By Binyomin Weiss, COLlive.com
Shalom Ber Drizin, Lubavitch real-estate mogul who tends to be secretive about his private affairs, was ready to speak on Thursday about one specific topic.
This week COLlive.com reported the words the Lubavitcher Rebbe told Argentina’s richest Jew Eduardo Elstein in 1991, not to invest in the stock market. “It deprives one of peace of mind and of sleep; it certainly doesn’t strengthen your soul,” the Rebbe told him.
Upon hearing this, Drizin was ready to confirm rumors about his own attempts in the equity market. Seated in the Agudah Shul across from his house on Crown Street in Brooklyn’s Crown Heights, he related:
“I once owned a bungalow in Skyview (in the New York Catskills), and around the summer time I bought some good stocks. One of them, U.S. Steel, was a solid one. My son Moshe was then before the age of Upshernish (the age of 3) and I had an ongoing shiur with the Viener Rav as we were near the Satmar camp.
“Soon after I purchased the stock I made a thousand dollars. I was very happy. This was 35 years ago and I earned $300 a week. I made a good living. But suddenly the stock dropped to $500.
“So I wrote to the Rebbe that I went on vacation, thinking that I can rest for a while. But instead of looking at the trees, I’m all stressful, buying the New York Times and checking where my stock is holding. And there are no phones then…
“The Rebbe answered me in Hebrew: ‘Sell all the stock as soon as possible and never buy stocks again.’
“He underlined twice the word ‘never.’
“Now, every few years since then, I used to check – maybe the Rebbe’s “never” is over. I would take a gamble and buy stocks worth $1000, but I always lose. Mendelovitz once convinced me to buy Global Crossing’s stocks. I invested $5000 and immediately it started falling.”
It’s well known the Rebbes view against stocks but like in everything there may be exceptions.
Drizin quote: Now, every few years since then, I used to check – maybe the Rebbe’s “never” is over. I would take a gamble and buy stocks worth $1000, but I always lose. Mendelovitz once convinced …” Sounds like he didn’t really believe if he kept trying. And he blames a loss on a person by name? Kind of wimpy. And he probably took advice from that person in other things to, so he should have also mentioned good for that person also. But Drizin is generaly known to be a nice, giving man, so he should maybe just keep… Read more »
does this advice from the rebbe also applied to the gutnik scam? if so, why did so many from anash dismiss it and hence lost their shirts?
the best place is under the mattress
so nice how these things appear to “surface” when they seem accurate.
weren’t there some people who made gazzillions in the stock market when it bubbled? timing and greed determines and determined who made and who lost.
didn’t some poeple make gazzillions in real estate? and some lost their gatkes?
connect the dots as you wish.
tell me something now that will prove lucrative in a year. don’t tell me about something decades ago that you choose to apply today.
but who thinks anyway.
people always assume that what the Rebbe told one person applies to everyone. The Rebbe told each person advice based on what was best for them. it doesnt mean that no one should ever invest in the stock market. the Rebbe told many people not to do certain things and it was meant for that person.
No stock market, huh? seemed to work for him…
Listen to the Rebbe’s advice.
Never fails!
I wish someone would have told us this sooner, many people might have been saved from losing a lot of money!