Prof. Howard Stevenson - Wealth and Families

<p>Want to get rich and to pass money to your kids? Listen closely to Howard Stevenson. Here’s condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS’ biggest fundraiser.</p> <p>His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview:</p> <p>“Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE [Jaguar XKE, a coveted sports car of the era] quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.”</p> <p>Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money.</p> <p><a href= "https://itunes.apple.com/us/podcast/angel-invest-boston/id1180248689?mt=2"> iTunes Page for the Podcast Where You Can Review and Subscribe</a></p> <p>The topics covered in this dynamic conversation include:</p> <ul> <li>Howard Stevenson Bio</li> <li>How Howard Stevenson Started His Career</li> <li>Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School</li> <li>Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.”</li> <li>After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS</li> <li>Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Ol