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World News See other World News Articles Title: Why Do Nearly 40% of Billionaires Not Have College Degrees? QUESTION: Why do nearly 40% of billionaires drop out of school? It seems like the most successful people are all dropouts. Would you explain why? Bill Gates ANSWER: Very simple. Formal education is incapable of teaching creativity. This is why there is the old saying, “A students work for C students, and B students work for the government.” Formal education is merely the way we perpetuate mistakes from one generation to another. Even Albert Einstein ended up with an HONORARY degree in science. Albert was trained as a teacher in physics and mathematics. In 1901, he gained his diploma but was unable to find a teaching post. Einstein took a position as a technical assistant in the Swiss Patent Office. By mid-1905, he was awarded his PhD in physics when he had published four seminal papers (they would later be known as the annus mirabilis papers), which established special relativity, the existence of atoms, and the photoelectric effect. It then took until 1915 before he published his General Theory of Relativity. But he did this work on his own. Albert received honorary doctorate degrees in science, medicine, and philosophy from many European and American universities. The difference between Einstein and economics is rather simple. Physics is a subject-based upon proof. Economics is a social science and has nothing to do with proof. What I have found is that less than 20% of CFOs in major companies have any degree in economics. They say 37% have MBAs, but I have encountered more with degrees in engineering than economics. The degrees these days are becoming worth less and less because they are certifications from institutions and teachers who have no real-world experience. In truth, rarely do you find someone other than a doctor or lawyer doing what they have a degree in. This is why degrees have become worthless for many companies no longer even require a degree for that has no bearing upon your skill set. I hated economics in school for it made no sense and it was all about manipulating society with competing theories. I enjoyed physics for it was not subject to random theories that sounded nice (i.e. Marx & Keynes). I find it curious that I ended up in economics ONLY because I was a trader who really specialized in foreign exchange. That specialty caused me to be called in during financial crises because they still do not teach foreign exchange in schools. It is also what brought Milton Friedman to come to listen to me at a Market Technician’s conference in Chicago. Milton explained to me that I was doing only what he had dreamed of back in 1953 of how the world would work under a floating exchange rate system. When I was 13, my family took me to Europe for the summer. We traveled from Sweden down to Italy. Traveling through all those countries and having to constantly change currencies taught me about the foreign exchange at a very early age. I grew up understanding FOREX, and when 1971 came and the floating exchange rate began, my own experiences came into play. By the time the first bank failures appeared by 1974 due to currency fluctuations, I was asked to help. There were no formal classes in foreign exchange and there still are none today. One had to abandon economic analysis which is domestically focused and adopt an international view. Post Comment Private Reply Ignore Thread
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