Timothy Dexter: When Luck Goes Mad, Even Common Sense Takes a Back Seat!
Some chase success throughout their lives, while some appear to have success chasing them, even when they are walking in wrong direction!
Anil Kumar Sharma
What happens when a man makes money by doing things that every sensible businessman would advise him not to do? Meet a gentleman whose business decisions could give any modern management consultant sleepless nights, yet whose fortune seemed to grow with every passing blunder.
There are people who work hard to make their fortune, people who inherit it, and then there are a rare few who appear to have a permanent appointment with Lady Luck. Timothy Dexter, an eighteenth-century American businessman, belonged to the last category, or so his extraordinary life would have us believe. Born in 1747 in Massachusetts, USA, Dexter had little formal education and started his working life as an apprentice leather dresser. He was neither an academic genius nor a conventional businessman. But he possessed an unusual combination of ambition, eccentricity and, perhaps, the most enviable luck in commercial history.
His fortune began taking shape after the American Revolution. While others considered the depreciated American currency and government securities almost worthless, Dexter invested heavily in them. When the government eventually redeemed these securities at much higher values, he became wealthy. Now, imagine buying something that everybody around you considers rubbish and discovering that it has turned into gold! Was it foresight, courage or simply a friendly nudge from Lady Luck? We will leave that judgment to the reader.
But making money was only the beginning of his adventures. Dexter apparently believed that conventional business wisdom was meant for ordinary people. Once he had money, he started making commercial decisions that would have sent any modern business school into a state of emergency.
On one occasion, some mischievous merchants reportedly persuaded him to send a large consignment of bed-warming pans to the tropical West Indies. These were metal pans traditionally used in cold climates to warm beds before people went to sleep. Sending them to a region where the weather itself could make people sweat was almost like selling refrigerators to Eskimos. Any sensible businessman would have cancelled the order. Dexter, however, went ahead. The ship’s captain reportedly found an unexpected use for these pans in the sugar and molasses industry, where they could be used as utensils. The entire consignment was sold profitably. Imagine the surprise of those who had planned to laugh at him!
And that was not all. Another celebrated story concerns his shipment of coal to Newcastle in England, a town already famous for its coal production. The expression ‘carrying coals to Newcastle’ is itself used to describe a completely unnecessary business exercise. Yet the story goes that Dexter’s shipment arrived during a miners’ strike, when the local supply was disrupted, and he managed to sell his coal at a handsome profit. One can only imagine the reaction of the local merchants. Perhaps they were left wondering whether Dexter had a better business intelligence network or merely a direct line to fortune!
His adventures did not stop with coal and warming pans. Stories also circulated about his sending woollen mittens towards warmer destinations, only for them to find buyers through unexpected trade routes. He reportedly even shipped stray cats to the Caribbean, where they found a market. Whether every detail of these stories is accurate or has grown in the telling, they have become part of the remarkable folklore surrounding his business career.
Now, let us move from his business adventures to his personal life, which was no less entertaining. Having accumulated considerable wealth, Dexter developed an equally considerable appetite for recognition. He began calling himself Lord Timothy Dexter, although no royal authority had bestowed that honour upon him. He purchased an impressive mansion, decorated it with unusual architectural features and placed around forty enormous wooden statues of famous personalities in his garden. Naturally, he included a statue of himself. Its inscription proudly declared him the greatest philosopher in the Western World. Clearly, modesty was not one of his investment priorities!
One wonders what would happen if such a gentleman appeared in today’s social media world. He would probably have millions of followers, a blue tick beside his name and a motivational channel explaining how to become rich by ignoring conventional wisdom. His garden alone could have become a major tourist attraction!
His literary adventure was perhaps even more amusing. In 1802, Dexter published a book titled A Pickle for the Knowing Ones. It was full of spelling mistakes, erratic capitalisation and practically no punctuation. He wrote about himself, criticised politicians and religious leaders, and expressed his grievances against those who did not appreciate his greatness. When readers complained that the book was difficult to read without commas, full stops and other punctuation marks, Dexter did not bother to hire an editor. Instead, in a subsequent edition, he added a page full of punctuation marks and invited readers to place them wherever they pleased. What a wonderful way to shift editorial responsibility to the reader! Even today, many authors might find that idea worth adopting.
He was so fond of public attention that he reportedly staged his own funeral while still alive, apparently to see how people would react to his death. He was disappointed that his wife did not display the grief he expected. It seems even his funeral had to meet his personal performance standards!
But behind this entertaining personality lies a more interesting question. Was Timothy Dexter simply a lucky fool, or was there some business instinct hidden beneath his eccentric behaviour? His early investment in government securities certainly involved an element of commercial judgment. His willingness to take risks and explore unconventional markets also deserves some consideration. Yet one cannot ignore the extraordinary role played by circumstances and timing in some of his most famous ventures.
Perhaps that is why his story remains relevant even today. We live in an age where people spend years acquiring degrees, attending management schools, consulting financial experts and studying market trends. We calculate risks, prepare projections and examine every possible outcome before taking a decision. And yet, sometimes, an unexpected event changes the entire equation. A carefully planned venture fails, while an apparently foolish idea turns into a success.
So, what really makes a person successful? Intelligence, education, hard work, courage, timing or plain good luck? Is luck a reward for taking risks, or does it occasionally choose its favourite without any explanation?
I leave these questions to the reader. But one thing is certain: Timothy Dexter had something that money could not buy and business schools could not teach. He had an extraordinary ability to surprise the world, including those who were convinced that he would fail.
Perhaps if he were alive today, his advice to aspiring entrepreneurs would be very simple: Take calculated risks, keep your eyes open and never underestimate the power of timing. And if Lady Luck happens to be travelling with you, make sure she has a confirmed return ticket!
After all, some people chase success throughout their lives, while some appear to have success chasing them, even when they are walking in the wrong direction!
(The Author is a Columnist | Former Banker | Social Commentator. He can be reached at: anil.kumar.sharma9419@gmail.com)
