Wednesday, October 11, 2017

How to Raise $45 Billion in 45 Minutes

This is a fascinating back and forth between David Rubinstein and SoftBank Group Corp. Chairman and CEO Masayoshi Son.

Rubinstein, co-founder of Carlyle Group, is no slouch when it comes to raising money but he is clearly intrigued by the way Masayoshi Son raised $45 billion---in 45 minutes.

Note to Austrian school economists: You don't need to have your own capital to be a successful entrepreneur. You just need to know where to find it.

Israel Kirzner's observation on this is correct and extremely important.

Kirzner's observation means that a ghetto kid is not deprived of being a successful entrepreneur just because he has no capital of his own. It is a very important insight, deserving of the Nobel Prize, that should give hope to those who have no starting capital of their own.