Growing Rich - Arabictrader.com

GROWING RICH WITH GROWTH STOCKS
wonderful experience. My wife is great at handling the home front,
although it’s a challenge. Our life definitely revolves around our
children. I don’t spend a lot of time at the office on weekends. Instead,
I see a lot of Little League games, school plays, and things that involve
our kids.”
So far, Yacktman’s been able to convince only one of his kids to
join his firm. But he wouldn’t want it any other way. He has never
pressured any of them to enter the investment field. “Carolyn and I
told all of our children to look into the mirror, choose what they
wanted to be, and then be the best at it,” he says. “The first four have
all gone in different directions.”
Son Stephen remembers buying his first stock on a momentous
day: Monday, October 19, 1987. The previous Friday, the market sank
some 200 points. He asked his father to run out and buy some shares
of Sears. “I called Monday afternoon to see if he had done it, and dad
told me he had some good news and some bad news,” Stephen recalls.
“He said the good news is you didn’t pay $40 for the stock, which is
where it opened in the morning. You got it for $36. The bad news is
Sears ended the day at $32.” Stephen earned his undergraduate degree
in economics at Brigham Young in just two years, after testing out
of many general education courses by taking a series of advancedplacement
tests in high school. He also has an MBA from BYU. At
first, he planned to get into investment banking, but after a bit of
prodding, decided to join his father’s firm instead.
COLLEGE AND THE FIRST INVESTING EXPERIENCE
Before going to Harvard, Don Yacktman earned his undergraduate
degree in economics at the University of Utah and was a senior-class
officer as well as commencement speaker. His first investment in
stocks took place a couple of years earlier, in 1963. “After my mission,
I stopped in Chicago on my way back to Salt Lake and found my dad
had started investing in stocks,” he says. “I thought it was fascinating.
Dad subscribed to Wright Investor’s Service, which consisted of little
green sheet reports on different companies. It was very statistically
oriented, detailing things like PE ratios and whatnot. To be honest, I
can’t remember the first company I bought, but it was probably Fram
Filters. When I returned to Salt Lake City, I went down to the local
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