What's your view of rich people? Not everyone loves them. Ultra-leftists think that property is theft and income inequality is morally wrong.

In capitalist societies, self-made businesspeople are generally admired, but what about those who inherit a fortune? Whatever you think of them, the rich have most of the financial assets, and pay most of the taxes.

Here's another insight: the rich do most of the spending and the health of the modern economy depends on them.

According to Mark Zandi, chief economist at Moody's Analytics, spending by the top 10% of earners in the US accounted for almost one-third of gross domestic product and almost 50% of all spending. Well-off people have increased their spending far beyond inflation in recent years, while everyone else hasn't.

For the record, the top 10% of earners in the US are people making about $250 000 a year or more. In Rands, that's R4.5 million per year.

I love historic market statistics, because they provide important perspective. Corrections always feel bad when you are in them, but you quickly forget why they ever happened. The truth is, market odds are in your favour. Here is some interesting data from Eddy Elfenbein

"Since 1966, the S&P 500 has had 12 bull markets and 12 bear markets. Over that time, we've been in a bull market 80.2% of the time, and in a bear market the other 19.8% of the time".

If you went to a casino and were told your odds of winning are over 80%, you would be ecstatic and the casino would go out of business. Of course, those odds improve the longer you are invested. Sounds good to me!

Youngsters periodically ask us for career advice. Everyone has an opinion, so the advice that follows is very subjective. In my view, you shouldn't do what you love. Rather get into a career that plays to your strengths, and is in a growing industry.

There are a few problems with following your passion. The first is that you might actually suck at it. You don't have to look further than the opening episode of Idols. Also, passions change. So building your life around something that you love today, but might not make sense in a decade.

Lastly, passions are to be enjoyed. If you love cooking, for example, that should be your place of escape. As soon as it becomes your full-time job, it is unlikely to be your hobby too.

Scott Adams, the cartoonist behind Dilbert, writes in one of his books that when you become good at something, you start to love it. So instead of picking a career based on your passions or interests, go into something that matches your skills, allowing you to be great. By doing that, you will find that you love your job.

Last week, I sat down for a Q&A session with Nelisiwe Shomang at online publication Currency. The interview was about my personal finances - how I invest my own money, the biggest lessons I've learned, and, of course, the occasional splurge (spoiler, the BMW was a need and not a moment of weakness).

I also talk about why Nvidia was a no-brainer in hindsight, my thoughts on crypto, and whether alternative investments are worth the hype. If you're curious about how a portfolio manager thinks about his own wealth, give it a read.

How I spend my currency.

Netflix's new $320 million movie is a massive hit. Some say it's soulless and dumb - The Electric State is popular, despite some scathing reviews.

Napster was the original online music player. It allowed users to share music illegally, which resulted in lawsuits and bankruptcy in 2001 - Napster just got bought for $207 million.

Asian markets were under pressure after The Donald announced new vehicle tariffs, dragging down stocks in Australia, Japan, South Korea, and Taiwan. Shares of Toyota, Honda, Nissan and Mazda all hit a wall.

In local company news, Metrofile shares just had their biggest one-day jump in two decades, soaring 29% yesterday after the company announced that an unnamed suitor is looking to buy them. Elsewhere, car parts maker Metair has rallied 46% in the last 5 days of trading as the group reported a strong turnaround in its business.

US equity futures still look weak in pre-market trade. The Rand is bobbing along at R18.20 to the US Dollar.

Lululemon Athletica has results out this evening, after the market close.

Have a pleasant day. If you are in Joburg, avoid low-lying areas and rivers, it's wet.