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to Florida’s public universities. His fortune comes not from some flash of entrepreneurial brilliance or dogged devotion to career, but from a lifetime of prudent do-it-yourself buy-and-hold investing.
“That’s where my life changed,” he says. “They give you tests all the time to see how smart you are, and out of 135 in our class, I think I was in the top—especially in the areas of mechanics and organization.” His fortune comes not from some flash of entrepreneurial brilliance but from a lifetime of prudent buy-and-hold investing.
A year later he concocted one of the world’s first neutralizers, a chemical that restored lenses back to their original clear state. This meant opticians no longer needed to carry large inventories of different-colored lenses or dispose of lenses that were improperly tinted. “I was still seeing patients, I had a little lab,” recalls Wertheim with a smile. He showed his wife a coffee can containing his chemical concoction and said, ‘Nicole, what’s in this can is going to make us millionaires.
With Lear Jet in the late 1950s, for example, Wertheim was practicing “invest in what you know,” the strategy popularized by the famous Fidelity Magellan fund manager Peter Lynch in his 1989 book. Lynch told readers to use their specialized knowledge or experience to gain an edge in their investments.Instead of concentrating on the metrics in financial statements, Wertheim is devoted to reading patents and spends two six-hour blocks each week poring over technical tomes.
Wertheim’s returns are miraculous. But merely adding $200 per month to an initial $10,000 in the stock market over the past 61 years would have produced an $11 million portfolio.Not all of the hundreds of stocks he has owned have fared so well. He invested big in Blackberry. “I believed in the new management and the recovery story,” says Wertheim, who will generally sell if a position reverses on him by 25%.
As with Buffett, Wertheim says finding companies with strong management has been key to his success. A great example of this is Heico, a family-run aerospace and electronics company based in Wertheim’s hometown, Hollywood, Florida.after Wertheim bought a condominium in a building Mendelson owned and docked his boat next to Mendelson’s on Coral Gables Waterway. “He has two daughters around the same age as my two sons,” Mendelson says. “We got to know each other socially.
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