He was born in 1905 and have invested since the 20th century. Now, the 108-year-old masterpieces investors their best tips. “I doubled my money in the crash of 1929 – and I still wins.”
Share veteran Irving Kahn has had time to be 108 years, and he has passed another crash since the 1920s. In an interview with the Telegraph, he talks about everything he has learned.
And confidence is nothing wrong. “I doubled my money in the crash of 1929 – and I still win,” he says.
Three days a week, 108-year-old goes into the office of his firm, Kahn Brothers. Kahn Brothers today manages just under one billion dollars. He began his career on Wall Street before the crash in 1929 and has lived through – and invested through – the Depression, World War II, the Cold War and the recent financial crisis.
Kahn says that in the beginning of his career, the market was dominated by speculators and only a few major institutions invested in a serious way. 1929 Kahn decided therefore to begin to sell shares.
Kahn borrowed money from a relative who was sure he would lose them, and said that we were stupid if you bet against the stock market rally. But Kahn blanked a copper company and doubled the sum invested.
“It is a good example of the enthusiasm of a company or an industry often is a sign of great risk,” he says.
Kahn’s tactic is to find solid companies that are undervalued by the market, and then stick to them. He does not believe in borrowing money to invest. “Then it does not hurt to live easy either,” he adds.
Just like during the Depression in the 30′s Kahn still looking for stocks that are trading at a discount. Good companies that are traded at discounts appear to end up, if one is patient, says Kahn. If the market is over priced, an investor could wait.
“There are always good company that is over priced. A disciplined investors avoid them. Warren Buffett has said that a good investor has the opposite temperament compared to the market. By all crashes, I have kept myself to value the investment and it has helped me to maintain and grow my capital, “says Kahn to The Telegraph.
Today, you’ll get Kahn finds. According to him, it depends on widespread speculation. But the wind can turn. “Those who are in debt, is short-sighted and purchased at high prices at risk of losing their capital permanently., I like to be slow.”
For those who invest their money itself Kahn afford to give.
“You have to have the discipline and the ability to resist your impulses. People are just wrong instincts when it comes to markets. If you understand it, you can resist the urge to buy into a rally and sell during a fall.”
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