108-year-old investor: 'I doubled my money in 1929 crash – and I'm still winning'

Investment veteran Irving Kahn, who has weathered every financial storm since the 1920s, reveals everything he has learned

Irving Kahn can still remember scenes like this from the Wall Street crash. 'When the Depression hit, there were bread lines and families homeless in Central Park with nowhere to go,' he said 

Three days a week, Irving Kahn takes a taxi from his flat in Manhattan for the short ride to the offices of his investment firm, Kahn Brothers.

Nothing surprising about that, you might think. But Mr Kahn is 108 years old.

His Wall Street career began before the crash of 1929 and over the intervening decades he has seen the Great Depression, the Second World War, the Cold War and the recent financial crash, as well as numerous less-severe crises.

Through them all he carried on investing.

Many professional investors stress the importance of a long-term approach but few are in a position to speak about it with as much authority as Mr Kahn.

So, in an exclusive interview, Telegraph Money asked him to look back over his long career and recount the key events that have influenced his strategy as an investor.

“In my early days, the equities market was dominated by speculators looking for tips,” Mr Kahn said. “The only serious investing was done by a few large institutions that stuck to bonds and shares in well-established companies.”

In the feverish summer of 1929, speculation “had driven up prices to unreasonable levels”, he said. So he decided that the way to make money was to “short-sell” a particular share, meaning he would profit from a fall, not a rise, in the price.

^{Irving Kahn in the Twenties}

“One of my clearest memories is of my first trade, a short sale in a mining company, Magma Copper,” he remembered. “I borrowed money from an in-law who was certain I would lose it but was still kind enough to lend it. He said only a fool would bet against the bull market.” But by the time the Wall Street crash took hold in the autumn, Mr Kahn had nearly doubled his money. “This is a good example of how great enthusiasm in a company or industry is usually a sign of great risk,” he said. Read More

Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls

WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.

These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don’t answer, they often leave an “urgent” callback request.

“These telephone scams are being seen in every part of the country, and we urge people not to be deceived by these threatening phone calls,” IRS Commissioner John Koskinen said. “We have formal processes in place for people with tax issues. The IRS respects taxpayer rights, and these angry, shake-down calls are not how we do business.”

The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never:

1. Call you about taxes you owe without first mailing you an official notice.
2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

If you get a phone call from someone claiming to be from the IRS and asking for money, here’s what you should do:

• If you know you owe taxes or think you might owe, call the IRS at 1.800.829.1040. The IRS workers can help you with a payment issue.
• If you know you don’t owe taxes or have no reason to believe that you do, report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1.800.366.4484 or atwww.tigta.gov.
• If you’ve been targeted by this scam, also contact the Federal Trade Commission and use their “FTC Complaint Assistant” at FTC.gov. Please add "IRS Telephone Scam" to the comments of your complaint.

Remember, too, the IRS does not use email, text messages or any social media to discuss your personal tax issue. For more information on reporting tax scams, go to www.irs.gov and type “scam” in the search box.

Additional information about tax scams are available on IRS social media sites, including YouTube http://youtu.be/UHlxTX4rTRU?list=PL2A3E7A9BD8A8D41D. and Tumblrhttp://internalrevenueservice.tumblr.com where people can search “scam” to find all the scam-related posts.

Power of Attorney Is Not Always a Solution

FOR millions of people over the decades, the power of attorney has been an inexpensive way to give someone the right to act on another person’s behalf. But its power is not always absolute and when it fails, the consequences can be nothing short of disastrous.

Take the cautionary case of Christine, a 62-year-old Connecticut woman, who agreed to tell us her story so others might learn from it, but asked that her last name be withheld to protect her and her family’s privacy.

After a difficult time sorting out their parents’ estate, Christine’s older brother promised his sisters he would set his own affairs in order so they would not face the same messy process.

He drafted a will, titled accounts to transfer to them on death, listed where everything was and drew up a health care proxy and a power of attorney should he become incapacitated. He used an experienced lawyer and sent copies of what he had done to his sisters. In other words, he did everything right. Almost.

Continue reading the main story

That was in 2010, and Christine did not think about it again until she received a call this spring from Greenwich Hospital in Connecticut, saying her brother had been taken there after being pulled over for driving the wrong way on a street. A day later, she learned that her brother, who is 73, had severe dementia.

“He thinks he’s in 1964 and he just got out of the Air Force,” she said. “The last 50 years have disappeared pretty much.” Read More.

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A Connecticut man had his affairs in order when he developed severe dementia, but his family still faced difficulties.

Award winning actress, S. Epatha Merkerson, urges people with type 2 diabetes to accept America's Diabetes Challenge

(BPT) - S. Epatha Merkerson is well-known for her award-winning roles on the stage and screen. But what you may not know is that she is one of the 29 million Americans living with diabetes.

In 2003, after having her blood sugar tested at a health fair event and being advised to see her doctor, Merkerson got an important wake-up call - she was diagnosed with type 2 diabetes. Despite having a family history of the disease, she was unaware she had the condition, and following her diagnosis, Merkerson got serious about her health. She worked with her doctor to learn her A1C (average blood sugar level over the past two to three months) and set a personal A1C goal, so she could help get her blood sugar under control.

The American Diabetes Association recommends that many people with diabetes have an A1C of less than 7 percent to help reduce the risk of complications, such as blindness, amputation, heart disease and stroke. For certain individuals, a higher or lower A1C may be more appropriate. However, nearly half of people with diabetes have an A1C greater than 7 percent, which is why it is important for patients to speak with their doctors to discuss the A1C goal that is right for them.

Accept the challenge to get to your goals!

That's why Merkerson is now teaming up with Merck on America's Diabetes Challenge: Get to Your Goals. As a part of this educational program, Merkerson is encouraging people living with type 2 diabetes to join her in pledging to know their A1C and to talk to their doctors about setting and attaining their own A1C goal.

"I lost my father and grandmother to complications of diabetes," says Merkerson, "so I learned firsthand how important it is to know your A1C and make a commitment to getting to your goal. I'm excited to be working on this educational program to help other people with the condition learn about proper blood sugar management and inspire them to achieve their own blood sugar goals."

To help meet her personal A1C goal, Merkerson worked closely with her doctor to create an individualized diabetes treatment plan, including diet, exercise and medications that fit her specific needs. By sticking to this plan - and making changes with her doctor when necessary - Merkerson has kept her blood sugar under control. It's important to keep in mind that because diabetes is a progressive disease, sometimes - despite one's best efforts - their doctor may need to adjust their treatment plan over time to help them reach their blood sugar goals.

Merkerson is urging fellow patients and their loved ones to visit www.AmericasDiabetesChallenge.com and join the America's Diabetes Challenge Facebook community at Facebook.com/AmericasDiabetesChallenge where they can make their personal A1C pledge, learn more about her diabetes story, and find tips for better blood sugar management.

Key questions to ask your doctor

Achieving blood sugar control can be challenging, yet it is a crucial part of a diabetes management plan. People who join Merkerson in accepting America's Diabetes Challenge can stay motivated and take an active role in controlling their blood sugar by asking a few key questions to guide their discussion with their doctor:

1. What is my A1C and what should my goal be?

2. How often should I test my blood sugar and what should my targets be?

3. What are the possible side effects of the medication(s) I am taking?

4. Do I need to make any changes to my overall management plan?

5. What are the signs and symptoms of high and low blood sugar?

101st birthday present for New Jersey man another day at work

Herman 'Hy' Goldman Still Drives Every Day: 'I Get Up, And I Keep Going'

EAST HANOVER TWP. – Talk about company loyalty.

Statistics show most people today change jobs a many as nine or 10 times during the course of their lifetimes before retiring.

Hy Goldman is decidedly not of that camp. He has been working for the same company, Capitol Lighting, for the past 73 years, since June 1, 1941 when he was 28, years old, to be exact. And even though the World War II Army veteran lives in the Lester Senior Housing Community on Route 10 in Whippany, he has no plans on retiring anytime soon despite the fact he just celebrated his 101st birthday last Sunday.

The family owned Capitol Lighting held a birthday bash for Goldman at its Route 10 East Hanover store on Monday complete with cake and ice cream.

Goldman is an artist of sorts. For the past 12 years he has been working at the Route 10 store where he has his own workshop he calls his “studio” at the rear of the second-floor clearance section. Goldman takes broken and discarded electrical lighting fixtures and refurbishes them, adding wiring to many or finding blades for ceiling fans or adding new glass globes to transform old lighting fixtures into something brand new to sell in the clearance section. Read More

National Senior Citizens Day

In 1950 there were 200 million people over 60 years old - by 2000 that number had tripled to nearly 600 million and by 2025 it is estimated that there will be over 1 billion older persons. 1999 was celebrated as the International Year for Older Persons to promote the theme of working to create "a society for all ages." In 2002 the United Nations adopted an International Plan of Action on Aging in which all governments pledged to work for the security of older persons, as well as to empower them so that they can "participate fully in the economic, political and social lives of their societies." August 21, Senior Citizens Day, is an opportunity to celebrate the wisdom and achievements senior citizens have made, as well as to advocate for the rights of older people throughout the world. Official Proclamation establishing National Senior Citizen's Day in The United States.  By the President of the United States of America A Proclamation Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today, and gives us ample reason this year to reserve a special day in honor of the senior citizens who mean so much to our land. With improved health care and more years of productivity, older citizens are reinforcing their historical roles as leaders and as links with our patrimony and sense of purpose as individuals and as a Nation. Many older people are embarking on second careers, giving younger Americans a fine example of responsibility, resourcefulness, competence, and determination. And more than 4.5 million senior citizens are serving as volunteers in various programs and projects that benefit every sector of society. Wherever the need exists, older people are making their presence felt -- for their own good and that of others. For all they have achieved throughout life and for all they continue to accomplish, we owe older citizens our thanks and a heartfelt salute. We can best demonstrate our gratitude and esteem by making sure that our communities are good places in which to mature and grow older -- places in which older people can participate to the fullest and can find the encouragement, acceptance, assistance, and services they need to continue to lead lives of independence and dignity. The Congress, by House Joint Resolution 138, has designated August 21, 1988, as ``National Senior Citizens Day'' and authorized and requested the President to issue a proclamation in observance of this event. Now, Therefore, I, Ronald Reagan, President of the United States of America, do hereby proclaim August 21, 1988, as National Senior Citizens Day. I call upon the people of the United States to observe this day with appropriate ceremonies and activities. In Witness Whereof, I have hereunto set my hand this nineteenth day of August, in the year of our Lord nineteen hundred and eighty-eight, and of the Independence of the United States ofAmerica the two hundred and thirteenth. Ronald Reagan [Filed with the Office of the Federal Register, 10:42 a.m., August 22, 1988]

Senior Discounts: 100+ Stores Offering Discounts for Senior Citizens

Gone are the days of your grandmother's "early bird special" at the local diner. As our baby boomers reach retirement age, hundreds of retailers are featuring new and improved discounts exclusively for the 60 and older crowd. We have composed a list of senior savings that will help you keep more cash in your pocket. Whoever said getting older was a bad thing, obviously didn't know about these fantastic senior discounts! View list

Friendly's Founder Building Duplicate Of Jefferson Mansion In Somers

Even in the summer heat, 99-year-old S. Prestley Blake drives his green off-road cart to check on his construction project several times a day.

Blake, co-founder of the Friendly's Ice Cream empire, is spending an estimated $6 million to build a copy of Thomas Jefferson's Monticello just down the street from his home in Somers.

Patterned after the U.S. president's mansion, the 10,000-square-foot house is slightly smaller than the 11,000-square-foot original, but the front of the building looks remarkably similar in just about every other respect. Read More.