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Gates loses No. 1 spot in net worth
CNN Money ^ | April 4, 2004 | Reuters

Posted on 04/04/2004 12:42:06 PM PDT by yonif

Edited on 04/29/2004 2:04:09 AM PDT by Jim Robinson. [history]

STOCKHOLM, (Reuters) - Ingvar Kamprad, the Swede who founded furniture retail chain IKEA, has overtaken Microsoft's Bill Gates as the world's richest man, Swedish TV news reported on Sunday.

Citing next week's edition of the Swedish business weekly Veckans Affarer, public service SVT2 television said Kamprad, 77, has a personal fortune of 400 billion crowns ($53 billion).


(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: billgates; billionaires; furniture; ikea; ingvarkamprad; microsoft; retail; sweden; williamhungsnext
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To: A CA Guy
'Shake your Bon-Bon' -indeed!
21 posted on 04/04/2004 1:32:18 PM PDT by threat matrix
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To: threat matrix
She uses a poll to shake her expanding Bon-Bon.
22 posted on 04/04/2004 1:37:56 PM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: TopQuark
WHen you (i) learn something about how a business functions and what consumer demand is, and (ii) create something in this world other than passing warm air trrough yout lips --- then you can takes such elevated position. Until then, get down from that horse: you are only screaming that you are a kid that does not know how to ride.

Sorry, but I've used Microsoft products and bought Ikea products. They both had very poor quality. I have worked as a quality assurance lead, so I know something about the concept of quality. Maybe the multitudes are satisfied by mediocrity, but I'm not, and I've found it's better to pay a bit more for products that are made better, that last much longer.

So get off YOUR condescending hobby horse - whether or not the two men are successful, my statement was an accurate accessment of what they produce - just as many movie studio heads have gotten rrich making movies that are pure crap, and Bill Clinton became president by pandering to idiots.

23 posted on 04/04/2004 2:28:57 PM PDT by dirtboy (Howard, we hardly knew ye. Not that we're complaining, mind you...)
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To: yonif
That is too bad about Bill Gates. Microsoft makes excellent software and I have never been disappointed with a Microsoft product. I even like their hardware, such as their mouses and keyboards. Hopefully they will come out with an MP3 player and a beer soon.

Yes, Microsoft branded beer. It's something I have been waiting on for a long time. Even if I have to call some "800" number everytime I open a bottle, I'm sure that it will be worth it.

Here's hoping that Bill Gates gets back to the top of the heap soon.

24 posted on 04/04/2004 2:36:30 PM PDT by SamAdams76 (I'm voting for John Kerry until I vote against him in November)
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To: SamAdams76
Yes, Microsoft branded beer.

Great. You buy the bottle of beer and you're not sure if you can get the cap off of it.

25 posted on 04/04/2004 2:47:53 PM PDT by dirtboy (John Kerry - Hillary without the fat ankles and the FBI files...)
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To: cmsgop
"Did she really bang though??????"

Oh, she bangs!

26 posted on 04/04/2004 2:50:05 PM PDT by wingster
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To: SamAdams76
Microsoft branded beer.

Customer: My beer tastes nasty and has no carbonation.

MS Beer tech support: Have you tried pouring it back in the bottle and filling your glass again?

Customer: I tried, but the label turned blue and then the bottle broke.

27 posted on 04/04/2004 2:53:04 PM PDT by KarlInOhio (Clinton, advised by Dick Clarke, did nothing. - Ann Coulter 4/1/04, How 9-11 Happened)
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To: KarlInOhio
In tears laughing here... that was good.
28 posted on 04/04/2004 2:59:20 PM PDT by Flying Circus
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To: dirtboy
The real source of Microsoft's profit is Office, which most people are now locked into.
29 posted on 04/04/2004 3:33:59 PM PDT by lasereye
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To: lasereye
The real source of Microsoft's profit is Office, which most people are now locked into.

And just think how much more profitable it would be if everybody actually paid for it instead of getting pirated copies. 47 billion would be pocket change.


30 posted on 04/04/2004 3:39:07 PM PDT by unixfox (Close the borders, problems solved!)
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To: dirtboy; TopQuark
What made Gates and Kamprad rich is that they are masters of the art of "good enough". The point of maximum profit is not always at highest quality -- it's where the quality is good enough that people keep buying it, and where you haven't spent more money on quality assurance and design optimization that it eats into profit
31 posted on 04/04/2004 3:48:46 PM PDT by SauronOfMordor (That which does not kill me had better be able to run away damn fast.)
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Comment #32 Removed by Moderator

To: yonif
We should take up a collection for Bill Gates to restore him to number one status.

Poor guy. The man is going hungry, people!



33 posted on 04/05/2004 1:23:41 AM PDT by My Dog Likes Me
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To: yonif
After a couple minutes thinking about this article, I can't seem to reach the conclusion that the dollar's decline could have "caused" Gates to lose the #1 spot. My understanding is that his Microsoft stock makes up the vast majority of his wealth, and the amount he has times its current share price essentially determine the significant figures of his net worth.

MSFT's price is given in dollars, but it's presumably worth the same "value" in any currency. In other words, if the dollar fell against a world currency basket, MSFT would rise accordingly so that the proceeds of selling one share could still purchase the same world goods basket (the most obvious mechanism to me is foreigners purchasing the newly discounted shares and increasing quantity demanded until the original goods-denominated price is restored; there are probably others). If this appreciation doesn't occur, the value of MSFT has declined due to some factor unrelated to the currency movement.

If the above analysis weren't the case, then MSFT would still sell for the same amount of foreign currency. Bill Gates could just state that his net worth was measured in whatever foreign currency he wanted and be back on top by essentially ignoring the exchange rate movement in his wealth calculation.

I'm not saying that Gates didn't get knocked out of the top spot, just that if he did it was because MSFT shares didn't rise to compensate for the declining dollar (or, conversely, that IKEA shares didn't decline to compensate for the appreciation in foreign currency). Someone prove me wrong :-p

Also, if anyone maintains an economics pinglist, I'd love to be on it. Thanks.
34 posted on 04/05/2004 2:50:08 AM PDT by FreedomFlynnie (Your tagline here, for just pennies a day!)
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To: dirtboy
Sorry, but I've used Microsoft products and bought Ikea products. They both had very poor quality.

Quality assurance is aims at compliance of a product with a given STANDARD. I am sure that, since you worked in this area, you have expertise in it. I do not doubt for a minute that you are correct: both products have functional faults, as may be assessed by objective measures.

Nevertheless your conclusion is incorrect -- and this does not contradicts your knowlege in quality-assuarance area. This is because what constitutes the STANDARD is outside of the question of assurance. This is the question of economics and business.

It is the frequent complaint of engineers that people want wrong things: they prefer color to extra watt of output energy, speed of the car, capacity of a refrigerator. This is, however, economics and, if you study it, you'll learn about the perils of inter-personal comparison of utility.

Moreover, there is a question of ethics here: businesses sell products and attemp to produce what the customers WANT. You are simply is a very special category of customers and YOUR wants differ from most. Gates could produce software for people like you and I, but it would be very expensive and we would not want to pay for it. As is is, Windows is a brilliant product in terms of the balance between its features and price. So is IKEA furniture, although I do not buy it.

You now understand better my previous post. Little knowlege is dangerous: that you deal with quality ASSURANCE does not imply that you know what QUALITY is. What it is lie outside of that area entirely, and your post indicated that you did not know that. More importantly, you were making a contemptuous judgment of people and companies --- hundreds of thousands of people, actually, without a shred of foundation.

Your remark regarding Clinton is more on the money for a different reason: in a representative democracy, an elected leader has a duty to fulfil the desires of electorate (yes, that includes, idiots) but he has a duty to lead, to be ahead in some ways, of that electorate. Businesses, however, do not have any such duty: they are supposed to bring profit to investors while surving their customers. That is what Gates and IKEA do --- extremely well. measured by products arI have worked as a quality assurance lead, so I know something about the concept of quality. Maybe the multitudes are satisfied by mediocrity, but I'm not, and I've found it's better to pay a bit more for products that are made better, that last much longer. So get off YOUR condescending hobby horse - whether or not the two men are successful, my statement was an accurate accessment of what they produce - just as many movie studio heads have gotten rrich making movies that are pure crap, and Bill Clinton became president by pandering to idiots.

35 posted on 04/05/2004 6:47:07 AM PDT by TopQuark
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To: SauronOfMordor
What the customers are willing to pay, in business (not economic) terms is a part of "quality."

It is a common mistake of engineers to think that quality is measures in objective terms. Please see my previous post if you care.

36 posted on 04/05/2004 6:49:15 AM PDT by TopQuark
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To: TopQuark; dirtboy
Quality assurance is aims at compliance...

Suffering cats! Aims? That's quality assurance! Judge rules... point to Dirtboy.

37 posted on 04/05/2004 6:59:05 AM PDT by new cruelty
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To: TopQuark
More importantly, you were making a contemptuous judgment of people and companies --- hundreds of thousands of people, actually, without a shred of foundation.

Har. Har. Har. I am contemptouous of Ikea and Microsoft for the same reason that I am contemptuous of the Democrat, and, to a lesser extent, the Republican Party. All succeed by pandering, even cultivating, an ignorance of the importance of quality to both production and character. If I took your advice here and applied it to politics, I would quit trying to fight for limited government - because, hey, it's what the people want, and screw the damage to the Constitution and limited government. Conversely, I believe in educating people that it is better to wait a few months and then buy a better product that will last longer and cost less over the long run.

I am not demanding that the government step in at bayonet point and force Ikea and Microsoft to change. I am instead trying to get consumers to demand better quality for myriad reasons, just as I try to get voters to demand a better grade of representative - because doing such costs less in tax dollars over the long run.

38 posted on 04/05/2004 7:02:25 AM PDT by dirtboy (John Kerry - Hillary without the fat ankles and the FBI files...)
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To: new cruelty
Suffering cats! Aims? That's quality assurance! Judge rules... point to Dirtboy.

No kidding. TopQuark is confusing Quality Control with Quality Assurance. Quality Control is after the fact - Quality Assurance seeks to improve quality over every step of the design and production process.

39 posted on 04/05/2004 7:06:11 AM PDT by dirtboy (John Kerry - Hillary without the fat ankles and the FBI files...)
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To: dirtboy; TopQuark
LOL. All good and well but I was referring to the use of the word 'aims' rather than 'aimed'.

Quality assurance is aims at compliance...

Quality assurance is aimed at compliance...

There were other examples like this in TopQuark's writing, which is kind of ironic, given the topic.

Besides, I took your initial comment to be keen and even humorous.

40 posted on 04/05/2004 7:18:58 AM PDT by new cruelty
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