Question Description
NO PLAGIARISM PLZ
Christopher Davis’ grandfather Shelby Cullom Davis had $850 million in his pockets when he died, but the younger Davis couldn’t even squeeze a dollar out of him.
Christopher recalls working summers as a teenager at the elder Davis’ insurance brokerage firm. The pair were coming back from a meeting of the New York Society of Insurance Analysts, and it was lunchtime. He had forgotten his wallet and asked his grandfather for a dollar to buy a hot dog from a street vendor. The elder Davis replied, “Do you realize that if you took that dollar and invested it at 15%, when you’re my age that dollar would be worth $1,000?”
“I learned three lessons from that,” says Christopher Davis. “The power of compound interest, the importance of not overpaying and not to forget my wallet.”
Today Christopher and his family manage $36 billion. Close to $2 billion of that is their own. Christopher, 35, runs the family’s two flagship funds—the $20 billion Davis New York Venture fund and the $5 billion Selected American Shares fund. The funds are run nearly identically, but Selected American Shares is a no-load fund.' (taken from "The $1,000 Hot Dog" by Mary Beth Grover)
Click this link (Links to an external site.) to see Christopher Davis share this story and the lesson's he learned from it.
Time Value of Money is one of the most important aspects of financial management. What does the above story have to do with Time Value of Money. Name and discuss at least one practical example of how we use Time Value of Money in our everyday lives.
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