It seems that mass media and culture is revealing some truths, that there are extremely wealthy people at the top 0.01%, far above even surgeons or lawyers or engineers, who work very hard and are just as smart as the ultra-rich (if not more smart/hardworking). The difference is those professionals optimized for interesting, impactful work that also pays nicely, and the ultra-rich are optimizing for maximal wealth creation, or they're simply inheriting it or getting lucky on risky bets.

In any case, I think lower-wage workers will slowly get a better lot, since our employment rate is increasing and people after the pandemic are realizing how exploitative many jobs are.

I've been seeing this assumption float around quite a bit around HN. Where is this coming from? Where is this belief that "ultra-rich" or "having interest in money" implies intelligence?

Not saying one way or the other. Just genuinely curious.

https://en.wikipedia.org/wiki/Wisdom_of_the_crowd

You're ignoring risk. Do you feel the same way when people win lotteries? Because everybody has access to Robinhood, so nothing is stopping you from gambling on penny stocks or random crypto and you just might get retirement money or lose it all.

I mean that's the point. Lotteries are supposed to be lotteries. The economy is supposed to be an economy where people earn what they receive.

When I put my capital to work, I might earn, but I might also lose a lot (ask anyone who bought Bitcoin at 63k$ for example). Obviously, in a capitalist society, capital is the most important thing (I'm not saying that's right or wrong).

Also, if you have millions of people "investing" in the stock market, even in penny stocks, a few of them are bound to get right, you just don't hear too much about people that lost it all.