All posts filed under: Gratitude

October 1987 Crash

I had hungered to be wealthy even when I didn’t become a millionaire before the age of thirty. So after leveraging our debt to buy Genzyme founder’s stock from Sam, then taking Genzyme public in 1986, I borrowed as much as I could on margin to buy yet more Genzyme stock. I believed by taking on margin debt, and raising the value of our Genzyme holdings, though heavily leveraged, we could better reap the fruit of all my hard work. Loretta asked me how low the stock could go before we lost it all. Genzyme had gone public at $10 per share and traded as high as $16 per share. I told her Genzyme had never traded below $7 as a public company and we could meet any margin calls as long as the stock was above $5.25 per share, which was less than half its current level, and 25% below its lowest price ever. On the other hand if Genzyme went to $30 per share as predicted by analysts we would become wealthy. Then …

Prideful Fall

My 1993 Budget presentation to TSI’s Board ended with three definitions of success. The first Ralph Waldo Emerson’s definition: “To laugh often and much; to win the respect of intelligent people and affection of children; to earn the appreciation of honest critics and endure the betrayal of false friends; to appreciate beauty, to find the best in others; to leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition; to know even one life has breathed easier because you have lived. This is to have succeeded.” The second I called Bain’s definition: “A superior financial return for shareholders over an extended time period. Finding high growth sectors to maximize business opportunities; with a focus on relative market share, value creation, and high reward for high performance.” Finally one I called the Genzyme measure of success: “Building an important corporation faster and better than the competition; with great expectations, satisfying but not focusing on shareholders, stretching forecasts as far as you reasonably can, and then working like …