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> But what about the guy worth $100 million?

Question - which guy with $100million - the one with it all in cash, or the one who owns a company that is “worth” $100million ? Those are two very different people.

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No, it's the same. He created $100 million for himself that might have otherwise be spread out amongst employees, suppliers, investors, etc, who would've used their "share" of the $100 million for consumption and savings, with higher marginal costs of saving. Whether it's cash or equity is irrelevant because money is fungible...he's just skipping the step of converting it to cash and saving/reinvesting it.

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