Hetty Green was the richest woman you've never heard of. In the late 1800s, she built a fortune worth billions today in a world designed to stop her. Women couldn't vote, couldn't own property in most states, and were banned from the New York Stock Exchange floor entirely. She was a force that couldn't be stopped. She bought entire towns, crushed railroad barons, and became the lender of last resort during financial panics. Her strategies still work today. This is the story of how an unwanted daughter became "The Witch of Wall Street," and a playbook for building lasting wealth and independence. ----- Some of the lessons in this episode: “I buy when things are low and nobody wants them. I keep them until they go up and people are crazy to get them.” Position beats prediction. Always keep cash reserves. “If you can manage your brain, you can manage your fortune.” “Before deciding on an investment, seek out every kind of information about it.” The skills to get rich and the skills to stay rich are not the same. “In business generally, don’t close a bargain until you have reflected on it overnight.” Only invest when downside risk is low and upside is high. Self-reliance is the ultimate competitive advantage. Everyone looks smart when they’re in a good position, and even the smartest person looks like a fool in a bad one. Panics are temporary. Value is permanent. Have a detective’s eye. Uncover what others miss or ignore. “I go my own way, take no partners, risk nobody else’s fortune.” “Never owe anyone anything. Not even a kindness.” Mix extreme patience with extreme decisiveness. Never bet against America. “Watch your pennies and the dollars will take care of themselves.” Move in silence. Keep your positions private. Never take advantage of people, even when you could. “When you try to do too much, you never get anywhere. Focus.” Stay connected to reality. Frugality keeps you grounded. “When it comes to spending your life, there have to be some things neglected. If you try to do too much, you can never get anywhere.” “My work is my amusement.” “Property is a trust to be enlarged for future generations.” Live by your own rules, not society’s expectations. Be fair in all things. Your conscience will haunt you otherwise. “Don’t kick a man when he’s down.” “Seek elegance rather than luxury, refinement rather than fashion.” “When I see a good thing going cheap because nobody wants it, I buy a lot of it and tuck it away.” From her favorite poem: “To live content with small means; To seek elegance rather than luxury, And refinement rather than fashion; To be worthy, not respectable, and wealthy, not rich.” Learn more at https://fs.blog/knowledge-project-podcast/outliers-hetty-green/ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more at fs.blog/newsletter ------ Follow Shane Parrish X @ShaneAParrish Insta @farnamstreet LinkedIn Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
It's 1907 and Wall Street is in complete meltdown. Banks are failing, millionaires are jumping from windows, and even J.P. Morgan himself is scrambling to save the entire financial system. But while the most powerful men in America are panicking, there's one person sitting calmly at a simple desk in a bank lobby, surrounded by stacks of cash.
She's wearing the same black dress she's worn for years, and she's about to single-handedly prevent the collapse of the American economy. Her name? Hetty Green. And she's about to lend over $6 million to save banks, businesses, and lives, all while charging fair interest rates, when she could have demanded anything she wanted. You've probably never heard of her.
And that's because history buried the story of America's first female Wall Street titan, the woman who turned a childhood of rejection into a financial empire that would make even today's billionaires jealous. She bought entire towns, faced down a railroad baron with a loaded gun, and accumulated wealth using strategies so ahead of their time that Warren Buffett is still using them today.
So why don't we know her name? Because Hetty Green committed the ultimate sin in the Gilded Age. She was a woman who refused to apologize for being smarter than every man in the room. Welcome to The Knowledge Project. And she built this fortune in an era when most women couldn't vote, couldn't own property in most states, and were banned from the New York Stock Exchange entirely.
She actively managed railroads, real estate stocks, and bond portfolios from a simple desk in a bank lobby. While other women of the Gilded Age competed for social status by throwing elaborate parties, Hetty was quietly making millions. She never had formal business training. Like any tall poppy, people took shots at her.
She was mocked by newspapers, sued by family members, and had her own husband secretly pledge her fortune as collateral for his debts. This episode reveals how an unwanted daughter turned childhood rejection into financial dominance using strategies Warren Buffett wouldn't popularize for another century. But here's what matters to you. Her playbook is timeless.
Whether you're making your first investment or managing millions, the strategies Hedy used still work today. Stick around at the end for my reflections and lessons learned or visit fs.blog slash podcast to see them. As always, this episode is for information purposes only. It's time to listen and learn. Hedy Holland Robinson was born in 1834 into one of New Bedford's wealthiest whaling families.
But she was unwanted. Her father, Edward Mott Robinson, had desperately wanted a son. When Hedy arrived instead, he was, as the records show, devastated by the birth of this child.
when her baby brother isaac died just weeks after birth her father's rage consumed the household hetty was cast aside and sent to live with her grandfather quick with numbers and good at reading her grandfather put her to work his eyesight was failing his shipping empire demanded constant attention
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