I love watching the world and connecting the dots. And if there's one thing that has always bothered me in how people talk about billionaires, it's the box. The group. On one side: "Eat the rich. Every billionaire is a policy failure." On the other: "Every billionaire is a genius who earned it all." Same mistake, opposite directions. Both throw a few thousand very different human beings into a single box and stop thinking. Billionaires aren't a category. They're a spectrum. I've been writing about the Dark Triad: narcissism, Machiavellianism, psychopathy. And about my theory that these traits are essentially a toolkit for power games, which are zero-sum, a pure social construction. Building is the opposite. It's a game against reality, and it's positive-sum. So here's how I see the billionaire spectrum. Not good versus evil. Players versus builders. At one end, the purest player: George Soros. Look at the founding act. In 1992, he bet massively against the British pound, forced it out of the European exchange rate mechanism, and made around a billion dollars in a day. Nothing was built. No product, no factory, no new technology. A bet on the weakness of an institution, won against an entire country. Then look at what the money was used for. For decades, his fortune has been poured into reshaping politics and societies: networks of NGOs, campaigns, causes, candidates, in dozens of countries. His family is still one of the largest political donors in the United States. Every dollar points at the same target: not reality, but power over the rules of the game. And here's the twist that connects to what I wrote about Macron. I don't think Soros is a cartoon villain. I think he sincerely believes in his vision of an "open society." That's exactly what makes the model so powerful. A sincere ideologue with nearly unlimited resources, playing the long game with institutions, convinced he's on the right side of history. It's Macron with a checkbook. At the other end of the spectrum: Elon Musk. Almost every dollar he's made has been thrown back into reality. Rockets, electric cars, batteries, satellites, tunnels, brain interfaces, AI. Bets that most experts said were impossible, many of which nearly killed him financially. When Tesla and SpaceX were both close to bankruptcy, he put in his last money rather than pull it out. His fortune isn't a lever on other people's decisions. It's a lever on physics. He's not a saint either. He's stepped into the political arena, spent heavily, and taken the hits that come with it. Even the purest builder gets pulled toward the power game. But his center of gravity is clear: what he cares about is whether the rocket lands. And in between? Almost everyone. That's the part that matters most, and that the box hides completely. Most billionaires aren't bad guys. They built something real, often something extraordinary. Then wealth pulls them, slowly, toward the left side of the spectrum. Media, foundations, policy influence, global agendas. The game shifts from "build something people want" to "shape what people are allowed to want." And yet many of them redeem themselves on specific things. Bill Gates built one of the most important companies in history, and his foundation's work on malaria and polio has saved an enormous number of lives, even if it later drifted toward steering global policy. Jeff Bezos built a logistics machine nobody thought possible, and keeps pouring billions into space. Mark Zuckerberg made his share of mistakes, and then open-sourced some of the most powerful AI models in the world. Nobody is fully on one side. Every billionaire is a mix of builder and player. The question is never "is he good or evil?" The question is: where does the money go? Into reality, or into power? Here's why this matters for you, even if you'll never be a billionaire. That spectrum doesn't only exist at the top. It runs through every company, every team, every career. Every single day, you choose where your energy goes. Into the work itself, or into the politics around the work. Into the product, or into the meeting about who gets credit for the product. Into building, or into positioning. The player's game is seductive. It gives quick wins, status, influence. But it creates nothing. At the end of a lifetime of power games, the world has been rearranged, not enriched. The builder's game is harder. Reality says no all the time. Rockets explode. Products fail. Customers leave. But every time you win against reality, you leave the world with something that didn't exist before. The richest man in the world got there by building things. The most influential players got there by moving things around. Choose your side of the spectrum. Stop playing. Start building.

I don't know if you realize what just happened. Elon Musk is completely bypassing the State. For 100 years, we've been told the problem is capital. That it must be captured, taxed, redistributed. With an army of intermediaries standing between those who create wealth and the people: ministries, agencies, commissions, bureaucrats. Musk is doing the opposite. He's taking his capital and giving it directly to the people. One SpaceX share to every kid in America. Not a handout. Not a subsidy. A piece of the machine that's taking humanity to Mars. And he says it himself: this is the first of many. Mises understood this back in 1944: the bureaucrat creates nothing. He administers what others created, following rules that have no connection to the value produced. The day value flows directly from the one who creates it to the one who receives it, the bureaucrat has no function left. That's what's being born right now. A new liberal world order, where the very concept of the State will make less and less sense. The world we're entering is a world of abundance. AI, robots, energy, space. And that abundance won't come through the State, for one simple reason: we have a century of proof that it doesn't work. Redistribution was version 1.0. Direct distribution of capital is 2.0. While France is still debating how to tax builders even more, America is handing stock to its kids. Pick your side.