War Admiral, The Biscuit and Johnny Horton

b u s i n e s s
War Admiral,
The Biscuit
and Johnny Horton
“For even the greatest sometimes
must fall…
Comanche the Brave Horse you gave
your all.”
“Comanche the Brave Horse,”
as performed by Johnny Horton
Even though he was a descendant of
the great Man o’ War, he
was an undersized horse.
He ate too much, slept
too much and failed too
often. Legend relates that
trainer Tom Smith saw
something special in him.
He treated his
and
Margaret R. injuries
nursed him to
McDowell health.
Eventually
Arbor Outlook Seabiscuit
set the racing
world afire
and defeated War Admiral in
one of the most famous events
in American horse racing
history (view the 1938 match
race on YouTube and watch
Seabiscuit refuse to surrender
the lead on the back stretch).
And he provided inspiration to
millions suffering hard times during the
Great Depression.
Racing fans looked at The Biscuit
and saw a reflection of their own difficult
circumstances. The horse had been kicked
around and left for the scrap heap. But
he refused to quit. He loved to compete,
to race, to run and he had a heart the
size of a locomotive. The American
economic engine thrives on competition
as well. Start a business and you’ll usually
discover powerful competitors around
you, all striving for profitability and
success. The same is true with folks who
work for others. They invariably compete
against top-notch applicants in their job
searches. It’s never easy, and obstacles
often abound. But the cream rises and the
results are frequently fantastic.
It’s been seven years since markets
and our domestic economy were mired in
the midst of the Great Recession. It was
the worst economic downturn since the
glory days of Seabiscuit. Many Americans
had most of their net worth tied up in their
houses at a time when home values were
plummeting by as much as 40 percent.
Large financial institutions and familiar
retail businesses that were thought to
be invulnerable crumbled. Government
bailouts saved some, but not others.
Maybe you remember the bankruptcies
and failures: Lehman
Brothers, Bear Stearns,
Sharper Image, Circuit City
and AIG. Every day brought
worse news. Many of us
worried if our money was safe
in the bank. Somehow we
persevered.
Incredibly, that was only
seven years ago. Today,
unemployment is down and
markets are reflecting a
renewed national confidence.
Is everything perfect? No.
Would the economy benefit
from more and better paying
jobs? You bet. Is every Federal Reserve
policy effective? Heck no. They do what
they can. But meanwhile, like Seabiscuit,
we wait out the bad times, try to capitalize
on the good times, and keep hanging in
there. We invent, we create, we scheme,
we dream, we work. The American
economic engine may get bumped along
the rail sometimes, but it’s awfully hard to
beat it down the stretch.
The American
economic engine
may get bumped
along the rail
sometimes, but
it’s awfully hard to
beat it down
the stretch.
Winning bid for lunch with
Warren Buffett tops $2.3M
OMAHA, Neb. (AP) — A Chinese
company that develops online games
bid more than $2.3 million Friday to win
a private lunch with Warren Buffett.
Beijing-based Dalian Zeus Entertainment Co. bid $2,345,678 to win the online
auction.
The Glide Foundation
uses the auction proceeds to help the poor
and homeless in San
Francisco.
The 2015 bid was still
well below the 2012 winning bid of $3,456,789
— the most expensive
warren
charity item ever sold on
buffett
eBay. Last year’s winning bid was $2,166,766.
Many people want
Buffett’s advice because the 84-year-old
is revered as an investor and philanthropist. Buffett is chairman and chief
executive of Berkshire Hathaway, and
more than 40,000 people attended the
company’s annual meeting in May to
listen to Buffett answer questions.
Over the past 15 years, the lunch auction has raised $17.9 million for Glide,
which provides meals, health care, job
training, rehabilitation and housing
Specializing in
Specializing
in adult
and foot
pediatric
of
the
ankle,
and care
the foot and ankle.
Dr. Thomas A. Fusco
Dr. Thomas A. Fusco
the practice
practice
joined
joined the
May
May 1st!
1st!
Margaret R. McDowell, ChFC, AIF, a syndicated
economic columnist, is the founder of Arbor
Wealth Management, LLC, (850-6086121~www.arborwealth.net), a Fee-Only
Registered Investment Advisory Firm located
near Sandestin.
assets to protect?
from Page B8
support to the poor and homeless. The
nonprofit relies on the event to generate
part of its roughly $18 million annual
budget.
Buffett has said the lunches generally last at least three hours and cover a
variety of topics. The only topic off-limits
is what Buffett plans to invest in next.
“Every year, it’s an interesting experience for me,” Buffett said. “I’ve met a
lot of great people in connection with it.
Made new friends. Hired a person. Had a
lot of good steaks, so I can’t complain.”
One past winner, Ted Weschler,
received a job offer after spending
nearly $5.3 million to win the 2010 and
2011 auctions. Weschler now works as
an investment manager for Berkshire
and gets to chat with Buffett on a regular basis.
The winners of the lunch auction
often dine at Smith & Wollensky steakhouse in New York City, which donates
at least $10,000 to Glide each year to
host the lunch.
But some of the past winners who
wanted to remain anonymous chose to
dine at one of Buffett’s favorite Omaha,
Nebraska, steakhouses.
Regardless of the location, the winner can bring up to seven friends.
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“It was terrifying, but it
was awesome at the same
time,” Sammie said.
They took possession of
the property at the beginning of March and opened
their doors at the end of the
month.
“She’s still a kid, but
she’s more motivated than
most 20-year-olds,” David
said of his daughter.
So far, the gamble has
been successful. People
have come from Baker,
Milton and even Shalimar
to try out their hand-tossed
pizzas, wings and salads.
The future seems
bright.
“Right from the start,
this was the first store of
hopefully many,” David
said.
Sharkbite’s Pizza Pub is
located at 42 U.S. Highway
90 in Holt. The restaurant
opens at 10:30 a.m. Mondays through Saturdays and
11 a.m. on Sundays. During
the summer, Sharkbite’s
stays open until at least
9 p.m. every day.
Sunday, June 7, 2015 | Daily News | Page B7
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