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STEVE FORBES: A TRUE FOOL

August 22, 2015

STEVE FORBES:  A TRUE FOOL

Several years ago, I wrote to Steve Forbes of Forbes.  Steve Forbes was such a genius that during the internet boom of the 1990s, he refused to take Forbes.com public.  Investment bankers clamored to bring Forbes.com public.

The bankers placed a value of $5 billion on Forbes.com.  But Steve Forbes would not take it public.  Steve “The Genius,” who inherited the family business believed that he could parlay the popularity of Forbes.com into a commercial venture worth $15 billion- a commercial venture that would dwarf finance.yahoo.com.

Everyone knows what occurred.  The blooming genius, who wanted to tax salaried earnings and not dividends and capital gains, proved that he was a fool.

Steve Forbes eventually sold control of Forbes and Forbes.com for a pittance.

Such is the danger of inherited wealth- the gene pool decreases.

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