The Power of Long-Term Investing

In 1935, Grace Goner invested $180 in Abbott Labs (ABT). She died earlier this year at the age of 100.
Oh..and those ABT shares: $7 million.

Like many people who lived through the Great Depression, Grace Groner was exceptionally restrained with her money.
She got her clothes from rummage sales. She walked everywhere rather than buy a car. And her one-bedroom house in Lake Forest held little more than a few plain pieces of furniture, some mismatched dishes and a hulking TV set that appeared left over from the Johnson administration.
Her one splurge was a small scholarship program she had created for Lake Forest College, her alma mater. She planned to contribute more upon her death, and when she passed away in January, at the age of 100, her attorney informed the college president what that gift added up to.
“Oh, my God,” the president said.

Posted by Eddy Elfenbein on March 8th, 2010 at 9:35 am

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