- Publisher: Sure Sellers Inc (June 1, 1993)
- Language: English
- ISBN-10: 1561710121
- ISBN-13: 978-1561710126
- Shipping Weight: 1.7 pounds
- Average Customer Review: 1 customer review
- Amazon Best Sellers Rank: #19,081,384 in Books (See Top 100 in Books)
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Campeau: The Rise and Fall of an Empire--The Unauthorized Biography
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"My maxim was, la carriere est ouverte aux talents (the road is open to the talented) without distinction of birth or fortune" - Napoleon, St. Helena, Marcxh 3, 1817
Motivational, Intriguing and Insightful
It's amazing to see what a man born in a house with no bathroom in the back woods of Canada with confidence, balls and a burning desire to succeed can accomplish. It's also tremendously insightful to see what brought him down. In simple terms: overleveraged expansion, overestimating cash flow and paying to high an interest rate.
Reading about his assent makes you feel almost invincible yourself. Time after time, risk after risk, bet after bet, deal after deal just lead to success after success. You've got to love it, especially if you are an entrepreneur at heart.
Charlie Munger says to read about all the business mishaps and blunders you can to learn from them. Most of the real estate tycoons I've read about who got into trouble, ended up overleveraging and overestimating cash flow. Leverage itself is not bad as long as there is cash flow to carry it.
When Campeau started building he said, "Even the bad contractors were making good money - I figures I could make a fortune." Through sheer force of will he made his way in the building industry. His motto was, "Get out of my way" and "Construction is underway and we are not stopping for anything." By 1965, (roughly 15 years after gearing up) he has roughly 6000 houses under his belt and projects including subdivisions, and apartment buildings going on all over the place.
As Campeau works his way around Canada and finally to Manhattan there is plenty of financial maneuvering to enjoy and learn from. From bidding wars to searching for financing the book walks you through the details of his assent. Then comes a change of direction and a deviation from the formula of his past successes and BAMB, sure enough an implosion.
All and all, I enjoyed the book, got a motivational boost and learned from it. I learned to stick to a successful formula and be conservative when estimating cash flow.
Happy reading and good luck!
By Kevin Kingston, author of: A 20,000% Gain in Real Estate
My Blog is: The Real Estate Investors Blog