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Portrayed by Ron C. White as an American hero who selflessly labored for the success of his country and all of its people, American Ulysses is an excellent lesson in character, effort, and unforeseen challenges while also informing readers of struggles during the late 19th century.
President and General Ulysses Grant was a West Point Graduate self-compelled to serve his country to the best of his abilities. Though Grant’s leadership was instrumental to the preservation of the union, he did not believe his contributions were any greater than a common soldier – they all sacrificed what they could for the cause. Service during the Mexican-American War alongside future confederate officers may have shaped Grant’s stance of engagement with Civil War enemies: his purpose was to preserve the union, not punish rebels.
After the surrender at Appomattox, despite the immense social upheaval due to the prohibition of slavery, Grant led the army’s reconstruction efforts to unite the country peaceably. Grant was a champion for liberty and civil rights for all Americans, be they white, black, or native, from his time as commanding general of the U.S. Army throughout his presidency.
The extremely difficult and formative events through which Grant led America left his reputation diminished; in addition to Reconstruction, Grant led America during significant western expansion which resulted in unpopular conflicts with Native Americans. Grant’s trust in his associates and subordinates also led to criticism due to widespread corruption in his administration.
The trusting general later fell victim to a Ponzi scheme and remitted all his property and possessions to repay a personal loan from William Henry Vanderbilt. Though unwarranted trust in untrustworthy men caused Grant’s downfall, his character that attracted the respect of other remarkable figures of the day was his saving grace. Vanderbilt accepted the title to the Grant home but insisted the Grants remain in residence. Furthermore, Vanderbilt promised to contribute all historical memorabilia remitted as payment to national museums for posterity.
Another friend, Mark Twain, saved Grant from an unfavorable contract to publish the general’s memoirs. Though Grant felt obligated to uphold his initial agreement, Twain and a financial advisor persuaded the general the original contract unfairly compensated the publisher; Twain’s publishing company provided a much more favorable deal Grant’s memoirs and enabled the financial security of the general and his wife.
Even great leaders have their downfalls. Grant’s ability to trust his subordinates contributed to the Union victory, but when he applied the same tactics in managing his presidential administration corruption abounded.
Investors have much to learn from Grant’s success and failures. Grant managed an army and a government just as investors must manage their finances. Before hiring a financial advisor or purchasing an investment product, investors must understand the compensation and incentive structure that will govern the relationship. What commission does your broker earn on your trades? Do they receive a trailer fee on the mutual fund they pitch? Do they charge a fee as a percentage of your portfolio balance? Advisors must be appropriately compensated, but investors must determine what fee is appropriate. The discount brokerage with whom I invest advertises no fees for trading their proprietary ETFs; the investor must read the fine print to understand these ETFs charge three percent annual fees.
In his retirement Grant’s first writing efforts read like battlefield reports, but, with coaching from friends like Twain, Grant became a respectable writer and, though he completed his memoirs on his deathbed, the proceeds allowed his wife to live comfortably.
President Ulysses Grant was not born a writer, and investors are not born, but made. You can learn the basics of investing. You can provide financial security for your family. You have to put in the work to understand what investment products and services best suit your need.