the rich have different obsessions now. and it might say a lot about us as society too.
read a piece in the Economist recently on this shift and it made me think for a bit.
the flex of the past was private jets, watches and wine. now tho it's the best hotels, restaurants, and sporting events. the ultra luxury market is going through some real identity crisis as price of goods is down, price of experiences is up. a Super Bowl ticket is double what it was a few years ago. the Met Gala (if you can even get in) costs over twice as much as in 2019. ultra luxury goods have fallen in price since 2023 while ultra luxury experiences are up 90% since 2019.
why the shift tho? well, luxury goods are kind of everywhere now. designer bags are available worldwide and the well-off middle class buys them too. lab-grown diamonds are literally identical to the real thing.
so what's left for the ultra rich to signal status with is scarcity.
Thorstein Veblen (american economist) argued that a good is luxurious not just because it's expensive, but because one person having it limits another person's ability to have it (exclusive, rival). u can resell a luxury watch but sitting on center court at Wimbledon? not really. eating at a three Michelin star restaurant means that for those few hours, nobody else can sit at ur table. and yes, all the more special when it goes on social media.
oh but i think the ultra rich are just a microcosm of what's happening in society overall. for our grandparents, wealth was measured in possessions. a house, a car, clothes. things u could point to. things people could see. now tho it's mostly about experiences (travel is a big one). so the signal shifted from what u own to what u've lived.
several factors could be at play tho.
one, Maslow, basically. as societies get wealthier overall, more people move up the needs hierarchy. once security and comfort are covered, people reach for meaning, identity, connection. and usually experiences tend to deliver those more than objects do.
millennials also came of age during the 2008 financial crisis and watched their parents lose homes and savings tied to things. covid, meanwhile, reminded our generation that life is short and uncertain. the conclusion was to spend on living, not accumulating.
and finally there is hedonic adaptation. psychologically we adapt to possessions faster than we adapt to experiences. u buy a new car and within weeks it's just.. ur car.
but things like a trip to Japan, a concert, a dinner with someone u love, they live in memory differently. and they compound, get emotionally richer over time.
@summernotes
read a piece in the Economist recently on this shift and it made me think for a bit.
the flex of the past was private jets, watches and wine. now tho it's the best hotels, restaurants, and sporting events. the ultra luxury market is going through some real identity crisis as price of goods is down, price of experiences is up. a Super Bowl ticket is double what it was a few years ago. the Met Gala (if you can even get in) costs over twice as much as in 2019. ultra luxury goods have fallen in price since 2023 while ultra luxury experiences are up 90% since 2019.
why the shift tho? well, luxury goods are kind of everywhere now. designer bags are available worldwide and the well-off middle class buys them too. lab-grown diamonds are literally identical to the real thing.
so what's left for the ultra rich to signal status with is scarcity.
Thorstein Veblen (american economist) argued that a good is luxurious not just because it's expensive, but because one person having it limits another person's ability to have it (exclusive, rival). u can resell a luxury watch but sitting on center court at Wimbledon? not really. eating at a three Michelin star restaurant means that for those few hours, nobody else can sit at ur table. and yes, all the more special when it goes on social media.
oh but i think the ultra rich are just a microcosm of what's happening in society overall. for our grandparents, wealth was measured in possessions. a house, a car, clothes. things u could point to. things people could see. now tho it's mostly about experiences (travel is a big one). so the signal shifted from what u own to what u've lived.
several factors could be at play tho.
one, Maslow, basically. as societies get wealthier overall, more people move up the needs hierarchy. once security and comfort are covered, people reach for meaning, identity, connection. and usually experiences tend to deliver those more than objects do.
millennials also came of age during the 2008 financial crisis and watched their parents lose homes and savings tied to things. covid, meanwhile, reminded our generation that life is short and uncertain. the conclusion was to spend on living, not accumulating.
and finally there is hedonic adaptation. psychologically we adapt to possessions faster than we adapt to experiences. u buy a new car and within weeks it's just.. ur car.
but things like a trip to Japan, a concert, a dinner with someone u love, they live in memory differently. and they compound, get emotionally richer over time.
@summernotes
Nodira - 101 Ways to Stay Sane
the rich have different obsessions now. and it might say a lot about us as society too. read a piece in the Economist recently on this shift and it made me think for a bit. the flex of the past was private jets, watches and wine. now tho it's the best hotels…
talking of possessions
clothes still have a soft spot in my heart🥹 (yeah, i was one of those tomboy girls back in school who absolutely refused to wear dresses ahah)
look at this PINK OUTFIT SUCH SPRING VIBES UHH
in finance and accounting classes, i found that i might have a very sneaky enemy for midterms.
basically i do the trial balance - same figures for debit credit side. nice
move on to income statement. done.
move on to balance sheet. get the same number for assets and for L&C. meaning it all must be correct..?
WRONG
same numbers but still sometimes turns out to be wrong. how am i supposed to know im making a mistake during exam if im getting same numbers??
bruh
clothes still have a soft spot in my heart🥹 (yeah, i was one of those tomboy girls back in school who absolutely refused to wear dresses ahah)
look at this PINK OUTFIT SUCH SPRING VIBES UHH
in finance and accounting classes, i found that i might have a very sneaky enemy for midterms.
basically i do the trial balance - same figures for debit credit side. nice
move on to income statement. done.
move on to balance sheet. get the same number for assets and for L&C. meaning it all must be correct..?
WRONG
same numbers but still sometimes turns out to be wrong. how am i supposed to know im making a mistake during exam if im getting same numbers??
bruh
❤14💘7
guys
i know
no flowers or chocolates needed for 8th of march
get me premium subscription for Claude and/or Manus. that will be the best gift lol
no but really
u seriously telling me u can send me summaries of financial news and reports every morning without me having to remind you? (i know, such a small thing but made me happy)
and monitor and keep sending me updates on what's happening in the field relevant to my job all the time?
keep track of all the meetings (for my manager, not me lol) and schedule them urself?
take my money🥹
i know
no flowers or chocolates needed for 8th of march
get me premium subscription for Claude and/or Manus. that will be the best gift lol
no but really
u seriously telling me u can send me summaries of financial news and reports every morning without me having to remind you? (i know, such a small thing but made me happy)
and monitor and keep sending me updates on what's happening in the field relevant to my job all the time?
keep track of all the meetings (for my manager, not me lol) and schedule them urself?
take my money🥹
Forwarded from Y*le Yesterday
And this, kids, is the reason we shouldn’t be concerned about AI taking over finance
😭8❤2
Y*le Yesterday
And this, kids, is the reason we shouldn’t be concerned about AI taking over finance
well, not really ANYONE as you first have to set up the MCP though Claude Code or API, and there are things that Bloomberg has that are irreplaceable (fixed income, derivatives) but still
Claude can get you like 70-80% of Bloomberg at $0 vs 30k/year
that’s like, huge
Claude can get you like 70-80% of Bloomberg at $0 vs 30k/year
that’s like, huge
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how foolish it is to disregard our own faults and let the other person bear all the blame when relationships - of any sort - fail.
the other side may be thinking the same way, by the way.
we may not articulate it to each other properly, but we may genuinely believe that it is the other person’s thoughtlessness, carelessness, ignorance or bad temperament to blame. or, they are simply not “our person.” not “the one,” even. we should’ve known better, we’re way too different. they will never understand us anyway.
except, there is no such thing as “the one.”
life would be so much easier if we let go of the idea that there is some magical unicorn of a person waiting for us far away who will magically appear in our life when time is due. and then, and then all our problems would be resolved as they’d understand us and accept us fully. with all our weak and broken sides, with all our resistance to open up or inability to talk through problems.
relationships, again of any sort, are usually just two people trying to figure out life and navigate through it with some degree of grace and sanity. some do better than others. some are more self-reflective and capable of seeing others too. but it all boils down to the fact that none of us are “the ones.” not to anyone.
but we can be the ones willing to accept all the above facts and still choose to put in effort, to understand and to work with problems side by side with someone who is equally willing to do the same for us. they may not understand all our sides, be that foolish or slightly wicked ones, and they may not know how to respond properly when problems arise. but with enough time and effort, you may become a team. and a team is always better than an imaginary unicorn.
happy upcoming holidays.
@summernotes
the other side may be thinking the same way, by the way.
we may not articulate it to each other properly, but we may genuinely believe that it is the other person’s thoughtlessness, carelessness, ignorance or bad temperament to blame. or, they are simply not “our person.” not “the one,” even. we should’ve known better, we’re way too different. they will never understand us anyway.
except, there is no such thing as “the one.”
life would be so much easier if we let go of the idea that there is some magical unicorn of a person waiting for us far away who will magically appear in our life when time is due. and then, and then all our problems would be resolved as they’d understand us and accept us fully. with all our weak and broken sides, with all our resistance to open up or inability to talk through problems.
relationships, again of any sort, are usually just two people trying to figure out life and navigate through it with some degree of grace and sanity. some do better than others. some are more self-reflective and capable of seeing others too. but it all boils down to the fact that none of us are “the ones.” not to anyone.
but we can be the ones willing to accept all the above facts and still choose to put in effort, to understand and to work with problems side by side with someone who is equally willing to do the same for us. they may not understand all our sides, be that foolish or slightly wicked ones, and they may not know how to respond properly when problems arise. but with enough time and effort, you may become a team. and a team is always better than an imaginary unicorn.
happy upcoming holidays.
@summernotes
2
i miss early morning Fajr Adhan right after you begin your fast.
living in a hovli in Namangan, i’d always go to our garden to listen to the prayer call, standing there a while as the cool breeze settled around me. the masjid was just a neighborhood away.
it’s a quiet hour to inhabit. you and the dawn, just about to break.
there’s a warmth to it too. when sleep pulls at you, and your warm bed wrapped in heavy blankets is right there waiting, but you know you have reason to stay up. that knowledge, that you could go back to sleep right now, is strangely tender.
@summernotes
living in a hovli in Namangan, i’d always go to our garden to listen to the prayer call, standing there a while as the cool breeze settled around me. the masjid was just a neighborhood away.
it’s a quiet hour to inhabit. you and the dawn, just about to break.
there’s a warmth to it too. when sleep pulls at you, and your warm bed wrapped in heavy blankets is right there waiting, but you know you have reason to stay up. that knowledge, that you could go back to sleep right now, is strangely tender.
@summernotes
Forwarded from Hitchhiking Inverse Log
claude.ai can now respond with interactive applications inline in the chat
❤🔥10