Investing in Happiness

Howard Lutnick became a well known name following the 9/11 attacks in New York City. Lutnick was and still is the Chief Executive of Cantor Fitzgerald, an investment firm headquartered in the World Trade Center and nearly wiped out when most of its work force was killed in the attack. Cantor lost 658 employees - everyone who was in the office that morning. Lutnick himself survived only because he had dropped his child off at school on the way in to the city.

I well remember the anguish of Mr. Lutnick as he talked about his employees and the company he loved. Although he continues to run Cantor and has built the company back up to 1,200 employees in the ensuing 5 years, his focus has changed.

Lutnick said his dealings with the families -- and his own family -- since September 11 have changed his attitude to life.

"I never thought about this at all. What I thought you did was wake up in the morning, work your tail off, then you took care of your family and what did you do tomorrow? Wake up in the morning and worked your tail off. You know, the classic Type A personality, working hard," he said.

"I have learned through talking with so many families or loved ones ... that the most important thing is to seek happiness."

Lutnick said this had changed his investment advice. If someone sees happiness in a nice car and clothes, then he advises how to work for them, but if life on the beach is a client's idea of nirvana, he tailors his advice accordingly.

"Whatever makes you happy colors our investment advice. This was never the case before," when the focus was solely on making money, he said.

While I commend his change from pursuing money to pursuing happiness, it sounds like happiness is still defined as some sort of "stuff" - a car, life on the beach, or something like that. People pursuing happiness through "stuff" many eventually get the object of their desire, but probably won't achieve the happiness theyre longing for.

If the aftermath of 9/11 taught us one thing, it's the importance of family. As Peggy Noonan pointed out in a previous post, the people who found themselves at life's end that tragic day weren't calling home to check on their cars or their beach houses.