Someone dropped this article into my inbox and makes mildly interesting reading for a fluff piece.
However, two points stood out.
Mr. Sass’s style has produced an annualized gain of 7.2 percent, after fees, over the past decade versus a 5.3 percent annualized return for an index of value stocks tracked by Chicago research firm Morningstar.
This is fairly ordinary performance when compared to to others.
He was stuck in traffic one evening in front of the Plaza Hotel, which was throwing a gala for its 100th anniversary, complete with movie stars, fireworks and the singer Paul Anka.
From his car, Mr. Sass watched Mr. Anka perform “My Way” as screens around the plaza projected images of celebrities who had celebrated milestones at the hotel.
“I’m stuck in a car trying to get home and I’m watching this and I’m thinking, it just doesn’t get any better than this. This is beautiful. This is iconic,” recalled Mr. Sass. “So when I got home, I told my wife to go and buy an apartment there tomorrow.”
She did. Months later, Mr. Sass paid $24 million for a 6,306-square-foot duplex apartment at the Plaza with a terrace and bird’s-eye view of Central Park.
Being ordinary pays…….
