Friday, November 16, 2007

A Very Successful UCLA Graduate Believes in the Carnegie Conjecture

Alfred E. Mann is my kind of guy. He graduated from UCLA. He lives in a tiny 23,000 square foot house in Beverly Hills and he is betting a large share of his fortune on a new insulin medication that could help millions of people.

The New York Times has a long piece about him in the Business Section.
"Despite Mr. Mann’s remarkable entrepreneurial career — he has founded more than a dozen aerospace and medical device companies — there are people who wonder whether he has so much invested in this latest effort, both financially and emotionally, that he cannot see any odds against him."

The FUNNY part of the article appears at the end of the piece where he discusses why he is investing so much $ in this new project rather than just giving his billions to his children.

"As for his six biological children, Mr. Mann said he had already given them more than he should have, turning them into idle multimillionaires. (He has also adopted the daughter of his current wife, his fourth).

“One tried working for three days and didn’t like it,” Mr. Mann said. “Another didn’t work a day in his life.” He added, “I would feel more comfortable if my kids were doing something worthwhile.” "

I like this guy and I'm hoping that he likes UCLA!

Recall your definition of the Carnegie Conjecture ----
The results are consistent with Andrew Carnegie's century-old assertion that large inheritances decrease a person's labor force participation.
Academic nerds continue to test this hypothesis but Mann has lived it!