http://www.businessinsider.com/james-altucher-mistakes-2013-4
When I was 18 I went to college and went about $50,000 in debt. Why would an 18 year old do that to themselves?I majored in computer science. 8 years later when I got a real job they made me take remedial programming classes after I crashed everyone’s email and trashed the network.
When I was 21 I went to graduate school and got thrown out less than two years later.
They told me when I was “mature” enough I could come back. I don’t know. Maybe one day they will let me back.
When I was 22 – 27 I wrote a bunch of novels and dozens of short stories. All of them were rejected by 40 publishers and probably most of my friends hated them but were embarrassed to tell me.
When I was 24 I was the 8th employee at Fore Systems. I made a game, “Missile Command” to demo their product. Then I quit by walking out one day (hitchhiking) and never returning. A year later they went public and employees 1-50 became multi-millionaires.
Between the ages of 20 and 30, 10 women broke up with me. I don’t think I broke up with any of them. One of those ten is Facebook friends with me. Two are dead.
When I was 30 I sold my first company to a company that eventually went bankrupt.
When I was 30-31 I spent 365 days straight playing poker without spending more time on my family, on health, on creativity, on positive things.
When I was 32, at the height of the dot-com boom, I started a venture capital fund. I invested millions of dollars in dot-com companies and lost it all. From peak to low in 2000-2002, $15mm cash to $0 and losing my house. I had to start from less than scratch (I owed taxes after hitting $0).
When I was 32 I started a company which raised about $100 million. Lost it.
When I was 34 I hung up the phone on my dad in an argument and never returned his calls. Six months later he had a stroke and died. A week before that he had emailed me to say hello but I didn’t return the email. I’m sorry, Dad.
Nobody in my extended family speaks to me anymore.
When I was 36 I started a fund of hedge funds. I turned over every rock on Wall Street to find something good to invest in. There was was nothing good to invest in. All of Wall Street is a scam. Capitalism is good but Wall Street is a scam. When I was 38 I shut down the fund of hedge funds. 10 of the funds I invested in were probably scams. There was nothing to invest in.
When I was 39 I bought a house at the top of the housing market. Then I got a divorce. Then the stock market crashed. Lost a house, a family, and all my money. Again.
When I was 39 I started a company I still believe in but I was so depressed I let it just disappear.
When I was 39 I started yet another hedge fund. This one lasted for two months before I shut it down.
When I was 40 I started a company I didn’t believe in and wasted $40,000 trying to build it.
Someone said to me the other day, “it’s good to make lemonade out of lemons”.
I hate lemonade.
When I was 18 I didn’t know what the outcomes of things were. I still don’t. I can’t say “bad” or “good” on any one event. Who knows?
My early 40s got a little worse. Then a lot worse.
But then they got better. A lot better. A whole lot better.
I’m glad everything happened. I’m very grateful.I wouldn’t change a thing.
I guess this guy still runs a fund and is a published author, but good lord is that depressing. I kept waiting for an inspiring story...it never delivered.
How did he keep getting money to start stuff? Sold two companies for $$ but stated he lost it all. How did he start up a HF after just trading at a HF for like 2 years...
wow what a story
Hes an MD at Formula Capital, never heard of it..
If you're willing to reach pretty hard for a glass half-full view on his story you could say that his refusal to give up in the face of mounting failures, both personally and professionally, and apparently depression is pretty inspiring and a testament to the human spirit.
Also, in my opinion, quitting HBO too soon is a regret, not a failure. I think there is a big difference between the two.
Not exactly what you'd call a born winner eh?
definitely check out his blog. its very inspirational and realistic
There is definitely such a thing as the "It factor" and a lot of people don't have it. There are plenty of brilliant people trying to make moves. But a lot of people lack the ability to actually get stuff done and to succeed -- to execute. It's hard to say what exactly differentiates the winners from the losers but it's a lot more than intellect. Some people just get it done. Others, you can literally walk them to the finish line and ask them to cross it, and they'll somehow fuck it up.
You have people like Altucher (apparently) who just can't get it done. Everyone makes mistakes and fails at some point, but to have that many chronic failures strung together is representative of a deeper issue. I have no idea what it is, but with these people it is some kind of subconscious hang up that causes them to blow themselves up.
The firm I used to work for hired this brilliant kid out of MIT to do some quant stuff for us a few years ago. He had placed in national math competitions, had great grades, a sky high SAT score, etc., etc. He lasted about six months. More than smart enough to do the job, but would habitually self destruct, and it was the kind of destruction that would spill over and impact other people as well. There was always a "reason" he messed up, but in the end, he just couldn't get it done, so he got fired. Fast forward a few years, and he's moved to a rural town and joined some kind of a cult. Weird shit. Some people just can't execute in the real world no matter how brilliant they are. He'll never get back into finance.
We had a Princton grad with honors who failed the state real estate exam 5 times before passing it. This is the same exam housewives take (and pass) to sell houses on the side, by the way.
I've heard a bit about Altucher. Seems he's pretty smart and fairly successful. Just because he's had big busts doesn't mean he doesn't have the "it factor".
"Two are dead"
Hummmmm
I never liked that guy on Techcrunch. His articles are so judgmental. Yah, sad story...but if you read his other pieces, you can definitely tell he has that sort of weird vibe....
Yeah, there's an argument to be made that he's not that bad, but when you step back and take the 10,000 foot view, this guy was at the intersection of the two biggest economic bubbles of the last 100 years. He managed to make -- and lose -- multiple fortunes despite that amazing opportunity, not even including the fortunes he passed by (who leaves a pre-IPO company during the tech bubble?!). It doesn't count if you made tons and tons of money if you can't ever hold on to it.
Also, the jumping around between IT, fiction writing, and finance is a red flag. As is getting thrown out of school.
He's a maverick and a brilliant guy, that's all true. But there's something missing about this guy's approach or he wouldn't habitually blow himself up. It's not bad luck if it happens that many times, it's either a personality defect or a short coming in the process. Whatever it is, he's missing something.
IMO this makes him no different than any other entrepreneur. The difference between him and a very successful one like Ferriss is he isn't quite as successful and consistent. He's still in the 1%. And, yes, he does seem weird. Never liked him on TechCrunch either. I still have respect for what he's accomplished, even if his failures are glaring.
I feel the need to point out that this guy has done things that most of the college students and entry-levels on this board would kill to do or be a part of.
The difference between him and another successful entrepreneur is that he isn't successful? That's a pretty big difference. The reason he isn't successful is because he lacks the consistency, that's what I've been saying. He's had more huge successes in his life than most people could ever dream of, but he always gives it back, so it doesn't really count.
Maybe it comes down to personal experience -- I have known several people like Altucher. My father is like that. He's made it big several times as an entrepreneur only to blow himself up every single time (surprisingly similar to Altucher). He can't hold on to it. There's no consistency. It's not a question of ability, it's a personality flaw and it's not fixable. Probably Altucher will keep blowing himself up. You can have people like this as friends but you want to avoid them as business partners.
No, all I'm saying is, you're all wrong and I'm right. But if you like to wank to internet porn because you can't get any (I guess?) that's another thread. Good luck. Feel free to add some 50 grit sand paper to your routine.
lol k.
Send me your paypal information and I'll reimburse you for a couple of your therapy sessions. I know life is soooo tough when daddy keeps disappointing you.
I agree with Ravenous....there is something fundamentally wrong with this guy. You don't even need to focus on some of his business failures, his failures in his personal life are sufficient.
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