On July 8, 1932, the Dow Jones hit the lowest point of the entire Great Depression. Down 89 percent from its 1929 high.
That same day, the richest man in American history turned 93 and recorded a birthday message for the country.
He started in 1859 with 2,000 dollars, half his own savings, half borrowed from his father. His peak fortune, built three decades later, was around 900 million dollars. Economists put today's equivalent anywhere from 300 billion to over 600 billion dollars, depending on the method.
By the time he recorded that birthday message, he had already given away 540 million dollars of it.
He didn't mention the market. He didn't predict a bottom. He said this: in the 93 years of my life, depressions have come and gone. Prosperity has always returned, and will again.
He wasn't guessing. He'd already lived through the panics of 1873, 1893, 1907, and 1929.
The Dow never closed lower than it did that day. It took 25 years to fully recover, but it never saw that bottom again.
@itsmiraclex and he wasn't guessing, he'd already lived through four panics. hard to argue with someone whose track record is literally the 19th century
Pablo Escobar's cartel spent 2,500 dollars a month on rubber bands. Not product. Just rubber bands, to hold the cash together.
At his peak his fortune was estimated between 25 and 30 billion dollars. He made the Forbes list of the world's billionaires seven years running.
His own family says they wrote off 10 percent of the cash every year, eaten by rats or ruined by water, buried in fields and warehouses because there was nowhere left to put it.
In 2020, 27 years after his death, one of his nephews found 18 million dollars still hidden inside the wall of one of his old properties. Nobody had come back for it.
Most people spend their life chasing more money. Escobar had the opposite problem. More cash than the world had places to hide it.