Before becoming one of the most important movie studio executives of the 1970s, Robert Evans took a break from the glitz and glam of Hollywood to work for his brother’s apparel line, Evan-Picone.
The company was so fashionable in the 1960s that every investment bank was pushing them to go public. After six months of back-and-forth negotiations, Revlon agreed to buy Evan-Picone.
The deal was for $12 million (which would be more like $100 million today). Charlie wanted to conserve his wealth while Robert wanted more. As brothers, Charles and I were so alike yet so different.
Today, Charles is a millionaire a hundred times over. Charles, the far richer, put in $25,000; me, a quarter of a million. Two months later, the fund went bust, I mean bust—zero back on the dollar.
How depressing it would have been to know then that it was a portent of our financial futures. Evans spent much of ...
...his life going from boom to bust and back again — making a lot of money, losing it all and repeating the cycle.
He later admitted, “Going for broke rather than going backward had always been my style.” There’s nothing wrong with taking some risks, in your career or with your money. There is no reward if you take no chances.
But there are certain risks that are avoidable and unnecessary depending on your circumstances. Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don’t need?
If you have no idea how much is enough, you’ll never be satisfied with what you have.