Friday, February 18, 2011

1,000 dollars and an idea by Sam Wyly

Who is Sam Wyly? The title gives you a few hints. He had $1,000 and an idea that eventually made him a billionaire. I had no idea the impact his one idea had on American business. It wasn't this one idea that made him a billionaire but it set him on the road to his wealth.

The title implies that Wyly's road to wealth was simple and that he's going to tell you how to do it. It really wasn't simple and you will have to read between the lines to figure out exactly how he did it. Wyly is the type of entrepreneur that has a tendency to buy companies, build them up and sell them just before the markets take a turn. His original idea gave him the ability to follow this path. Wyly has an uncanny ability to recognize the right time to buy and sell. His business life has many successes but also some failures.

The book's strength is it's retelling of the history of the business of computer mainframes, and business software. There is also history of Michael's, Bonanza restaurants, and Maverick hedge funds. The book tends to meander in the last few chapters as Wyly explains current financial markets and the economic downturn while mixing his own political views. His contribution to our economy is without question and it may be worth your time to read it.

Book rating: 3 stars

The books I select for review are books which I personally select from my local library. I do not receive any reimbursement from authors or publishers or free books. I do provide links to Amazon as a convenience to the readers of this blog. I do earn a small referral pittance which is not even enough to buy a soda.

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