Billionaire Michael Lee-Chin shares his secrets on wealth creation and where he’s investing next — via financialpost PersonalFinance HighNetWorth
In the car, the managers clung to their briefcases, looking glum. It had been a remarkable run. They had ridden the wave of the booming wealth management industry so well that they had increased the value of assets under management to nearly $10 billion by 1998 from $12 million at the start of the decade. But, in a matter of weeks, everything had changed.
Lee-Chin is Canada’s only Black billionaire, and just one of 15 Black billionaires worldwide. He’s associated with 4 “unicorns,” privately held startups that have a valuation of over $1 billion: AIC Ltd., Columbus Communications, InterEnergy Holdings Ltd., and ITM Isotope Technologies Munich SE. He’s also associated with three publicly traded companies worth $1 billion or more, including NCB Financial Group Ltd., Telix Pharmaceuticals, and Guardian Holdings Ltd.
“Most people make decisions and act on their decisions based on: ‘Ready, aim, aim, aim, aim, aim…,” Lee-Chin said in an interview. “What I do, is I ready, aim, and if I’m in the vicinity, I fire.” Lee-Chin got his degree, and then applied to 100 jobs in engineering, receiving 100 rejections. “That was a low point in my life,” he said, “because when you’re not working, and you’re trying to get a job, and you get rejected, it kills your self-esteem.”Article contentDevelop and stick to a sound, intellectual framework that is absolute, not relativeHe switched careers and became a mutual fund salesman.
Lee-Chin joined the game. In 1983, he took out an investor loan of $500,000 to buy into the company whose funds he was selling: Mackenzie Investments. He advises investors to take a businesslike stance and immerse themselves in a business, buying into it not simply because the stock is going up or down, but because they have identified it as a great business. “You should ask yourself the question, ‘Do I really want to own a piece of that business, and why?'”Article content
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LeBron James becomes first NBA billionaire still playing: CrowquillThis past week, Forbes named LeBron James the first active NBA player to become a billionaire. Both Michael Jordan and Kobe Bryant reached billionaire status too, but only after their playing career was over. Here's illustrator Ted Crow's take on the news.
Read more »
Jack Nicklaus shares the two times he broke a club on the courseAt the 2022 Memorial Tournament, founder Jack Nicklaus shared the stories of the two times he's broken a golf club while on the course.
Read more »
Mystery solved: UK Queen shares secret with PaddingtonNow we know what is in Queen Elizabeth II’s handbag.
Read more »
We Need a Strong \u0022Wealth Squad\u0022 to Counter the Endless Defenses of the MegarichAs U.S. billionaires got richer and their wealth defense tactics proliferated, audit rates sharply declined. Funding the IRS' wealth squad would help ensure the nation's richest pay their fair share of taxes.
Read more »
Which Stocks Do Best During High Inflation?Want to inflation-proof your portfolio? These industries hold up the best when inflation surges
Read more »