I love this quote from JP Morgan. He was a fascinating man and was crucial in staving off the Financial Panic of 1907. I doubt Morgan’s quote about someone attempting the impossible was about F. Augustus Heinze’s attempt to corner the copper market. The Montana tie here is that Heinze made his fortune in copper in Butte and began the whole 1907 problem with a bank he owned in Anaconda, MT. I highly recommend reading up on this financial situation – and feel free to look for parallels to the 2008 Great Recession. A cynic may even see how JP Morgan’s intervention prevented a full-on depression and his death in 1913 meant he wouldn’t be around to intervene in 1929. Extrapolate as you will what this means for our economy in the next decade or two! Anyway, make sure when you attempt the impossible that you know enough of the variables. Heinze severely underestimated his position in the copper market and failed miserably to corner the market. It cost him dearly. JP Morgan was significantly more cautious when he attempted impossible things!

Request a Quote Today

Leave a Reply