Russell Sage: The Money King

[giofranchi]

In July of 1906 Sage bowed to his doctor's orders and took a long vacation. The 22 days away from his office and the "money-business" killed him. Like his coming on earth, his departure was quiet - and simple.

 

 

A wonderful book from first page to last. About the life and the methods of an unsurpassed financier and a great man.

 

Gio

 

[Liberty]

Thanks for the highlights, Gio!  :)

[giofranchi]

Thanks for the highlights, Gio!  :)

 

My pleasure, Liberty! :)

 

Gio

[mcliu]

According to one tale that winter, Sage stood his post on the corner of Board and Wall when he was approached by a younger, less-affluent money changer.

“That’s a fine coat you have on Mr. Sage,” he said.

“Like it do you?” asked the financier.

“Yes, Sir,” sighed the younger man. “I sure would like to own a fine coat like that, Sir.”

“Well,” said Sage, “It’s for sale.”

At this the kerb-broker leaned over and fingered Sage’s lapel. “Why, Mr. Sage,” he exclaimed, “that coat’s new isn’t it?”

“Yes Sir. One of my nephews had it made for me at his own tailor.”

(The story went that Sage’s nephew had had the coat made for $75. But he knew Sage would never pay more than $15. So he had the tailor charge Uncle Russell $15 – he, himself, supplied the difference. Sage, an unsurpassed judge of values, whether it was horses or shoebuttons, realized that at $15 he had bought a bargain.)

“Well, Mr. Sage, how much do you want for that coat?”

“$30.”

“Done.”

With that magic word, the trade was sealed. Sage immediately shrugged out of the overcoat, pocketed the $30 and went off to the office for his old coat, chuckling at his fast profit.

 

 

Gio

 

Seems like fair value is much greater than $30 if cost was $75 to produce it..