Over a generation ago, in 1923, who was:
1. President of the largest steel company?
2. President of the largest gas company?
3. President of the New York Stock Exchange?
4. Greatest wheat speculator?
5. President of the Bank of International Settlement?
6. Wheat Bear of Wall Street?
These men were considered some of the world’s most successful of their day.
Now, over 80 years later, the history book asks us if we know what ultimately became of them. The answer:
1. The president of the largest steel company, Charles Schwab, died a pauper.
2. The president of the largest gas company, Edward Hopson, went insane.
3. The president of the NYSE, Richard Whitney, was released from prison to die at home.
4. The greatest wheat speculator, Arthur Cooger, died abroad, penniless.
5. The president of the Bank of International Settlement, shot himself.
6. The Great Bear of Wall Street, Cosabee Livermore, also committed suicide.
In that same year, 1923, the PGA Champion and winner of the most important golf tournament, the US Open, was Gene Sarazen. What became of him? He played golf until he was 92, died in 1999 at the age of 95. He was financially secure at the time of his death.
The moral: Screw work. Play golf. You’ll live longer and be better off in the end.