Mission

  • For many entrepreneurs, the venture world is needlessly opaque and confusing. Venture capital is both art and science with karma mixed in. With a synchronistic twist, this blog will try to shed light on the world "behind the curtain" as well as how key entrepreneurial lessons are mirrored in everyday life.

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Maybe you should check out Daniel Ludwig. If you don't know who Daniel Ludwig was. He was the richest person you never heard of. He lived into his 90's and made his fortune in shipping.

When Daniel was a child in the early 1900's, he found a sunk tug boat in South Haven Michigan. He paid pennies for the boat, restored it and leased it out. He did this before the age of 12.

Daniel Ludwig died and left billions to his foundation. Enough money so that the foundation would never have to ask for outside contributions.

Daniel Ludwig was one ofthe first of these type of rich people. His biography is out of print and last time I looked, it was going for over $100 on eBay.

Good rec, enjoyable read. The Feeney story is pretty cool to say the least - and thanks to Jim for the Daniel Ludwig rec.

--Dan

And interestingly enough, Mr. Feeney's partner in Duty Free Shops was Robert Miller, who owns houses all over the world, races yachts, and whose daughters, "The Miller Sisters" were raised in high luxury and married a Getty, the Crown Prince of Greece, and a minor Germany princeling respectively. Apparently the business dispute that exposed Mr. Feeney was his decision to sell his stake in DFS to give more money to charity...

Actually, you've pretty much got it all wrong about Daniel Ludwig. The tug he supposedly restored was done later in his teens, and largely with his dad's contacts. Also, though he was a stupendous businessman, he cared not one jot for charity. He gave nothing away during his lifetime, in fact he was known for his ruthless attitude to hoarding and generating money, and the foundation was set up solely as a tax-evasion measure. That it became a genuinely philanthropic entity after his death was neither here nor there - not a dime went to charity til he was too dead to do anything about it!

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