The remarkable life and lessons of the $8 million janitor

[srini]

Here's an interesting analysis on the investment decisions of a guy that left a fortune when he passed away.

http://www.washingtonpost.com/business/get-there/the-remarkable-life-and-lessons-of-ronald-read/2015/04/24/7c12a26a-e944-11e4-9a6a-c1ab95a0600b_story.html

 

[Ace in the Hole]

I might have missed it, but what exactly was remarkable about his life?

 

[Terry_w]

Good article. old guy on modest earnings died with $8mil worth leaving most to charity. He got a job as a cleaner in retirement - he could have started spending but didn't.

 

[Jins13]

Really feel inspired from this story and shows that if you keep on working hard at achieving your goals, anything is possible.

 

[wobbycarly]

If I got to 92 and had $8M, I'd be concerned that I hadn't spent enough. What is the point of accumulating just to pass it on when I was gone?

Read typically bought shares of companies that paid out regular dividends. He owned railroads, utility companies, banks, health care, telecom and consumer products. Those dividend checks were then reinvested back into more shares of the same companies.

The reinvested dividends allowed him to keep making regular purchases over time. Read was not an active trader ? he was an active buyer. There is a very big difference.

There comes a time, when one should, IMO, convert from dividend reinvestment to dividend collecting.

Still a good story, but I would have written a different ending.