AJ Tiarsmith
6 min read
Quick Read
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CVS Health beat Q2 estimates with adjusted EPS of $2.58 versus a $1.85 consensus on $106.10 billion in revenue, then raised full-year guidance.
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Gremel’s 20 Walgreen shares grew to 27,648 shares worth roughly $2 million, representing a 2,000-times return built entirely on patience and compounding.
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Gremel donated his fortune to buy the 395-acre Gremel Wildlife Sanctuary, saying “You have to do some good in this world.”
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Some of Wall Street’s most lasting lessons come from investors who tuned out the quarterly beats and weekly price swings that fill most days. Russ Gremel, a Chicago lawyer who served in the Pacific during World War II, put money into his neighborhood drugstore chain, Walgreen, and simply never sold. ABC News reported that he paid $1,000 for 20 shares in 1953, while Tom Clay, executive director of the Illinois Audubon Society, wrote that Gremel bought 20 shares at $30 per share, figures that imply a cost of $600 by our calculation. Once the fortune arrived, he gave it away to buy wildlife habitat.
Tom Clay wrote that Gremel’s logic was blunt. “women always need cosmetics and old people always need medicine.” Per EcoWatch, Gremel lived in the same Chicago home for 95 years and kept his wealth to himself. “I never let anybody know I had that kind of money,” he said, according to EcoWatch.
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From Saipan to the Courtroom
Tom Clay’s profile follows a path that began when Gremel was drafted as a private, rose to lieutenant and served on Saipan and Tinian in the Mariana Islands. “When Russ returned from the Pacific Theater, he immediately enrolled in Northwestern University because, according to him, ‘I was born to be a lawyer,'” Tom Clay wrote. Gremel was called back for the Korean War, served stateside in Washington and left as a captain. Tom Clay noted that Gremel walked away from practicing law at age 45.
