Market veteran Steve Hanke says his best investment is a Patek Philippe watch he bought at 16 — and shares his biggest regret
Steve Hanke, a market veteran, shared his best and worst investments with Business Insider for the debut edition of "Hits, Misses, and Millions."
Steve Hanke, a 83-year old veteran trader, shares his biggest investment and regret in a new Business Insider article. At age 16, Hanke made the best investment of his life when he bought a Patek Philippe pocket watch for $90 at an Omaha auction. He describes the pleasure he gets from admiring the watch as a "form of non-financial dividend".
The watch has increased in value and could fetch over $100,000 today. His biggest regret, however, is not investing in Iowa farmland as his grandfather did. He purchased the watch because it was beautiful and affordable, and today it is valued much higher. He notes that the watch represents a good deal, a storied brand, a long holding period, and a beautiful object that can be admired.
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