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How to Make Serious Money

In: Business and Management

Submitted By franka4100
Words 2685
Pages 11
Byron Wien on ‘Only Way to Make Serious Money’
The Wall Street veteran interviews a wise colleague who argues that tech and biotech is where the action is.
Byron Wien
Updated July 1, 2015 12:24 p.m. ET
For the past fifteen years I have written annually about a person I have come to call “The Smartest Man in Europe.” For new readers, he is a finance person in his 80’s who has built his reputation by identifying important trend changes early and putting serious money behind his conclusions. Descended from a mercantile family that operated canteens selling food and weather protection along the Silk Route, he was educated in Europe, trained in New York and returned home to take advantage of the wealth-creating opportunities resulting from the post-war recovery. Listening to conversations around the dinner table, he was encouraged to focus on the major events early, and his success is a product of this skill. That success is reflected in his homes and other comforts he enjoys. His art collection spans centuries, from Canaletto to Koons, but what keeps him vibrant is ideas.
More From Byron Wien
Byron Wien: The Stock Market’s Next Phase
Byron Wien on Population Growth and Stocks
Byron Wien’s Views on Oil, Global Stock Markets
Notable among the past events he was early to observe are the rise and fall of Japan, the opportunities in China after the death of Mao, the end of the command economy in Russia and the unrealistic valuations of technology at the end of the last century. We get together a few times a year, but this year our conversation was by telephone.
“The whole world is suffering from too much debt. As a result, growth almost everywhere is going to be slow. I know you believe the problem is insufficient demand, but the major industrialized countries already have considerable debt and do not want to add any more to it to stimulate the consumer. Japan

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