Meaning: It's rare the wealth of a family can last for three generation (the 2nd may see the value of hard work, the 3rd, forget it)
Explanation: In business, the first generation works extremely hard, so that the second generation reaps the benefits. By the time the third generation arrives, the
wealth is squandered.
Mish compares the idiom to the Kondratieff cycle, and he also quotes Steve Ballmer discussing the cycle without knowing it. Will he use this thinking at Microsoft?
Check out this post at MoneyWeb that Mish references.
Most of China's youth are zero generation wealth—they will become the first generation wealth.
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