Legend has it that in 1923, a meeting of America’s most powerful men took place at the Edgewater Beach Hotel in Chicago. Attending the meeting were the following nine financiers and power brokers:
the president of America’s largest steel company,
the president of America’s largest utility company,
the president of America’s largest gas company,
the president of the New York Stock Exchange,
the president of the Bank of International Settlements,
the nation’s greatest wheat speculator,
the nation’s greatest bear and speculator on Wall Street,
the head of the world’s greatest monopoly
a member of President Harding’s cabinet.
It was said to have been both a celebration of their success as well as an opportunity to plan their future exploits and dominance. These were the captains of their respective industries and some of the most successful businessmen of the era.
But how did things turn out for these distinguished gentlemen? Within 25 years, all of these great men had met a horrific end to their careers or their lives:
The president of the largest steel company,Charles Schwab, died a bankrupt man; the president of the largest utility company, Samuel Insull, died penniless; the president of the largest gas company, Howard Hobson, suffered a mental breakdown, ending up in an insane asylum; the president of the New York Stock Exchange, Richard Whitney, had just been released from prison; the bank president, Leon Fraser, had taken his own life; the wheat speculator, Arthur Cutten, died penniless; the head of the world’s greatest monopoly, Ivar Krueger the “match king”, also had taken his life; and the member of President Harding’s cabinet, Albert Fall, had just been given a pardon from prison so that he could die at home.
And as for the Wall Street Bear, Jesse Lauriston Livermore, famous speculator in the stock and commodities markets, his end is perhaps the most tragic of all. A week after Thanksgiving in 1940, Jesse walked into the Sherry-Netherland Hotel in New York, had two drinks at the bar while scribbling something in his notebook, then proceeded to the cloak room where he sat on a stool and shot himself in the head. He was 62 and left behind $5 million, down from the $100 million fortune he had amassed just ten years earlier.
And the note he had scribbled?
“My dear Nina: Can’t help it. Things have been bad with me. I am tired of fighting. Can’t carry on any longer. This is the only way out. I am unworthy of your love. I am a failure. I am truly sorry, but this is the only way out for me. Love Laurie”
There are three major lessons we can take from this parable:
1. Those who are on top now are not certain to finish in that position and are not guaranteed everlasting success or happiness.
2. Be careful whom you choose to idolize.
3. The life of a professional speculator is an unpleasant one, filled with highs and lows but ultimately unsatisfying and, in all probability, mentally ruinous. Look no further than the example of history’s greatest speculator for proof of this.
app pc download for windows
[…]The data talked about in the write-up are several of the very best out there […]
escape room
[…]although sites we backlink to beneath are considerably not related to ours, we feel they’re essentially really worth a go by means of, so possess a look[…]
working dogs
[…]here are some hyperlinks to web pages that we link to for the reason that we think they may be worth visiting[…]
app download for windows 8
[…]Sites of interest we’ve a link to[…]
… [Trackback]
[…] Read More on|Read More|Find More Informations here|There you can find 10484 additional Informations|Informations to that Topic: thereformedbroker.com/2012/07/25/nine-financiers/ […]
Great xxx collection
for free
Abraaj
[…]we like to honor a lot of other world-wide-web websites on the web, even if they arent linked to us, by linking to them. Below are some webpages worth checking out[…]
pc games free download for pc windows
[…]very couple of web sites that occur to be comprehensive beneath, from our point of view are undoubtedly effectively worth checking out[…]
ninebot
[…]here are some hyperlinks to internet sites that we link to for the reason that we feel they may be really worth visiting[…]
Cream with snow algae.
[…]although web sites we backlink to beneath are considerably not related to ours, we really feel they may be in fact really worth a go by means of, so have a look[…]
… [Trackback]
[…] Find More on|Find More|Read More Informations here|Here you will find 77812 additional Informations|Infos on that Topic: thereformedbroker.com/2012/07/25/nine-financiers/ […]
… [Trackback]
[…] Read More here|Read More|Find More Informations here|Here you can find 83120 more Informations|Infos on that Topic: thereformedbroker.com/2012/07/25/nine-financiers/ […]
… [Trackback]
[…] Find More here|Find More|Read More Informations here|There you can find 60876 more Informations|Informations on that Topic: thereformedbroker.com/2012/07/25/nine-financiers/ […]
محامي في جدة مكة المكرمة
[…]please check out the web-sites we adhere to, like this one, because it represents our picks from the web[…]
lesbian clit massager
[…]just beneath, are various absolutely not related web-sites to ours, however, they’re certainly really worth going over[…]