the legendary investment story of Shelby Cullom Davis:

Shelby Cullom Davis was born on April 1, 1909, in Peoria, Illinois, to a middle-class family. He married Kathryn Wasserman in 1932, and they were together until his passing. Kathryn lived to be 106 years old.

Davis published a book in 1938 titled "The Future of America in the 1940s," which showcased his economic analysis skills and led to him being hired as an economic advisor to New York Governor Thomas Dewey.

In 1941, during the Great Depression, Davis bought a seat on the New York Stock Exchange for $30,000, which had previously cost $625,000 in 1929. He began his full-time investment career in 1947 with $50,000 provided by his wife, focusing on underappreciated insurance stocks.

Davis's investment strategy involved:

Low P/E ratio: Buying companies with low price-to-earnings ratios
High asset hidden value: Investing in companies with undervalued assets
Leverage: Using financing to amplify returns
Global diversification: Investing in overseas markets, including Japan and Europe

By 1949, Davis's assets had grown to $235,000, and he acquired the Frank B. Cooke Insurance Company, renaming it Shelby Cullom Davis & Company. In the 1950s, he focused on domestic insurance stocks, achieving annual returns of over 20%.

Davis's success can be attributed to his:

Disciplined investment approach: Sticking to his strategy and avoiding frequent trading
Long-term focus: Holding onto quality assets for extended periods
Risk management: Using leverage judiciously and diversifying his portfolio

The Davis family's investment legacy continues through his son, Shelby Davis, who founded the Davis New York Venture Fund in 1969, and his grandson, Chris Davis, who joined the family business in 1991.

Shelby Cullom Davis's investment story serves as a testament to the power of disciplined investing, long-term focus, and risk management.