The Cost of Prejudice

I’ve been laboring over several long articles and in the process getting nothing done for publication. It’s my blog. I can make new rules if I so desire.

New Rule: If I have a brief anecdote worth sharing, I will publish it!

The title of this one refers to a monumentally stupid stock trading decision I made in the mid-nineteen nineties.

While still employed by JCPenney, a new CEO was hired to lift the company out of the doldrums and get the stock price out of the teens by re-building demand. Sounded pretty basic at the time. However, the new CEO was 73 years old. Being in my early fifties at the time, I just could not believe that a guy that old had the energy and drive to resurrect the company. 

My ignorance was a huge financial mistake. 

5 years after the “old guy” took over, Penney’s stock had gone from $15 per share to $80. Had I left my 401K in Penney stock, at least to the $50 level, I would have gained $226,667.

I’ve never “crunched” the numbers on my ignorant decision in detail like this until today.

It was all due to age discrimination! Damn! That hurts!

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