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Pit Stops:
You Don't Need to Back-Test; You Just Need Money |
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In the late 1960s, Ben Schwartz cornered the pork belly market. When I mentioned this to his daughter, she reminded me that her dad started the business with a $50 loan from his sister. By 1948, the business had become the largest independent beef-boning establishment in the countrynot bad for a man who dropped out of high school. According to his daughter, Cathy Schwartz Cybak, ''It's unfortunate you didn't meet my dad before he passed away in 1989. He was living proof that it takes guts, tenacity, and hard work to see an opportunity." |
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So how did Ben corner the market? It's because he owned a meat boning and packing plant located next door to the U.S. cold storage warehouse. So he could simply buy up the pork bellies and store them. And just when the word got out that there was a shortage of pork bellies, what do you think happened? Ben Schwartz sold his inventory. Since he owned the product, he was able to really bring home the bacon. To this day, I keep this story in mind. There are plenty of smart people without computers and software who understand the basic laws of supply and demand. |
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