Michael Ryan\u0027s career provides a perspective on how things have changed and how investing principles have remained the same. Read more.
As Ryan recalls, brokerage firms were “a dime a dozen.” In Vancouver, there were “a few national houses and three local firms trying to do a job for individual investors, and 40 firms trying to do a job on investors.” Forbes magazine once called Vancouver the “Scam Capital of the World.”
He began doing security analysis when few others did. It was rare to talk to company management or even read an annual report. He tells the story of going to see a company and the CEO sliding the annual report across the table and grumbling, “Read this.” Ryan shocked him by saying he already had and had a question about one of the notes in the auditor’s report. “We became very good friends after that.
Ryan made several other stops along the way, including setting up Ryan Investments, where he trained Murray Leith of Leith Wheeler Investment Counsel. He didn’t have a mentor himself, but mentored many industry notables including Leith, Bill Wheeler and Ken Shields. In the 1950s and ’60s, it was easier to differentiate your firm than it is today. Ryan Investments’ big edge was U.S. stocks. His small team had the U.S. market to themselves while everyone else was touting mining stocks.
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Don't trust anything you can’t prove and other lessons learned from an investing legendMichael Ryan\u0027s career provides a perspective on how things have changed and how investing principles have remained the same. Read more.
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