Must read post (as usual) over on Downtown Josh Brown’s (@ReformedBroker) The Reformed Broker blog today about the infamous meeting of nine of the most powerful players in the world of finance in 1923. To me, the biggest lesson is that no matter how talented or wealthy you become, you simply must consider and respect risk every single day you turn on your laptop and log in to your brokerage account. Humbling, indeed.
Legend has it that in 1923, a a meeting of America’s most powerful men took place at the Edgewater Beach Hotel in Chicago. Attending the meeting were the following nine financiers and power brokers:
the president of America’s largest steel company,
the president of America’s largest utility company,
the president of America’s largest gas company,
the president of the New York Stock Exchange,
the president of the Bank of International Settlements,
the nation’s greatest wheat speculator,
the nation’s greatest bear and speculator on Wall Street,
the head of the world’s greatest monopoly
a member of President Harding’s cabinet.
It was said to have been both a celebration of their success as well as an opportunity to plan their future exploits and dominance. These were the captains of their respective industries and some of the most successful businessmen of the era.
But how did things turn out for these distinguished gentlemen? Within 25 years, all of these great men had met a horrific end to their careers or their lives: (emphasis added by Chess)