You Only Have to Get Rich Once

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There are a million ways to get rich and there are plenty of ideas on how to do so, but there is only one way to stay rich. Jesse Livermore made the inflation-adjusted equivalent of $3 billion in one day during the 1929 stock market crash. Abraham Jarmansky was a multi-millionaire real estate developer who made a fortune during the roaring 1920s as the economy boomed.

Getting rich and staying rich are two different skills. They are often conflicting skills, so many people focus on one or the other.

But you need both to do well over time.

This episode tells a 100-year-old story of two investors, neither of whom knew each other, but whose fates converged during the same week in the 1920s.

It shows why a barbell personality of optimistic on one hand, and paranoid on the other, is vital to success.