Wednesday, March 31, 2010

Danger! Don't Build on a Weak Foundation by Austin Pryor

America's largest electric utility. Our largest independent steel company. The largest gas company. The country's largest business monopoly. The New York Stock Exchange. And the Bank of International Settlements. 

In 1923, the presidents of these six prestigious institutions came together in Chicago for a meeting of many of the world's most successful financiers. Jesse Livermore, Wall Street's most famous speculator of the day, was also in attendance. They were all men of great wealth, stature, and influence. Yet, within 25 years, these seven men had discovered what we all learn eventually — the world just doesn't offer enough. One man had gone to prison, another was insane. Two died penniless. Three were suicides. All had mastered the art of making a living, but none had learned how to live. 

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