I just finished listening to the book $1,000 And An Idea, by Sam Wyly. In trying to summarize the book in a sentence, I think the best I can do is “When the idea and management are good enough, the money to back it will materialize”.
I know it may be insulting to Mr. Wyly to try to boil his book down into a sentence. After all, if he could have, wouldn’t he have? Another blogger will most likely give you more detail, but that’s the one big nugget I took away.
He was a decade or two ahead of his time on some ideas, which caused them to fail, but he just kept pushing and going, even after losing 10’s of millions of dollars, multiple times. The losses taught lessons and cleared the fields for future successes. Sam took enormous risks, many times during his career, but they were always based on sound logic, future-casting and a certainty that the idea would work out.
Likes: The story was captivating and kept my attention. He taught through story rather than through boring data and detail, which was especially important in the audio format. It was funny on occasion and very inspiring to watch the man get up over and over, until he finally had (at least) financial success.
Dislikes: He has been married and subsequently divorced three times. I just don’t think this has to be the case for so many high net worth individuals. That was a huge turn off, and an enormous sacrifice of something important for something so fleeting. When we focus on the truly important (people) the less important (money/business) will blossom to a greater degree.
Maybe his spouses were all crazy… but I doubt it.