famous investors who died broke- part 5- fini
fiction
edward w pritchard
Now that we have examined the three stages of American risk taking represented by the gambler, the stock speculator, and the entrepreneur, perhaps our pundit, mentioned at the beginning of the story will now break his silence and a make a comment on which is the most appropriate field of endeavor for Americans to enter to reinvent themselves. The word pundit is from the Hindu, there pandit, a very wise person,
The pundit might site Hindu philosophy and observe that life is lived in stages. Beginning with the student and ending with the ascetic. All our three examples, Charles Deville Wells, Jessie Livermore and William Durant seemed to lead full lives, at times blessed and maybe cursed at the end. Perhaps that is all that can be wished on someone. They lived life to the fullest took great risks and accepted their eventual fate come what may.
What should we Americans now do with our debts, legacy of the latest boom/bust cycle, that is holding us from reinventing ourselves, finding new cheese or moving on to the next stage of our lives. It's a philosophical choice with no right answer. Should we be like the musicians Vivaldi and Mozart live well and die buried in an unmarked grave. Or should we follow the middle way, like most of us do, and avoid risk, stay at a long time job, receive the pension, take the sure thing, over insure ourselves so that we have that coveted comfortable retirement.
Many Americans will be facing a personal debt crisis as we stay mired in a deflationary economy over the next few years a legacy of fifty years of inflation and expansion in the American economy. The debt from the long boom is due. America has been on interest only with mortgages and credit cards and student loans but the entire bill is due soon.
How will we approach the new normal.
Monday, August 30, 2010
famous investors who died broke- part 4
famous investors who died broke- part 4
fiction
edward w pritchard
other people's money- the entrepreneur- Billie Durant
As General Motors went so went America in the 1950's, but in 1908 General Motors was struggling to survive, competing with the indomitable Ford Motors, and needed a savior; for the bankers were ready to pull the plug and that was before the days of government socialism for business.
William Durant was a man of extreme optimism and vision. Born into a troubled home, he sold fire insurance, cigars and patent medicine as a young man. In 1886 he bought a carriage making factory and in 1904 he acquired and reorganized troubled Buick motors. By 1908 Buick motors was bleeding cash so Durant borrowed and borrowed and reorganized Buick as General Motors.
Durant said he saw 1 hundred million Americans driving one day. The bankers only saw a company with close to one hundred million of debt in 1910. By 1915 the bankers won and William Durant was booted out of General Motors. Within a year following a proxy fight he was President of General Motors again. By 1920 powerful New York bank JP Morgan once and for all forced out the free spending Durant.
During the heady 1920's the promoter Billie Durant successfully raised over 80 million to promote Durant Motors. Unfortunately few cars actually were built or sold. Instead the money was invested in the market by Durant and company and in early 1929 the company had approximately 1 billion dollars in highly leverage assets and Durant personally was worth an estimated one hundred million. In January 1929 [ten months before the market crash] Durant stepped down as head of Durant Motors and announced that he, "the dream maker" wanted to devote more time to personal interests.
In 1936 Durant declared bankruptcy, the fortune was gone in the aftermath of the crash. In 1939 he opened a bowling alley in Flint, Michigan. His health and appearance declined throughout the 1940's and he died in 1947 as an old man of very modest means.
fiction
edward w pritchard
other people's money- the entrepreneur- Billie Durant
As General Motors went so went America in the 1950's, but in 1908 General Motors was struggling to survive, competing with the indomitable Ford Motors, and needed a savior; for the bankers were ready to pull the plug and that was before the days of government socialism for business.
William Durant was a man of extreme optimism and vision. Born into a troubled home, he sold fire insurance, cigars and patent medicine as a young man. In 1886 he bought a carriage making factory and in 1904 he acquired and reorganized troubled Buick motors. By 1908 Buick motors was bleeding cash so Durant borrowed and borrowed and reorganized Buick as General Motors.
Durant said he saw 1 hundred million Americans driving one day. The bankers only saw a company with close to one hundred million of debt in 1910. By 1915 the bankers won and William Durant was booted out of General Motors. Within a year following a proxy fight he was President of General Motors again. By 1920 powerful New York bank JP Morgan once and for all forced out the free spending Durant.
During the heady 1920's the promoter Billie Durant successfully raised over 80 million to promote Durant Motors. Unfortunately few cars actually were built or sold. Instead the money was invested in the market by Durant and company and in early 1929 the company had approximately 1 billion dollars in highly leverage assets and Durant personally was worth an estimated one hundred million. In January 1929 [ten months before the market crash] Durant stepped down as head of Durant Motors and announced that he, "the dream maker" wanted to devote more time to personal interests.
In 1936 Durant declared bankruptcy, the fortune was gone in the aftermath of the crash. In 1939 he opened a bowling alley in Flint, Michigan. His health and appearance declined throughout the 1940's and he died in 1947 as an old man of very modest means.
famous investors who died broke-part 3
famous investors who died broke-part 3
fiction
edward w pritchard
Jessie Livermore, the boy genius stock investors suicide note, written in 1940 read in part:
" Things have been bad with me. I am tired of fighting. Can’t carry on any longer. This is the only way out.
Jessie Livermore - Dead at 63, broke he thought, although the one time farm boy who ran away at 15 to escape the poverty and drudgery of farm life, had 100 million dollars in 1929 and successfully called the October crash.
Livermore worked hard as a fifteen year old run away and taught himself stock speculation and was known as the boy plunger. Several times he made and lost a fortune, divorced his first wife, maybe in part because she wouldn't pawn the jewels he had bought her to stake him after a run of bad luck. He made and lost several fortunes in his 63 years, being worth close to one half billion dollars[ current dollars] in 1929 he filed bankruptcy in 1934. Other than the bankruptcy, Livermore was perhaps, the most successful speculator of all times. Dead at age 63, although he thought he was broke, at least by his standards, he left an estate of five million, money that he had set up earlier in untouchable trusts. However the mansions around the world, limousines and yachts were long gone.
fiction
edward w pritchard
Jessie Livermore, the boy genius stock investors suicide note, written in 1940 read in part:
" Things have been bad with me. I am tired of fighting. Can’t carry on any longer. This is the only way out.
Jessie Livermore - Dead at 63, broke he thought, although the one time farm boy who ran away at 15 to escape the poverty and drudgery of farm life, had 100 million dollars in 1929 and successfully called the October crash.
Livermore worked hard as a fifteen year old run away and taught himself stock speculation and was known as the boy plunger. Several times he made and lost a fortune, divorced his first wife, maybe in part because she wouldn't pawn the jewels he had bought her to stake him after a run of bad luck. He made and lost several fortunes in his 63 years, being worth close to one half billion dollars[ current dollars] in 1929 he filed bankruptcy in 1934. Other than the bankruptcy, Livermore was perhaps, the most successful speculator of all times. Dead at age 63, although he thought he was broke, at least by his standards, he left an estate of five million, money that he had set up earlier in untouchable trusts. However the mansions around the world, limousines and yachts were long gone.
famous investors who died broke-part 2
famous investors who died broke-part 2
fiction
edward w pritchard
Dame fortune smiled on the gambler Charles Deville Wells, the man who broke the bank at Monte Carlo. Small time grifter who spent lavishly but always endowed with high hopes, British born Wells for a brief time was the toast of France. He came to the casino fortified with investor money he had bilked from others by promoting his singing jump rope but instead used the money at the roulette table as he often did. However, on this trip in 1891, luck indeed smiled on him. Five times in a row Wells bet on number 5 and that number hit each times. He turned the bilked 5,000 pounds into a million francs. Then a few months later he won big again. No one could figure out his system. Was the casino in on it to promote breaking the bank, literally throwing a shroud across the roulette table until the house could raise the money to pay him. Perhaps the roulette wheel itself was faulty, although the house routinely interchanged the wheels among the various machines. A dishonest employee? The French are known for their skeptical nature, surely they thought to check into his secrets. In any event Wells had his fame, beautiful women winked at him and a famous song was written about him. [The man who broke the bank at Monte Carlo-1892]. On his last trip to Monte Carlo Wells system whatever it was failed and he went broke. Over the next thirty years of his life Wells spent several years in jail for stock fraud and eventually died down and out in Paris in 1926. But oh what a ride he had back in the 1890's when he sailed into Monte Carlo that second time in a yacht with a beautiful woman and the whole town wanting to be his friend. As for dieing broke- C'est la Vie, mon cheri
end part 2
fiction
edward w pritchard
Dame fortune smiled on the gambler Charles Deville Wells, the man who broke the bank at Monte Carlo. Small time grifter who spent lavishly but always endowed with high hopes, British born Wells for a brief time was the toast of France. He came to the casino fortified with investor money he had bilked from others by promoting his singing jump rope but instead used the money at the roulette table as he often did. However, on this trip in 1891, luck indeed smiled on him. Five times in a row Wells bet on number 5 and that number hit each times. He turned the bilked 5,000 pounds into a million francs. Then a few months later he won big again. No one could figure out his system. Was the casino in on it to promote breaking the bank, literally throwing a shroud across the roulette table until the house could raise the money to pay him. Perhaps the roulette wheel itself was faulty, although the house routinely interchanged the wheels among the various machines. A dishonest employee? The French are known for their skeptical nature, surely they thought to check into his secrets. In any event Wells had his fame, beautiful women winked at him and a famous song was written about him. [The man who broke the bank at Monte Carlo-1892]. On his last trip to Monte Carlo Wells system whatever it was failed and he went broke. Over the next thirty years of his life Wells spent several years in jail for stock fraud and eventually died down and out in Paris in 1926. But oh what a ride he had back in the 1890's when he sailed into Monte Carlo that second time in a yacht with a beautiful woman and the whole town wanting to be his friend. As for dieing broke- C'est la Vie, mon cheri
end part 2
Sunday, August 29, 2010
famous investors who died broke
famous investors who died broke
fiction
edward w pritchard
Who moved our cheese we asked. Go find some more said the pundit.
But what about the debt we still owe on the cheese America asked? The pundit was wisely silent.
How can we reinvent ourselves and look for new cheese when we owe banks, credit card companies and the government for student loans and taxes?
We need to look at the fields of opportunity and strike out again.
To the gambler nothing succeeds like success and as long as the roulette wheel is spinning and he has a bet down the gambler is optimistic.
end part 1
fiction
edward w pritchard
Who moved our cheese we asked. Go find some more said the pundit.
But what about the debt we still owe on the cheese America asked? The pundit was wisely silent.
How can we reinvent ourselves and look for new cheese when we owe banks, credit card companies and the government for student loans and taxes?
We need to look at the fields of opportunity and strike out again.
To the gambler nothing succeeds like success and as long as the roulette wheel is spinning and he has a bet down the gambler is optimistic.
end part 1
Saturday, August 28, 2010
Recycling
Recycling
fiction
edward w pritchard
Here in the future we are very environmentally conscious. That's why I am taking my brother Few to be recycled. It's not the money.
Few died last night.
Green movement or not I will not pay the transport fee. In it's obsession with taxation my township has imposed a transport fee on bringing bodies in for recycling. At the recycling center, right next to the canister for broken glass and old papers is a chemical reducer to return a body to it's original elements.
I just put my brother Few in the backseat of the car and we are just pulling into the recycle facility. All of the containers are green except the chemical reducer which is a very soft shade of blue. Like moonlight after a storm at sea.
I think i will hire the minister, on duty over there in the trailer, to perform a brief service. Few was my Brother after all.
fiction
edward w pritchard
Here in the future we are very environmentally conscious. That's why I am taking my brother Few to be recycled. It's not the money.
Few died last night.
Green movement or not I will not pay the transport fee. In it's obsession with taxation my township has imposed a transport fee on bringing bodies in for recycling. At the recycling center, right next to the canister for broken glass and old papers is a chemical reducer to return a body to it's original elements.
I just put my brother Few in the backseat of the car and we are just pulling into the recycle facility. All of the containers are green except the chemical reducer which is a very soft shade of blue. Like moonlight after a storm at sea.
I think i will hire the minister, on duty over there in the trailer, to perform a brief service. Few was my Brother after all.
Friday, August 27, 2010
Lily and friends
Lily and friends
fiction
edward w pritchard
Lily and friends then will be cartoon characters but with a twist. The show will emphasize the feminine element in nature. Lily of course is a water lily and can move about the small river her and her friends live in. Using their ingenuity and teamwork they defeat and foil the catfish who want to eat them and their arch enemies the frogs. Sometimes turtles and fish join with them to battle the frogs.
Water lilies will be especially intuitive. While they will have no super powers they will be capable of sudden rapid movement and can spend long times under water.
Mostly Lily the chief water lily will spend her time in contemplation, under the warm sun or at night under a bright moon, she will think and be. Sometime each season the lilies will bloom and a beautiful flower will emerge.
Please contact the undersigned to enable Lily and friends to inhabit network TV this fall. We will make the audiences of all ages forget spongebob.
end
Lancy Urchens
agent
fiction
edward w pritchard
Lily and friends then will be cartoon characters but with a twist. The show will emphasize the feminine element in nature. Lily of course is a water lily and can move about the small river her and her friends live in. Using their ingenuity and teamwork they defeat and foil the catfish who want to eat them and their arch enemies the frogs. Sometimes turtles and fish join with them to battle the frogs.
Water lilies will be especially intuitive. While they will have no super powers they will be capable of sudden rapid movement and can spend long times under water.
Mostly Lily the chief water lily will spend her time in contemplation, under the warm sun or at night under a bright moon, she will think and be. Sometime each season the lilies will bloom and a beautiful flower will emerge.
Please contact the undersigned to enable Lily and friends to inhabit network TV this fall. We will make the audiences of all ages forget spongebob.
end
Lancy Urchens
agent
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