apparently are very sensitive to criticism, Hoenig prescribes tough love for "manufacturing workers" who need the blunt message that "they need to learn new skills." "Families [that] have trouble making ends meet" need to be told to be "responsible for choosing where to put their money."           The Article

   First off. Most of the wealthy CEO's are resented not just because of their wealth, but because they seem to make more and more money each year even if they are at a company that has lost money for the year.

   I wish that someone could explain to me how you can reap a multi-million dollar productivity bonus when the company you work at has lost money. Unless the productivity goal was to lose money, then this doesn't make any sense!

    As far as families not making ends meet, many do not have many choices on where they should put their money. In some cases it comes down to either food for the table, power, rent or mortgage or other things that you must have. Who has much money left after expenses and the other unexpected things which pop up from time to time?

    I've worked manufacturing in the past that paid darn good wages but if your insurance premiums and co-pays are going up faster than your wages are, you are stuck in a bind. We have a workforce that is flooded with workers who have added " new skills " that are still stuck in the same rut because companies have a hard time moving anyone up the ladder any more unless they are related to the supervisor or someone else higher up.

   Mr. Jonathan Hoenig, three words for you, sir. Go Fuck yourself!

 

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