3. TIL the Rolex watch company is run by not-for-profit charitable trusts. So after...

TIL the Rolex watch company is run by not-for-profit charitable trusts. So after a certain amount of money goes to Rolex employees & the founding Rolex family, what remains is donated to charities. Some of these charities focus on watchmaking & some on HS education. Rolex founder was an orph

His "win the lotto playbook" was so thought out and meticulous you could not help but ask those very questions. Ie. "What would you do next? Can I ask your foundation for money to buy my parents a condo?" How would we benefit? What exactly does the foundation do? Is this one of those ponzi things? etc etc"

His business plan for the foundation starts with, "I would rent a villa in Bermuda and fly all of you out to it to celebrate then ask all of you individually to pitch what you would do with the money." Its been a few years since we've seen him (He lives in Zug, Switzerland now) but at the time his choice of Bermuda wasn't just for its beaches, but actually its proximity to a HSBC office and somewhat aloof definitions of charitable trusts. (I shot him an email to this thread to clarify.)

The "pitch" segment for the foundation was a bit weird, but I gathered that the idea was that it really did not fucking matter WHAT we were individually pitching, as long it was an "idea" that needed financing. "I want to buy a house for my parents..." didn't fly for example. "I have no capital and need 1 million dollars to start a muffin shop that just sells the tops" did. The way he explained it was that the guidelines of what a foundation provided for relief in Bermuda differed from the US in a manner that made it extremely simple to hand out money to anyone as long as it stayed within the loose guidelines determined by your trust's missions statement. That very statement in Bermuda at least could be something as simple as, "To help those in need". Where as in the US you need to not only focus your nonforprofit, but then also follow a very strict guideline on who you are giving money to and why. I really have to wait for him to chime in here, but I also remember in the US at least private and public charitable trusts are governed by entirely different tax codes, where as in Bermuda they are not.

they didnt veer away from the loose guidelines of being a itself didnt even need to consolodate its purpose to justify who it gives money to, it just needed to prove that it gave money to entities that

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