FT reports on Ivan Glasenberg's meteoric rise to riches based on commodity trading: "Mr Glasenberg's stake in Glencore could be valued at $10bn this month but he will be as vulnerable to a post-IPO descent as Stephen Schwarzman of Blackstone, whose wealth fell from $7.8bn that year to $2.5bn two years later, according to Forbes magazine."
There seems to me to be an important life lesson here. If you ever find yourself with $7.8 billion in the bank, maybe just leave the casino on a high note? Surely that's enough money. If you don't just walk away, you find yourself vulnerable to the absurd situation of being the guy with a $2.5 billion fortune who's being mocked in newspapers as a cautionary tale about poor financial management. Nobody needs that. Just walk away!
Published on May 08, 2011 11:30