She bought her clothes at rummage sales, didn't own a car and worked most of her life as a secretary for a pharmaceutical company.
Yet after her death at age 100, Grace Groner left Lake Forest College a gift of $7 million to be used for scholarships. The money came from three shares of stock she bought -- and held on to -- in 1935.
As David Roeder of the Chicago Sun-Times points out: "It is a grave error to put your nest egg behind a single company, and it is worse when the company is your employer. Groner had a winner, but others have done this with Enron, General Motors or Bear Stearns."
The all-in-one basket strategy was, of course, a grave error for employees of Enron and others. And financial advisers love to herald diversification, which didn't turn out so well for many investors during the financial crisis.
P.S. They forgot to add Piccadilly to the list! My pal, Bronco Billy, diversified his stock and came out smelling like a rose. But his boss and my mentor lost his shirt!
P.S.S. This is post 2000. Where do we go from here, eh?
2 comments:
Congratulation, Cat.
The first two thousand are the hardest. After that it's downhill all the way.
I had forgotten about Ak. It's a bleeding shame to be so narrowly focused it becomes self-destructive. We know others as well, don't we?
I can think of one right off.
Saw the Atlanta Opera production of Aida, Yoel Levi conducting. I haven't been to an opera for decades and likely won't go again, but it was a memorable evening. Thanks to a discrete little marquee over the stage (think subtitles) operas sung in the language of the composer are easy to follow. If anyone offers you tickets, take advantage of them. (Outdoor concerts are fun but subject to the weather and too much smoke.)
Ak made out like a bandit-it was his boss who lost all of his money. Ak was a smart guy-ain't life funny? Ak got to smell the roses, and it couldn't have happened to a nicer guy.
I've never been to an opera unless you count "Tommy." Just kidding-never saw that live. It was an odd choice having the Who for the half time music guests at the Super Bowl btw.
Glad you enjoyed yourself at the opera. If the opportunity arises I would certainly go.
2000. Who'd a thunk it?
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