The Steinbrenner family certainly revived the brand.
I also love the hockey picture on the same back page showing the players without helmets.
The Steinbrenner family certainly revived the brand.
I also love the hockey picture on the same back page showing the players without helmets.
That certainly seems like an incredible return (and it is!), but really it just shows the awesome power of compounding and long time horizons: it’s an annualized return of ‘only’ 14.3% per year. If Mr. Steinbrenner had simply bought a $10,000,000 of 49 year S&P 500 total returns, he would still have almost $1.7 billion today–a return of 11% per year. It’s mind boggling that the difference of 3.3% per year on $10 million over 49 years is an incredible $5.2 billion. This is why your financial advisor is the one who is rich.