The World’s Greatest (Worst?) Misers

Investment Strategy

Hetty Green, known as the "Queen of Wall Street," was a remarkable figure in the world of finance during the late 19th and early 20th centuries. Her investment strategy was simple yet effective: buy when prices are low and hold until they rise. This approach, similar to that of modern-day Warren Buffett, was backed by meticulous research and a contrarian mindset 1.

I buy when things are low and no one wants them. I keep them until they go up and people are crazy to get them.

--- Gary Arndt

Despite inheriting a substantial fortune, Hetty's financial acumen and strategic investments significantly increased her wealth, making her one of the best investors of the Gilded Age 1.

   

Miserly Reputation

Hetty Green's reputation as a miser is legendary, with stories of her extreme thriftiness often overshadowing her financial success. She was known for living in boarding houses, wearing the same black dress daily, and even heating oatmeal on a bank radiator to save money 2. Her frugality extended to not owning property to avoid taxes and taking her injured son to a free clinic, which tragically resulted in the loss of his leg 2.

She personally never used heat or hot water as it cost too much money.

--- Gary Arndt

Despite her miserly ways, Hetty was not a recluse and secretly donated large sums to charity, even bailing out New York City during financial crises 2.