No. of Recommendations: 14
Our director has an interesting background.
I recently read The Davis Discipline which covers three generations of the Davis family. It's a short, interesting read for those not familiar with the Davis family and their investment history and philosophy. Only 154 pages.
Re Chris, even with his father and grandfather's Wall Street history, that wasn't his calling growing up. He became a Communist early on. He did odd jobs, loved animals, and started studying pre-vet at Cornell. Went to Scotland to study abroad, found a girlfriend and they lived together on a meager stipend from his Dad. Decided he wanted to be a priest. Through family connections, started studies in France and slept on the floor of a loft in a cathedral. Was advised that priesthood wasn't his calling. Returned to US and, after several tries, got a job in banking without invoking his family's name. After several investment related jobs, developed a reputation on his own and was finally asked by his grandfather to join his business. Ultimately reconciled with his Dad and then carried on the family business.
Both grandparent and parent were determined that the kids make it on their own rather than inheriting the family fortune. Very frugal upbringing albeit Ivy League schooling.
Book is ultimately about disciplined investing over three generations. But also an interesting read in family dynamics. Some funny stories - e.g. about a $1 hot dog. On a walk with his granddad, saw a vendor and asked for a hot dog. Instead he got a lecture about how $1 could compound to $1000 over time if invested. Chris said he learned about saving, investing, and to carry his own money to spend.
