When I think of Trump, I often think of Robert Morris.
At the start of the American Revolution, Morris was the richest man in America.
He is often referred to as "The Financier of the American Revolution."
Not because he spent some of his money. No, he spent ALL OF IT.
Not that Trump hasn't made some sacrifices. But Robert Morris is the standard for a rich man.
Robert Morris was a great man, but he didn’t lose his fortune supporting the revolution. He lost it in land speculation well after the revolution. He reminds me of Warren Buffet’s witticism that only the three L’s can ruin a good man: ladies, liquor, or leverage. In Morris’s case it was leverage. Morris also reminds me of P.T. Barnum, who made a fortune on Jenny Lind’s concerts (Hollywood, as usual lied), and then lost everything investing too much in a clock company in Connecticut.