Forbes Best Business Mistakes by Bob Sellers

Author:Bob Sellers
Language: eng
Format: epub
Publisher: Wiley
Published: 2010-06-15T16:00:00+00:00

Gary Goldberg’s Best Mistake, in His Own Words

I was an institutional broker on Wall Street in the late 1960s. I had just gotten my license so I was starting to make my calls.

I made an appointment with a renowned money manager, Richard Ney. He was a young guy back then. He had an office on Madison Avenue. At the time it was my first research idea. It was AMF, the old billiards and bowling ball company. I finally landed an appointment with him. He said “Fine” and he gave me a date. And the night before my presentation, I remember staying up all night in order to study AMF. I was really flexing my muscles. I felt I knew everything about the company I needed to know, and I went to his office.

He was in this office that I will never forget. It was wood paneled, and he had a backgammon set—it was kind of over the top. He was one of those young Wall Street honchos who had made a big name for himself. So I went through my presentation and I thought I was terrific.

Then he said, “I want to ask you a question.” And the first question he asked related to some accounting aspect of the company.

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