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    Get rich quick

    My first job in London, in 1934, was as a foreign-exchange trader. One day the managing director called me into the office and said, “You are now the economist and head of asset management.” “But I’m just getting good at currency trading,” I said. The managing director responded, “That’s why I’m switching you.”

    You must resist… the temptation to make money off of currency management. The minute you do it, you’ll have another Barings disaster, another Sumitomo… This is what killed the Medicis. They got too smart.

    Peter Drucker (1909-2005), Austrian-born U.S. management consultant, advising executives to shun the lure of quick profits from currency speculation and focus on long-term investment growth. Quoted by Richard Teitelbaum in “The Wal-Mart of Wall Street,” Fortune, October 13, 1997.

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