The Invisible Hands
Who Is Rich And How They Got That Way?
- It's not easy to hold on to money, even among billionaires. Inheritance taxes put a big dent in any large fortune that’s handed down from one generation to the next.
- Secondly, America is a land of opportunity. Smart young people like Bill Gates of Microsoft can end up on the Forbes list ahead of the inheritors.
- Warren Buffet is the first stock picker in history to reach the top. He follows the simple strategy: no tricks, no gimmicks, no playing the market, just buying the shares in good companies and holding on to them until it gets very boring. The results are far from boring. $10000 invested with Buffet when he began his career 40 years ago would be worth it a million dollars today.
- We’re seeing fewer sons and daughters of yesterday's tycoons and more successful entrepreneurs who came out of modest backgrounds. They rose to the top on pluck,luck and a great idea.
- There are all kinds of rich people: short, fat, tall, skinny, good looking, homely, high IQ , not too high IQ, big spenders, penny pinchers, tight-fisted, generous. It's amazing how many people keep up their frugal old habits after they've made it big.
- There is a lesson from America Inc. Find something you enjoy and give it everything you've got and money will take care of itself. You’ll be having too much fun at the office to stop working.
- In this book Peter Lynch also gives us very interesting anecdotes of companies like Coke, Wrigley, Campbell soup, Home depot device, Ben and Jerry and Microsoft and offers a great deal of learning from their history.