Getting Rich vs. Staying Rich: Two Different Skills

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Getting rich and staying rich are two different skills
The skills needed to get rich are different from the skills needed to stay rich
Leverage and debt can lead to bankruptcy, as seen with the long term capital management group
Peter Buffett is not interested in the kind of financial game that involves leverage and debt
The book 'You Only Have to Get Rich Once' has a great title, but a lousy content

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.