- Was everything that Ronald Read wasn’t
- Harvard-educated
- Merrill Lynch executive with an MBA
- Made a fortune in finance
- Retired in his 40s to become a philanthropist
- Crain’s business magazine once included him in “40 under 40” list of successful business people
- Mid-2000s: Borrowed heavily to expand 18000 square foot home in Greenwich, Connecticut (which cost $90,000 a month to maintain)
- 2008 financial crisis: Turned his assets into dust
- 2008: He got bankrupt due to high debt and illiquid assets
- 2014: His Greenwich mansion was sold in a foreclosure auction for 75% less than its worth figured by an insurance company.
He got greedy
Sources
- (Done) The Psychology of Money - Highlights
- L. Thomas Jr., “The Tale of the $8 Million ‘Bargain’ House in Greenwich,” The New York Times (January 25, 2014).