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If you want to get rich and to pass money to your kids, listen closely to Howard Stevenson. Here’s condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS’ biggest fundraiser.

His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview:

“Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.”

Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money.


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