Lebanese-born American investment banker, financier, activist and author
Lebanese-born American investment banker, financier, activist and author
Born: December 3, 1960
Alternative Names:
Ziad K Abdelnour
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I do not believe in the power of brand names or in emulating
any of the brand name investors out there. It is a fact that all — if
not at least most — of the biggest names in American finance and
industry out there today have proven after the 2008 crisis to be some
of the most incompetent people there are. Starting with the untouchable
Goldman Sachs, who was bailed out by over $5 billion from
Warren Buffett, to AIG and Citibank, who were bailed out by the
hundreds of billions of dollars from the Troubled Asset Relief Program
(TARP), having a name and a history does not make you the brightest
and the best. All it takes is one nincompoop with a huge ego or a
board of directors who think they are smarter than everyone else to
destroy what has taken generations to build.
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I do not believe in diversification. Take a close look at
some of the greatest entrepreneurs in U.S. history. Henry Ford never
diversified; Bill Gates didn’t diversify. I strongly believe that the best
way to create real wealth is to put one’s eggs in one basket and watch
that basket (the right one) very carefully. In fact, one can go broke
diversifying.