Once upon a time there was a very astute gentleman, let’s call him Mr Smith, who invested in a company called International Tabulator. Mr Smith had great faith in the company, which in due course became IBM, waxed fat and prospered. Mr Smith would say to his children and grandchildren, "Our family owns IBM, which is the greatest growth company in the world. I invested $20,000 in IBM and that 20,000 has made me a millionaire. If something happens to me, whatever you do, don’t sell IBM." Mr Smith himself never sold a share of IBM. Its dividends were meagre, naturally, and so Mr Smith had to work hard at his own business to provide for his growing family. But he did create a marvellous estate. His children followed their father’s dictum and never sold a share of IBM. And each of them grew as rich as Mr Smith because IBM kept growing and growing. They also had to work quite hard at their own businesses as their only money was in IBM. The Smiths are now in their third generation of IBM o...
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