Saturday, January 19, 2013
A culture of stocks
When I was about ten yrs old, I began cutting grass to earn extra money..and yes i kept the change in several old piggy banks...but when I got about 13, my dad took the hundred dollars I had saved, and asked if I wanted to buy some stock in a new company called Control Data..It cost about $5 per share, and he said that he would add $25 to my savings and get 25 shares for me.
So for the next 7 years or so, you can guess which section of the paper i began reading diligently. Control Data stock rose, split, rose and split over and over...and finally in 1967 in a time of financial distress, he sold it for me, and i took the check, for $3600 down to Minnesota Federal in St. Paul to cash. The cashier told me that it was too large a check for them to cash, and to cash something that large, I needed to call them in advance...I asked to speak to the manager...and got the cash..
From that moment on, it was stocks for me...it was a key moment...