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Another Amazing LBYM lady- and investor!
Old 09-16-2014, 08:23 PM   #1
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Another Amazing LBYM lady- and investor!

Quite an interesting 97 yr old lady. HS drop-out, maid, and eventually LPN who retired from VA making $23k/yr. But apparently quite the knack for investing. From those humble beginnings she ditched her FA and became a "Penta" ($5Mil net worth).
Barron's nicknamed her the "Oracle of Buffalo"

The Oracle of Buffalo - Penta Daily - Barrons.com
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Old 09-16-2014, 09:01 PM   #2
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That was a very neat article. Smart, frugal and the heart of a giver.

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Old 09-17-2014, 07:14 AM   #3
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Truly an inspiring story. It motivates me to take a deeper interest in the "nuts and bolts" of investments.( ie., if she can do it, why shouldn't I make a similar effort?)

Thanks for the post, ERHoosier!

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Old 09-17-2014, 08:40 AM   #4
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Neat story, I wish there were more of these. It seems that she's more of a stock picker than an indexer. From 1985 to now her 20-fold gain as a widow would be 10.9% per year assuming no money in or out, and this would be almost exactly the same as S&P500 returns including dividends reinvested. So I guess there's no need to beat the market if you live (and invest) long enough. Don't know if working till 77 was a factor.
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Old 09-17-2014, 09:24 AM   #5
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"A broker advised the Muchas to sell their Intel shares (ticker: INTC), sometime after the company went public in the 1970s, and, after that, they ignored his advice."

Gotta love it.
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Old 09-17-2014, 12:02 PM   #6
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What is especially nice about this article is that the lady is still very much alive and enjoying her money (by giving lots away to causes she believes in).

Typically one only learns of these 'millionaire-next-door' successful small investors after they die and their untouched capital is then inherited by a charity. E.g.:

Mercedes Heal - "An unexpected bequest"

Roberta Langtry - "Teacher kept her riches secret then left charity $4.3 million

Whitlowe Green - "Frugal schoolteacher makes $2.1 million bequest"

Virginia and Jack Mashin - "Love of education lives on in teachers' bequests"


Jack MacDonald - "Seattle man’s frugal life leaves rich legacy for three institutions"

Four similar stories summarized here: "Secret millionaires".
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Old 09-17-2014, 12:32 PM   #7
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She sounds like an amazing lady, but her investing success seems to be from luck rather than planning and good judgement. A similar strategy adopted by a low income worker would probably not result in success.
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Old 09-17-2014, 03:47 PM   #8
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Quote:
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She sounds like an amazing lady, but her investing success seems to be from luck rather than planning and good judgement. A similar strategy adopted by a low income worker would probably not result in success.
I read it differently. She was a relatively low-wage worker all of her life, but she (and her husband for a number of years) decided to educate themselves on investing, companies and how the market works and invest accordingly. Since they didn't have any kids, and it doesn't mention any hobbies, my guess is that this is what they used their "spare" time for. I don't think many of us (including me) have that level of energy to put into our investments.

I take it that they didn't use their low-wage jobs as an excuse to be poor all of their lives. Something to be said for that.
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Old 09-18-2014, 06:40 AM   #9
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Quote:
Originally Posted by MBAustin View Post
I read it differently. She was a relatively low-wage worker all of her life, but she (and her husband for a number of years) decided to educate themselves on investing, companies and how the market works and invest accordingly. Since they didn't have any kids, and it doesn't mention any hobbies, my guess is that this is what they used their "spare" time for. I don't think many of us (including me) have that level of energy to put into our investments.

I take it that they didn't use their low-wage jobs as an excuse to be poor all of their lives. Something to be said for that.
The only problem I have with the article is the impression it gives that investing in individual companies on a hunch leads to success. Unfortunately we seldom hear of the unsuccessful stories of people who have lost money.
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Old 09-18-2014, 06:49 AM   #10
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Where are all the stories about the people of meager means who picked the wrong stocks, and are now destitute in their old age?
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