Wednesday, August 29, 2012


In 1923, a very important meeting was held at the Edgewater Hotel in Chicago. The world's most successful financiers attended the meeting: Charles Schwab, president of a large steel company; Samuel Insull, president of a large utility company; Howard Hopson, president of a large gas company; Arthur Cutten, the world's greatest wheat speculator; Richard Whitney, president of the New York Stock Exchange; Jesse Livermore, a great Wall Street trader; Leon Fraser, president of an international bank; and Albert Fall, a member of the President's cabinet. It was a powerful group of people.

By 1948, twenty-five years later, each of these men was bankrupt - insolvent, penniless. Two of them went to prison; two committed suicide; one became insane.

Don't be overly impressed by wealthy people. Everything in life is temporary.

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