It’s a shame Graham has failed to understand the point of the statement he’s trying to critique.

The argument isn’t that earning money is inherently immoral. The argument is that you can’t earn a billion dollars without assigning a higher percentage of revenue to yourself than is fair. I’m not going to argue that one way or another here, because I don’t think it’d be a useful discussion: I’m just pointing out that Graham doesn’t engage with the key premise.

He also might want to check his percentages a bit. Funding 30 startups which have produced billionaires is nice. It represents 1% of the world’s billionaire population. You know who really knows how to make new billionaires? The world’s richest families, that’s who.