NYT article - 96 year old Brooklyn secretary...

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blackcat allie
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NYT article - 96 year old Brooklyn secretary...

Post by blackcat allie » Sun May 06, 2018 4:58 pm

96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million https://nyti.ms/2FPS3pY

"Before she retired, Mr. Hyams said he saw the 96-year-old Ms. Bloom trudging out of the subway and headed to work in the middle of a fierce snowstorm." 🏆

Among other highlights: " “She was a secretary in an era when they ran their boss’s lives, including their personal investments,” recalled her niece Jane Lockshin. “So when the boss would buy a stock, she would make the purchase for him, and then buy the same stock for herself, but in a smaller amount because she was on a secretary’s salary.”

SrGrumpy
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Re: NYT article - 96 year old Brooklyn secretary...

Post by SrGrumpy » Sun May 06, 2018 5:17 pm

The Othmers are mentioned in the story. Google them. Not a happy ending for their millions.

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Re: NYT article - 96 year old Brooklyn secretary...

Post by Grt2bOutdoors » Sun May 06, 2018 5:59 pm

It helped to have “tips” from those in the “know”. Kudos to her.
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Material Guy
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96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by Material Guy » Mon May 07, 2018 8:10 am

[Thread merged into here, see below. --admin LadyGeek]

Another interesting story of someone quietly building up wealth and leaving it to a good cause. Not many details on specific investments or what stocks.

96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

livesoft
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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by livesoft » Mon May 07, 2018 8:30 am

It just goes to show that time in the market is helpful. :)

I don't think it is so much a story of quietly building wealth. It is more a story of furtive frugality.
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The Wizard
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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by The Wizard » Mon May 07, 2018 8:31 am

Yesterday's thread on this topic got deleted by the mods...
Attempted new signature...

Glockenspiel
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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by Glockenspiel » Mon May 07, 2018 8:40 am

It wouldn't be that difficult to amass $8.2 million after working for 67 years. The thing is, most people that old didn't consistently invest for retirement, and it sounds like she did. Most people don't have nearly that much time in the market. I imagine someone could estimate, using historical market returns, how much she invested per year.

HEDGEFUNDIE
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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by HEDGEFUNDIE » Mon May 07, 2018 9:19 am

It is unlikely that she invested in index funds. The article states that she would follow the stock trades of the attorneys she supported.

livesoft
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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by livesoft » Mon May 07, 2018 9:21 am

We all know that index funds did not exist when she started investing. Also, it is possible that she was a terrible investor and could have donated $20 million or more if she had started using index funds when they became available. :twisted:
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wrongfunds
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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by wrongfunds » Mon May 07, 2018 9:27 am

We also don't know if she had access to some information and she was also NOT aware that she had that access. I do not think she was obligated to attend annual training course on inside trading like those attorneys that she was working for. For the fear of closing down this topic, I will leave the speculation part for you to figure out.

CedarWaxWing
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96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by CedarWaxWing » Mon May 07, 2018 9:59 am

[Thread merged into here, see below. --admin LadyGeek]

https://www.nytimes.com/2018/05/06/nyre ... n=Trending

https://www1.salary.com/Legal-Secretary-I-Salary.html Shows the ave legal secretary salary in 2018.

Married, worked as a legal for 67 years until she was well into her 90s.

The article says she simply bought the same stocks her Attorney employers bought.

In my mind this raises an interesting theoretical question:


If we assume she started work in 1949 (67 years from 2016), and invested the same amount every year, and reinvested all dividends and distributions, how much would she have had to invest to have ended up with 8.2 million if she had simply invested in:

S and P 500/int treasures 80/20?

Would it be a close enough approximation to do the number crunching all in today's dollars, since the final result is in today's dollars?

Just for fun...

M

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Re: 96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

Post by Grt2bOutdoors » Mon May 07, 2018 10:03 am

Greatest bull market in the last 96 years, worked for a Wall Street law firm, worked for partners, worked for a firm that grew very large plus time plus compounding plus refusal to spend money. Connect the dots.....
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Re: NYT article - 96 year old Brooklyn secretary...

Post by LadyGeek » Mon May 07, 2018 3:59 pm

I merged several threads into here. This thread has run its course and is locked (not actionable, rich people). See: Non-actionable (Trolling) Topics
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