Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
December 18, 2012
The man sitting across the table suddenly stood up unable to contain his excitement. “Look,” he said. “We know how to open and run restaurants! We did it for years at Bennigan’s Steak and Ale. Only this time we will be doing it for ourselves.” Chris Sullivan was telling the story of how he started Outback Steakhouse, and...
October 11, 2012
Ben Gaines and I approached the front door of the Union Club of Boston. Ben was a political commentator from Washington with a heavy Yiddish accent. And I was a 25-year-old Irish kid from public housing with a bad Boston accent. A butler opened the door for us. The club was a total bastion of Boston investment Brahmins. These people...
September 28, 2012
It was a late summer day in 1955. Stamps and newspapers were three cents. A bottle of coke cost a nickel. That summer I was a 12-year-old caddy earning $1.25 for a round of golf plus, generally, a small tip. But on this particular day I would realize what it would take to make significant money as an adult.
The man I had...
September 12, 2012
It was 33 years ago this month when I got off the subway and stared at a newsstand copy of Business Week. The cover read “The Death of Equities.” It was 1979, five years removed from the 1973-1974 bear market. I was totally flummoxed by the story. The story was incomprehensible to me.
True the Dow Jones Average had been going...
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