“My thing is I wanted to be able to have free time. To me, having time is the most precious thing.”
The title of this article at Forbes.com was right–I had never heard of Herbert Wertheim until this morning. And I bet you haven’t either.
Dr. Wertheim (he’s an optometrist) is a world-class investor, described as a buy-and-hold guy who’s “a mix of Warren Buffett and Peter Lynch, with a touch of Jack Bogle.”
If you’re unfamiliar with those investing legends, then think of Dr. Wertheim as an investor who likes to (1) invest in companies that he knows well (he’s the consummate deep-dive researcher), (2) hold those investments when they’re performing well and invest more when they’re underperforming, and (3) avoid fees and commissions as much as possible.
“If you like something at $13 a share, you should like it at $12, $11 or $10 a share,” Wertheim says. “If a stock continues to go down, and you believe in it and did your research, then you buy more. You are actually getting a better deal.”
I’ll let you read the article because it tells Wertheim’s story very well and I think you’ll enjoy the tale of how he went from a penniless 16-year-old delinquent (teaser: a judge gave the young boy a choice–Florida state reformatory or the US Navy) to a man who has, according to Forbes’ estimates, amassed a fortune of over $2.3 billion.
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