During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
March 08, 2013
As we walked back from lunch and stood outside the office building talking, I realized I had but a moment to say it. It was November 2012 and one of our research clients was about to return to his office. “Joe,” I began. “One last thing, I think you should sell Apple.” “WHAT!” he responded?
The stock...
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...
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