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Sale - The Specialist

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In Invested, Charles Schwab, founder of The Charles Schwab Corporation, recounts the obstacles he encountered starting his fledgling company in the 1970s, its astonishing growth, and the ups and downs it weathered as he made stock investing, once the expensive and clubby reserve of the few, accessible to ordinary Americans. A deeply personal memoir, Schwab describes his passion to have Main Street participate in the growing economy, as investors and owners, not only earners. Schwab opens up about his dyslexia, how he worked around and ultimately embraced it, and the challenges he faced when, a year into his grand experiment in discounted stock trading, living in a small apartment in Sausalito with his wife Helen and new baby, he carried a six-figure debt and pocketsful of personal loans. As it turned out, customers flocked to Schwab, his small team scrambling with scarce resources and no roadmap to manage the companys growth. He recounts Schwabs game-changing sale to Bank of America - and how, in the end, the merger almost doomed his organization. We learn about the clever and timely leveraged buyout he crafted to regain independence; the crushing stock market collapse of 1987 just weeks after the company had gone public; the dot-com meltdown of 2000 and its reverberating aftermath of economic stagnation, layoffs and the companys eventual reinvention; and how the companys focus on managing risk protected it and its clients during the financial crisis in 2008, propelling its growth. A remarkable story of a company succeeding by challenging norms and conventions through decades of change, Invested also offers unique insights and lifelong principles Schwab for readers - the values that he has lived and worked by and have made him one of the most successful entrepreneurs of our time. Today, his eponymous company is one of the leading financial services firms in the world, with over 3 trillion dollars in client assets.;Part I: Getting started. May day ; A sense of independence ; I had a lot of jobs ; Always a struggle ; A piece of the action ; Enter Uncle Bill ; The transaction specialist -- Part II: Riding a rocket. A vaguely disreputable threat ; No salesperson will call ; Uncle Bill gets his branch ; Beta ; Never ending, endlessly frustrating ; Capital and credibility ; The new kid ; A raging case of the yips ; Open revolt ; Free at last ; Dont push your luck ; Tsunami -- Part III: Boom and bust. Advancing the revolution ; Life intercedes ; The network ; Unlike anything I had experienced -- Part IV: Second act. A very difficult decision ; Weve got his ; Implement it all ; Talk to Chuck ; A jewel -- Part V: Time tested. You have to be optimistic ; Ready ; Coiled spring ; Chucks secret sauce ; Epilogue: Personal reflections.

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The Specialist by Charles Sale Illustrated by William Kermode - photo 1
The Specialist

by

Charles Sale


Illustrated by
William Kermode

Originally published by

Putnam & Company Ltd.
42 Great Russell Street , W.C.1
LONDON



Lem Putt -- that wasn't his real name -- really lived. He was just as sincere in his work as a great painter whose heart is in his canvas; and in this little sketch I have simply tried to bring to you recollections of a man I once knew, who was so rich in odd and likable traits of character as to make a most lasting impression on my memory.
CHARLES (CHIC) SALE , 1929

The Specialist - image 2


YOUVE heard a lot of pratin and prattlin about this bein the age of - photo 3


YOU'VE heard a lot of pratin' and prattlin' about this bein' the age of specialization. I'm a carpenter by trade. At one time I could of built a house, barn, church, or chicken coop. But I seen the need of a specialist in my line, so I studied her. I got her, she's mine. Gentlemen, you are face to face with the champion privybuilder of Sangamon County .
Luke Harkins was my first customer. He heerd about me specializin' and decided to take a chance. I built fer him the average eight family, three holer. With that job my reputation was made, and since then I have devoted all my time and thought to that special line. Of course, when business is slack, I do do a little paperhangin' on the side. But my heart is just in privy buildin'. And when I finish a job, I ain't through. I give all my customers six months' privy service free gratis. I explained this to Luke, and one day he calls me up and sez: "Lem, I wish you'd come out here, I'm havin' privy trouble."
So I gits in the car and drives out to Luke's place, and hid behind them Baldwins , where I could get a good view of the situation.
It was right in the middle of hayin' time, and them hired hands was goin' in and stayin' anywheres from forty minutes to an hour. Think of that!
I sez: "Luke, you sure have got privy trouble." So I takes out my kit of tools and goes in to examine the structure.
First I looks at the catalogue hangin' there, thinkin' it might be that; but it wasn't even from a reckonized house. Then I looks at the seats proper, and I see what the trouble was. I had made them holes too durn comfortable. So I gets out a scroll saw and cuts 'em square with hard edges. Then I go back and takes up my position as before -- me here, the Baldwins here, and the privy there. And I watched them hired hands goin' in and out for nearly two hours; and not one of them was stayin' more then four minutes.
"Luke," I sez, "I've solved her." That's what comes of bein' a specialist.

Twarnt long after I built that twin job for the school house then after that - photo 4


'Twarn't long after I built that twin job for the school house, then after that the biggest plant up to date -- an eight holer. Elmer Ridgway was down and looked it over. And he came to me one day and sez: "Lem, I seen that eight hole job you done down there at the Corners, and it sure is a dandy; and figgerin' as how I'm goin' to build on the old Roberson property, I thought I'd ask you to kind of estimate on a job for me."
"You come to the right man, Elmer," I sez. "I'll be out as soon as I get the roof on the two-seater I'm puttin up for the Sheriff."
Couple of days later I drives out to Elmer's place, gettin' there about dinner time. I knocks a couple of times on the door and I see they got a lot of folks to dinner, so not wishin' to disturb 'em, I sneaks around to the side door and yells: "Hey, Elmer, here I am; where do you want that privy put?"
Elmer comes out and we get to talkin' about a good location. He was all fer puttin' her right alongside a jagged path runnin' by a Northern Spy.

I wouldnt do it Elmer I sez and Ill tell you why In the first place - photo 5


"I wouldn't do it, Elmer," I sez; "and I'll tell you why. In the first place, her being' near a tree is bad. There ain't no sound in nature so disconcertin' as the sound of apples droppin' on th' roof. Then another thing, there's a crooked path runnin' by that tree and the soil there ain't adapted to absorbin' moisture. Durin' the rainy season she's likely to be slippery. Take your grandpappy -- goin' out there is about the only recreation he gets. He'll go out some rainy night with his nighties flappin' around his legs, and like as not when you come out in the mornin' you'll find him prone in the mud or maybe skidded off one of them curves and wound up in the corn crib. No, sir, I sez, put her in a straight line with the house and, if it's all the same to you have her go past the woodpile. I'll tell you why.
"Take a woman, fer instance -- out she goes. On the way she'll gather five sticks of wood, and the average woman will make four or five trips a day. There's twenty sticks in the wood box without any trouble. On the other hand, take a timid woman: if she sees any men folks around, she's too bashful to go direct out so she'll go to the woodpile, pick up the wood, go back to the house and watch her chance. The average timid woman -- especially a new hired girl -- I've knowed to make as many as ten trips to the woodpile before she goes in, regardless. On a good day you'll have the wood box filled by noon, and right there is a savin' of time.

Now about the diggin of her You cant be too careful about that I sez - photo 6


"Now, about the diggin' of her. You can't be too careful about that," I sez; "dig her deep and dig her wide. It's a mighty sight better to have a little privy over a big hole than a big privy over a little hole. Another thing; when you dig her deep you've got 'er dug; and you ain't got that disconcertin' thought stealin' over you that sooner or later you'll have to dig again.

"And when it comes to construction," I sez, "I can give you joists or beams. Joists make a good job. Beams cost a bit more, but they're worth it. Beams, you might say, will last forever. 'Course I could give you joists, but take your Aunt Emmy: she ain't gettin' a mite lighter. Some day she might be out there when them joists give way and there she'd be -- catched. Another thing you've go to figger on, Elmer," I sez, "is that Odd Fellows picnic in the fall. Them boys is goin' to get in there in four and sixes, singin' and drinkin' and the like, and I want to tell you there's nothin' breaks up an Odd Fellows picnic quicker than a diggin' party. Beams, I say, every time, and rest secure.
"And about her roof," I sez, "I can give you a lean-to type or a pitch roof. Pitch roofs cost a little more, but some of our best people has lean-tos. If it was fer myself, I'd have a lean-to and I'll tell you why.

"A lean-to has two less corners fer the wasps to build their nests in; and on a hot August afternoon there ain't nothin' so disconcertin' as a lot of wasps buzzin' 'round while you're settin' doin' a little readin', figgerin', or thinkin'. Another thing," I sez, "a lean-to gives you a high door. Take that son of yours, shootin' up like a weed: don't any of him seem to be turnin' under. If he was tryin' to get under a pitch roof door he'd crack his head every time. Take a lean-to, Elmer; they ain't stylish, but they're practical.
"Now, about her furnishin's. I can give you a nail or hook for the catalogue, and besides, a box for cobs. You take your pa for instance: he's of the old school and naturally he'd prefer the box; so put 'em both in, Elmer. Won't cost you a bit more for the box and keeps peace in the family. You can't teach an old dog new tricks," I sez.

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