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The Very, Very Rich and How They Got That Way: The spectacular success stories of 15 men who made it to the very, very top by Max Gunther

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15. The Magic of “OPM”: 2. The Equity Route

As we’ve seen in the case of Daniel Ludwig, one way to make other people’s money work for you is to borrow it. There is another way, and the man we’re about to study – James Joseph Ling – is a man who until a few years ago was acknowledged to have mastered it. His fortunes have recently fallen and the business community has abandoned the tone of awestruck wonder with which it once flattered him. Today he’s “Hard-Luck Ling.” Still, his achievement cannot be denied.

Ling used OPM to climb from nowhere to enormous prominence as chief of perhaps the fastest-growing major company Wall Street ever saw. The huge, complex venture fell ill in 1969 and is still not off the critical list as this book goes to ...

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