Curiosities regarding waiting times in P\'{o}lya's urn model

Consider an urn initially containing $b$ black and $w$ white balls. Select a ball at random and observe its color. If it is black, stop. Otherwise, return the white ball together with another white ball to the urn. Continue selecting at random, each time adding a white ball, until a black ball is selected. Let $T_{b,w}$ denote the number of draws until this happens. Surprisingly, the expectation of $T_{b,w}$ is infinite for the "fair" initial scenario $b =w=1$, but finite if $b=2$ and $w=10^9$. In fact, $\mathbb{E}[T_{b,w}]$ is finite if and only if $b\ge 2$, and the variance of $T_{b,w}$ is finite if and only if $b \ge 3$, regardless of the number $w$ of white balls. These observations extend to higher moments.