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Re: drsandcrs post# 2947

Wednesday, 09/28/2011 10:16:05 PM

Wednesday, September 28, 2011 10:16:05 PM

Post# of 3162
I would not expect any "window dressing".

Richard Rainwater and Robert Bass met at Stanford Business School.

After business school, he landed a job as an investment banker, but soon accepted an invitation from former Stanford classmate Sid Bass to manage and diversify the Bass family portfolio. Rainwater became the chief financial architect for the Bass family investments. He was given $5 million to invest during his first year and managed to lose it all. He then sought a more methodical investment strategy by speaking to investors like Warren Buffett and Charles Allen, Jr., while also studying the work of Benjamin Graham and David Dodd.[1] After that debacle, Rainwater sought advice on more qualitative investing and his investments began to take off, according to "Wall Street's Best-kept Secret," a cover story that appeared in the October 20, 1986 issue of Business Week. Rainwater eventually transformed the Bass family fortune into $5 billion. He is reported to have amassed $100 million for himself during that period, which he later used as seed money for his own fund.

Rainwater has been an independent investor since 1986, investing in more than 30 companies and purchasing 15,000,000 square feet of office space in Texas. Fortune magazine described his investing style as "analytically rigorous but opportunistic and Texas-sized in its audacity."


http://en.wikipedia.org/wiki/Richard_Rainwater

Remember me telling you of the problems in Texas in the late 1980's? Where others saw empty buildings, Rainwater saw opportunity.

The successful distressed investor is concerned about making money next month, next year - not tomorrow. We are often viewed as "wrong", "out of touch".

Speaking of Stanford, the picture of Bob Hope, Gracie Allen and Peruna was taken in 1935. SMU played Stanford in the Rose Bowl. Stanford won, 7-0. SMU went 12-1. The Ponies outscored the opposition 288 to 39 and had 8 shutouts that year.

If you aren't an Enterprising Investor, become one—you'll love making money like Benjamin Graham.

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