Better check your math. According to the article, his net worth was $1M in 1982. That was THIRTY YEARS AGO not FIFTY YEARS AGO. To go from $1M to $8M in 30 years would require that his savings double in value ever ten years.
Do you know anyone whose savings have doubled every ten years for the past 30 years? Do you know anyone whose savings have doubled in the past 10 years? I don't. I would be happy if my net worth had even increased in the past 10 years.
Of course, maybe Reid is just a phenomenally good investor. He should release all of his tax returns for the past 30 years so we can see.
Do you know anyone whose savings have doubled every ten years for the past 30 years?
The Dow was at about 800 30 years ago, and is 15x that today.
You are right - my bad - not enough coffee at that point in the day. :)
AND YET - 7% annual rate of return when invested over that time frame (rather than savings) is still a piece of cake. Heck, if he had merely put it in a DRIP with MO over that time span he’d have MANY times that return.
I think people who cast aspersions about corruption ought to have a heck of a lot better evidence than 1 - 1.5M increasing to 3-10M over 30 years! That sort of slander is the domain of the Left, and I’m surprised to see someone try to use it here. That’s my point, and I’m sticking by it.