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Saying NO. And a tribute to Lee Iacocca

It is far more important to say NO than to say YES.

Saying YES to the wrong projects can drain your money and zap your energy. For years and years.

Saying YES to “emerging” markets can be devastating to your wealth and your psyche.

Take Turkey. Today’s New York Times has a piece:

Turkey’s Long, Painful Economic Crisis Grinds On

Click here.

And yesterday

Click here.

I’ve never been big on banks. 

But this ten-year chart of Deutsche Bank’s shares blows me right away.

You have to work really hard to destroy one of the world’s largest banks.

Lee Iacocca died recently

His funeral is this week. His family took out this wonderful full-page ad in last Sunday’s New York Times.

My Jewish parents were turned away from America in 1939, but made it to Australia, thus narrowly avoiding the Holocaust. Mother was from Austria. Father was from Romania. Jews from both countries were sent by the Nazis to death camps.

I was born in Australia in 1942 in the middle of WWII. I came here in 1967 to go to business school. When I graduated in 1969, my father encouraged me to stay in America. I was his insurance policy against antisemitism in Australia. He felt, if necessary, I could bring the family safely here.It never was necessary. He stayed there. And I stayed here.

Lee Iacocca’s quote  in the family’s advertisement above reads:

“All the success I’ve had, all the jobs I’ve saved and the lives I’ve influenced would never have happened if my parents had been turned away at Ellis Island.”

Lee Iacocca was born in Allentown, Pennsylvania, to Nicola Iacocca and Antonietta Perrotta, Italian immigrants (from San Marco dei Cavoti, Benevento) who settled in Pennsylvania’s steel-production belt.

There are thousands of articles on Lee Iacocca. This one is from the New York Times of July 3, 2019.

Lee Iacocca Was a C.E.O. for the Television Age
Before the cult of the modern corporate chief, the former Chrysler leader fused his identity with his company’s, helping him sell cars and win over Washington.

For the full article, click here. 

My first car in America was a $600 second-hand Mustang. Iacocca is best remembered for the Mustang. Thank you, Lee. It was a great car.

No picture of me today — out of respect and admiration for Lee Iacocca. A child of immigrants, as I was in Australia.