Never made more than $14k/ year retired with $70M

Discussion in 'Wall St. News' started by dealmaker, Jun 23, 2016.

  1. Vertex

    Vertex

    $14k in 1952 was big money wasn't it? Minimum wage in the late 50's was around $1/hour.

    Either way, sounds like a good guy.
     
    #11     Jun 24, 2016
  2. ironchef

    ironchef

    Sorry I messed up.

    In that case it would have been a 12.5% compounded return, not as good as Buffett but still impressive for ~40 years of investing. Would have been only ~$20 millions by 1991 if he put it in S&P500.
     
    #12     Jun 24, 2016
  3. jnbadger

    jnbadger

    I've heard this story many times, as I was a seasonal driver for UPS for a while way back when. The numbers apply to the corresponding dates, not annualized for inflation. He retired with 700k in 1952 dollars and that subsequently turned into 70 Million in 1991 dollars. His charity was legendary within the company as well.
     
    #13     Jun 24, 2016
    VPhantom and regtracer like this.
  4. mpdxc

    mpdxc

    #14     Jun 25, 2016
    Vertex and dghuynhtu like this.
  5. SunTrader

    SunTrader

    I bet Uncle Sam was grateful for the inheritance tax "donation" of the rest of the seventy mill that wasn't given to charities.
     
    #15     Jun 26, 2016