Getting Rich vs. Staying Rich
By Morgan Housel
Abraham Germansky was a multimillionaire real estate developer in 1920s. He also loved stocks, betting heavily as the market boomed. As the crash of 1929 unfolded, he was wiped out.
And that was basically the end of Abraham Germansky.
Germansky disappeared on October 24th, 1929. The New York Times posted a short story near the back of its October 26th edition, with Germansky’s lawyer, Bernard Sandler, asking for information on his whereabouts. It tells a powerful story in just a few words:
You can read the entire article here: Collaborative Fund.