Two Shoes are Enough

Anyone who works with a Bloomberg terminal, and knows how much they are paying per month, knows Mayor Bloomberg is a very wealthy man. Yet, interestingly, he owns only two pair of ‘work’ shoes:

Mayor Bloomberg is the rare billionaire who can preach penny-pinching without putting his foot in his mouth.
He’s been wearing the same shoes for 10 years.
“The mayor owns only two pairs of work shoes,” his spokesman, Stu Loeser, told The Post. “One day he’ll wear one, the next the other — and when they get worn down, he has them resoled.”

I agree, in that when you find a good pair of shoes you want to wear them every other day (they need a breather). Indeed, many of my favorite objects are like that: chairs, couches, jeans, t-shirts. It makes you understand why after only a little bit of income (~$70k/year) happiness is uncorrelated with income.

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About Eric Falkenstein 136 Articles

Eric Falkenstein is an economist who specializes in quantitative issues in finance: risk management, long/short equity investing, default modeling, etc.

Eric received his Ph.D. in Economics from Northwestern University , 1994 and his B.A. in Economics from Washington University in St. Louis, 1987

He is the author of the 2009 book Finding Alpha.

Visit: Eric Falkenstein's Website

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