Nancy R. Schiff/Hulton Archive via Getty Images
Richard Hampton Jenrette, a co-founder of Donaldson Lufkin & Jenrette, the first financial firm itself to go public, in 1970, who was considered by some as “the last gentleman” of Wall Street, died at age 89 late last month.
But Jenrette didn’t part without scribing in long-hand a couple dozen tips on life and money, centered largely on just being nice, and on not swearing so much — “it’s not cute.” As for investing, Jenrette stressed the importance of “a fall-back position. An heir and the spare. Don’t leave all your money in one place.”
In fact, D.L.J. was one of the first firms to jostle institutional investor thinking away from exclusively blue chips to include fast-growing small-caps. After selling D.L.J. to a giant, but struggling, Equitable Life Assurance Society in 1985, he presided as chief executive over the company’s revival (D.L.J. was sold to Credit Suisse in 2000). Revival would feature in his retirement as well. Jenrette founded Classical American Homes Preservation Trust in 1993 to preserve some of the finest examples of early 19th century classical American residential architecture and landscapes.
Jenrette reportedly loved record-keeping. He weighed himself daily, kept a diary for the bulk of his adult life and even in his advanced retirement years calculated the value of his liquid assets every day, the New York Times said.
At the time of his death late last month due to complications from lymphoma, these couple dozen rules to live by were left on his desk.
Source: Bloomberg/Classical American Homes Preservation Trust
Jenrette’s list, included in its original form above, follows (the emphasis is his):
What I Learned (How to Succeed) (and have a Long and Happy Life)
•Stay in the game. That’s often all you need to do — don’t quit. Stick around! Don’t be a quitter!
•Don’t burn bridges (behind you)
•Remember — Life has no blessing like a good friend!
•You can’t get enough of them
•Don’t leave old friends behind — you may need them
•Try to be nice and say “thank you” a lot!
•Stay informed/KEEP LEARNING!
•Study — Stay Educated. Do Your Home Work!! Keep learning!
•Cultivate friends of all ages — especially younger
•Run Scared — over-prepare
•Be proud — no Uriah Heep for you! But not conceited. Know your own worth.
•Plan ahead but be prepared to allow when opportunity presents itself.
•Turn Problems into Opportunities. Very often it can be done. Problems create opportunities for change — people willing to consider change when there are problems.
•Present yourself well. Clean, clean-shaven, dress “classically” to age. Beware style, trends. Look for charm. Good grammar. Don’t swear so much — it’s not cute.
•But be open to change — don’t be stuck in mud. Be willing to consider what’s new but don’t blindly follow it. USE YOUR HEAD — COMMON SENSE.
•Have some fun — but not all the time!
•Be on the side of the Angels. Wear the White Hat.
•Have a fall-back position. Heir and the spare. Don’t leave all your money in one place.
•Learn a foreign language.
•Travel a lot — around the world, if possible.
•Don’t criticize someone in front of others.
•Don’t forget to praise a job well done (but don’t praise a poor job)
•I don’t like to lose — but don’t be a poor loser if you do.
•It helps to have someone to love who loves you (not just sex).
•Keep your standards high in all you do.
•Look for the big picture but don’t forget the small details.