Is this still the case? I get the impression that the elite college network is breaking down, i.e., a Boomer or even Gen X graduate of an elite college might hold the door for a younger fellow elite. I don't necessarily see a Millennial doing the same.
I'm curious what you make of people who get into politics. I'm thinking of the Oklahoma car dealer who parlays his wealth to become a member of the U.S. Is he in the elite at that point? More importantly, does that open the door at Harvard for his kids? Obviously this is a small number of people, but climbing a local political ladder (local city council, mayor, state senate, us house, etc) seems like a path that's available to a different kind of person — and which could at least lead to social climbing over multiple generations.
I like the concept of the third level of rules. It’s this level of rules that you miss out on if you’re a bright young person with working class parents. The second level is superficial and usually self-defeating. For example, with real estate the second level thinking would be that housing is overpriced and renting is a wiser move. The third level would be that, not only should you buy a house, but you should buy the best and most expensive one you can possibly get, even if you can’t really afford it right now.
As a Canadian, I have found the US concept of super-elite colleges rather absurd, but it is undeniably powerful. Although a place like McGill would be about the best we’ve got, our own elite would kill to get their kids into a US Ivy. (You can check the bio of Brian Mulroney’s ordinary daughter Caroline, who went to Harvard and spent 20 years in the USA before effortlessly slipping into Canadian politics.)
I once read a piece by an ESPN baseball columnist named Keith Law who commented that going to Harvard wasn’t great, but being an alumnus is great and he wouldn’t have his career without having those doors opened for him.
I would say that in real estate, colleges, educational programs and jobs, you just claim the best you can because of the opportunities they leave open later on. I once knew a guy who turned down a job from McKinsey and I thought he was nuts.
It’s best to think of college in tiers. I would still think of a place like Virginia, Notre Dame, Michigan as elite but not super-elite. Then there are levels below that. The tiers can also shift based on the program. You have to know what you’re aiming for and choose the best path forward based on that target.
Is this still the case? I get the impression that the elite college network is breaking down, i.e., a Boomer or even Gen X graduate of an elite college might hold the door for a younger fellow elite. I don't necessarily see a Millennial doing the same.
At the very top, the network has only gotten stronger.
I'm curious what you make of people who get into politics. I'm thinking of the Oklahoma car dealer who parlays his wealth to become a member of the U.S. Is he in the elite at that point? More importantly, does that open the door at Harvard for his kids? Obviously this is a small number of people, but climbing a local political ladder (local city council, mayor, state senate, us house, etc) seems like a path that's available to a different kind of person — and which could at least lead to social climbing over multiple generations.
I like the concept of the third level of rules. It’s this level of rules that you miss out on if you’re a bright young person with working class parents. The second level is superficial and usually self-defeating. For example, with real estate the second level thinking would be that housing is overpriced and renting is a wiser move. The third level would be that, not only should you buy a house, but you should buy the best and most expensive one you can possibly get, even if you can’t really afford it right now.
As a Canadian, I have found the US concept of super-elite colleges rather absurd, but it is undeniably powerful. Although a place like McGill would be about the best we’ve got, our own elite would kill to get their kids into a US Ivy. (You can check the bio of Brian Mulroney’s ordinary daughter Caroline, who went to Harvard and spent 20 years in the USA before effortlessly slipping into Canadian politics.)
I once read a piece by an ESPN baseball columnist named Keith Law who commented that going to Harvard wasn’t great, but being an alumnus is great and he wouldn’t have his career without having those doors opened for him.
I would say that in real estate, colleges, educational programs and jobs, you just claim the best you can because of the opportunities they leave open later on. I once knew a guy who turned down a job from McKinsey and I thought he was nuts.
It’s best to think of college in tiers. I would still think of a place like Virginia, Notre Dame, Michigan as elite but not super-elite. Then there are levels below that. The tiers can also shift based on the program. You have to know what you’re aiming for and choose the best path forward based on that target.
Yeah, the three-level concept is powerful. The real estate one is a great example. "Rent, don't buy" is a classic Level 2 meme.