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MICHAEL LIBERTY JULIAN ROBERTSON Mozido founder Legendary hedge fund billionaire, Mozido investorIN LIBERTY THEY TRUST ALICE WALTON SHAUKAT AZIZ Billionaire Wal-Mart Mozido announced theMichael Liberty’s world is a surreal one. His heiress, worked with former Pakistani primefriends come from the most rarefied circles, Liberty on a business minister had joined itsand his mobile payments unicorn, Mozido, has board. He never did.raised $300 million and attracted an all-star venturecast of investors and directors.The FinancialTheranos?BY NATHAN VARDI100 | FORBES AUGUST 23, 2016

ROBERT RANDI SHAQUILLE RICHARD SELANDER ZUCKERBERG JACK GRUBMAN O’NEAL BRADDOCKFormer MasterCard Disgraced Wall Basketball star, Former Priceline Street analyst, godfather to CEO, briefly Mozido CEO, former advised Mozido Liberty’s son Mozido director chairman Mark’s sister, short-lived Mozido NAHYAN director BIN MUBARAK ERIC SCHMIDT Google billionaire, AL NAHYAN whose venture firm invested in Mozido Emirati sheikh, Mozido investor JOHN UELAND FOR FORBESIndustry’s As party tricks go, it’s tough to top what A charismatic founder, a star-studded board and investor went down at Mi- list, a $5.6 billion valuation—Mozido had everything chael Liberty’s 2014 a unicorn could want except a cohesive product. charity bash, which Now with a cash low crisis, federal subpoenas and he sponsored together with his fi- employee layo s, it’s hard to see how this ends well. nancial technology startup, Mozido. As the sun set over the Pacific, a plane soared above the 1,000 guests at an elegant Santa Monica beach club and disgorged 13 former Navy SEALs and 2 of Liberty’s executives. The former group was accompa- nied by a giant American flag; the JANUUGAURSTY 2183, 2016 FORBES | 101

MOZIDOlatter two held a giant check, signed by er than ofer a branded product, Mozi- and Mozido was subsequently valued atLiberty, for $1 million, designated to do would focus on so-called white-label $5.6 billion. Within months Robertson,support military families. services to other companies. Schmidt, et al., had seen their bet on Liberty, in theory, double. And FORBES The USC marching band serenad- How he would actually do that estimates that Liberty’s personal stakeed guests with a medley of patriotic wasn’t exactly clear. Mozido has had in Mozido made him, in theory, a bil-songs. Speeches came from the likes of all sorts of fancy people on its board at lionaire. Mozido purchased or investedretired general James Mattis, former various times, including Mark Zuck- in eight other companies, mostly tinyhead of U.S. Central Command, and erberg’s sister, Randi, and the former startups operating around the worldthe former Mexican president Vicente CEOs of Priceline, First Data, Interpub- in areas ranging from loyalty market-Fox. As donations piled in, the aptly lic and MasterCard. (Mozido issued a ing and mobile operator services to risknamed Liberty took his place at the press release touting the addition of for- management.podium in a crisp blue suit, white shirt mer Pakistani prime minister Shaukatand red tie. “We as Americans have a Aziz; it now says he never joined.) But it But a funny thing has happened onmoral obligation to step up and do our initially didn’t have much to talk about the way to the exit. Mozido finds itselfpart,” he said in his Kennedy-like New in terms of technology. under siege from angry employees andEngland accent. disgruntled partners, while a former di- Instead, Liberty would take his new- rector has received subpoenas from the For Liberty, his part could easily found cash hoard—and the ability to Department of Justice and the Securi-handle $1 million. That year Mozido, issue shares at a now-lofty valuation— ties & Exchange Commission seekinghis little-known Austin-based company, and buy his vision. Not unlike the blank- financial records related to Liberty andentered unicorn status, having finished check companies (sell shares to the Mozido.raising $300 million, much of it at a public, figure out what to do with thevaluation of $2.4 billion, from a diverse money later!) that were in vogue ahead For all his charm and decades ofroster of glittery investors, including of the global financial crisis, Mozido dealmaking, the 56-year-old Libertyhedge fund legend Julian Robertson, was essentially a blind bet on Liberty— is an unknown character. When heGoogle billionaire Eric Schmidt’s ven- one made even odder by the fact that he recently met with FORBES, it was ature fund, MasterCard, an Abu Dhabi holds no executive title or even a board rare interview with a national news or-sheikh and well-regarded Wellington seat, even though he’s the company’s ganization. The circumstances provideManagement, which oversees billions largest individual shareholder and put a window into his situation. Libertyfor Vanguard and led the fundraising. the enterprise in motion. chose to appear in the conference room of a New York City law firm, flanked What were they buying into? On For a while it worked. In Febru- by three lawyers, two crisis publicpaper, the silver-tongued Liberty sold a ary 2015 Mozido paid $750 million for relations specialists and Mozido’svision of using mobile payments to “un- China’s PayEase, a fast-growing Inter- CEO, Todd Bradley, who ran Hewlett-lock financial freedom” for the roughly net and mobile payments company. Packard’s biggest unit. Liberty was, of2 billion people around the world with The preferred shares Mozido issued to course, still pitching: “We are the onlya cellphone but no bank account. Rath- finance the merger were priced highly,Following the MoneyMozido, founded by Michael Liberty in 2007, has raised about $300 million, andmuch of that cash has been used to go on a global buying binge.January 2013 October 2014 February 2015Purchases PagoVision, which provides check- Finishes raising $185 million from Buys a majority stake in PayEase, a Chinesecashing and payment services. Wellington Management, MasterCard and payment processor, for $750 million. an Emirati sheikh, Nahyan Bin Mubarak AlDecember 2013 Nahyan. March 2015Finishes raising $100 million from November 2014 Invests in mobile payments software firminvestors like Eric Schmidt’s Tomorrow- SimplyTapp, based in Austin, Tex., andVentures. Loans $6.5 million to Appconomy, an a Palo Alto risk-management company, Austin, Tex. software firm targeting China. IdentityMind.March 2014 December 2014 July 2015Acquires StickyStreet, a companyspecializing in loyalty rewards. Acquires a majority stake in CorFire, a Purchases Nettcash, a mobile-wallet mobile wallet development shop. company in Zimbabwe.102 | FORBES AUGUST 23, 2016

pure-play mobile payments commerce neur—a young Stanford dropout with Whitehorse Technologies, a cybersecu-and consumer engagement platform a transformative idea and a penchant rity company Liberty founded.that is fully deployed and compliant. for dressing like Steve Jobs—MichaelWe are in China, we are in India, we are Liberty’s Dickens-meets-Horatio-Alger His collection goes way beyondin Africa.” tale feels more century or two ago. Most the A-list investors and boards. As of his saga takes place around the town friends, he taps the likes of Wal-Mart Meanwhile, back at Austin head- of Gray, Me., where he grew up poor, heir Alice Walton and Marshall Fieldquarters, executives were fretting over the son of a brickmaker. When he was department store heir Frederickmore mundane issues, like how to pay 14, his half-brother died in a motorcycle “Ted” Field, cofounder of Interscopeemployees. Mozido has delayed making accident, part of a chain of events, ac- Records. As a mentor, he cites formerpayroll five times since April—its June cording to a local report, that resulted in Maine senator and U.S. Defense Sec-15 payroll was made ten days late. Its re- his parents moving away from Maine, retary William Cohen. For the godfa-newal for employee medical insurance leaving Liberty to fend for himself. ther to his son, he tapped basketballwas two days late in June, payments to “My life was ruined at 14 years old,” he legend Shaquille O’Neal, who helpedvendors are being stretched, and the says to an ex-colleague in a 2011 e-mail promote one of Liberty’s low-incomecompany has yet to pay out end-of-year obtained by FORBES. “I’ve never fully housing deals in Colorado (“He’s a2015 bonuses to employees. emotionally recovered.” sweetheart,” Liberty says). Liberty shrugs of the cash flow is- “I was the only kid I knew who Liberty began fixating on mobilesues, saying, “People who actually run had an entire house to himself,” he re- payments in the late 1990s. He startedbusinesses understand sometimes you with a wireless content company,have a delay.” He maintains that thecompany is close to securing a credit Michael Liberty’s backstory is part Charles Dickens, partline from Asia: “This is not any kind of Horatio Alger. A family tragedy hit him hard. “My life waschronic situation.” ruined at 14 years old. I’ve never fully emotionally recovered.” What about the Department of Jus- called in 1989 to a local reporter. “After Mobile Media, that in 2004 morphedtice subpoena? “Mozido has been told awhile I guess I went a little crazy. I into Ainity Mobile, which tried andit is neither the subject or target of any thought about running away, even sui- failed to conduct an IPO. Around 2007DOJ investigation,” a lawyer repre- cide.” Instead, he embraced basketball Ainity morphed again into Mozidosenting Mozido says. Neither Liberty and his Catholic faith, as he began his and launched a prepaid mobile money-nor Mozido will comment on the SEC search for self-respect. transfer product called Trumpet thatsubpoena. targeted Hispanics and the unbanked. Liberty ultimately found salvation It was sold through RadioShack. Lib- Mozido has also turned to layofs through entrepreneurship. He started erty claims Trumpet was the first mo-this year. “Those cuts are happening with a sandwich shop, then in 1983 bile wallet in the U.S., filing a mobile-whether we had $1 billion in the bank launched a dairy farm. But his main wallet patent around 2012.or $1 million in the bank,” Liberty says, business became real estate, where hereferring to the normal restructuring focused on federal- and state-subsi- “He has a natural sales ability, but itthat takes place after acquisitions. dized housing, first in Maine and then comes from his genuine conviction of other states, followed by a seemingly this space,” says pal Ted Field. “All he As with Theranos, the poster child endless string of varied enterprises, has done for the last years I have knownof exuberance in the era of unicorn from Maine shirtmaker C.F. Hathaway him is evangelize” mobile payments.startups, it would be easier to accept to Playboy Energy Drink to a series ofthese explanations if he—or anyone— low-budget Hollywood movies. But by 2008, court documents sug-could point to exactly what Mozido gest, Liberty was claiming he was nexthas that’s worth $5 billion. But even Even surrounded by lawyers in a to broke. In the late ’90s two Liberty-after talking with more than ten cur- conference room, the 6-foot-2 Liberty controlled companies committed torent and former employees, I found it displays the kind of charm that can invest $25 million in venture fundhard to come up with anything beyond sell anything to anybody. Those who Keystone Venture V, which had raisedLiberty’s platitudes. And it’s easy to know him echo that idea: his big smile, $100 million, mostly from pensionenvision a scenario where yet another his ability to connect with others and funds, for tech investments. Libertyof the era’s Icaruses, complete with his connection to the struggling region never made significant investments,its own blue-chip board of directors, where he got his hardscrabble start. but he did hop on Keystone’s advisoryplummets to earth. “Michael is a collector of people,” says board, and the fund invested $27 mil- Ken Robinson, executive chairman of lion, some of which went to companiesIF THERANOS FOUNDER ElizabethHolmes provided the perfect personalnarrative for a 21st-century entrepre- AUGUST 23, 2016 FORBES | 103

MOZIDOhe owned or had invested in. the Biltzes for breach of contract. The many of those 1.5 billion people actually The SEC filed a complaint in 2006, Biltzes countersued Liberty. In Febru- use a Mozido-enabled mobile wallet. ary a jury found in favor of the Biltzes One of the few clients Mozido publi-accusing Liberty of working with one and awarded them $3.38 million. Lib- cizes, Deutsche Telekom, told FORBESof the men who had set up the fund erty has since settled the case. its mobile wallet has been used by be-to improperly divert $9 million, with tween 10,000 and 99,999 of its 40 mil-$4.5 million going to benefit Liberty Liberty says that, given his 37-year lion mobile customers in Germany.directly. The remaining $18 million of career, he’s been involved in relativelythe $27 million total investment was few lawsuits and that litigation is part While Mozido says it can’t name itslost when the underlying companies of doing business. Given the current retail clients, it has publicized its workfailed, the SEC claimed. Liberty denied swirl around Mozido, which goes past on the mobile payments apps of Dairythe charges but settled with the SEC lawsuits to cozy fees and a trajectory Queen, Dunkin’ Donuts and a platformin 2008, agreeing to pay $6 million. more notable for financial engineering for a bottler of Coca-Cola in southeastThe SEC waived payment of $5.4 mil- than computer engineering, one could Mexico. Dairy Queen’s website showslion based on the financial declaration agree that for Liberty this is just busi- that only 200 of its 4,400 stores in theof Liberty, who ended up paying only ness as usual. U.S. participate in the MyDQ mobile$600,000 over three years. “If a finan- payments program that Mozido startedcial declaration was filed, inevitably AS WITH THERANOS, which has working on in 2013. A Dairy Queenthis was a waiver for inability to pay,” claimed to have a silver bullet in the spokesperson says it is “primarily a loy-says Seth Taube, the head of securities area of blood testing but has never alty app, payments are optional.” Mean- while, the Dunkin’ Donuts paymentsMozido has the potential to reach 1.5 billion people, app that Mozido acquired in the CorFireLiberty says. But the startup won’t say how many of those deal has 20 million downloads—but1.5 billion actually use a Mozido-enabled mobile wallet. last year Dunkin’ Donuts jumped to a competitor for its newest U.S. mobile-litigation at law firm Baker Botts and a proved it, Liberty talks up Mozido’s payments project. “In the months I wasformer SEC enforcement lawyer. ability to provide payments services there, never having a product launch and products using its cloud-based for a company that was an eight-year- The SEC was not Liberty’s only technology with any mobile phone ever old startup” was surprising, says anlegal opponent in recent years. Liberty made to three kinds of clients: mobile employee who quit Mozido this year.has battled James Stanley Jr., who network operators, retailers and banks.worked for Liberty for 20 years and Mozido’s other big acquisition,eventually served as CEO of Liberty Those clients, Mozido argues, will PayEase, connects Chinese banks andGroup. Liberty and Stanley ultimately benefit from providing their customers card networks, processing billions ofhad disputes over loans and benefits. with mobile payments services, includ- dollars in transactions, mostly in China.Around 2013 an arbitrator found in ing loyalty and engagement eforts. Mo- It has long been a payment processorfavor of some of Stanley’s claims and zido says it has already made more than for Apple and represented more thanordered Liberty to pay $1.8 million. 20 sales deals in July and has brought two-thirds of Mozido’s revenue overCourt records show the arbitrator also in $100 million in revenue in the past the past year, says CEO Bradley.found that Stanley “occasionally as- 12 months, a double-digit increase. Butsisted [Liberty and his corporate enti- it declines to publicly name clients or The deal came with a questionableties] in certain activities or was aware point to specific accomplishments. provenance. Liberty says Mozido wasof actions . . . [that] could be said to introduced to PayEase by Jack Grub-mislead creditors, limited partners, Liberty likes to tout Mozido’s poten- man and that Grubman was paid aother investors and regulators.” tial to reach 1.5 billion people because fee by PayEase in connection for his they’re customers of phone carriers services. Yes, that Jack Grubman, the In another legal skirmish, Liberty with which Mozido has partnered. 1990s telecom analyst barred for lifesued Crystal and Jesse Biltz, Lib- That talking point comes largely from from the brokerage business after theerty’s former partners in a preschool Mozido’s acquisition of CorFire, which SEC charged him with issuing mislead-in Santa Monica, Calif. Cassidy Pre- uses technology that allows a phone ing research. Didn’t this violate theschool opened its doors in 2009, with to conduct a transaction while close to ban? Grubman says that he provideda Liberty entity as the majority owner. a point-of-sale terminal. “We already PayEase with management consult-But by 2013 Crystal Biltz claimed the have massive scale,” Liberty says. “No- ing services but that PayEase needed apartnership no longer worked and then body has the scale that we have.” liquidity event to pay him and that hisopened another preschool. Liberty sued two introductions between Mozido and Tellingly, Mozido won’t say how PayEase were focused on a business relationship rather than the merger.104 | FORBES AUGUST 23, 2016

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MOZIDO According to the SEC, an indi- A FEW DAYS AFTER Mozido delayed and Gary “Court” Coursey, who havevidual seeking buyers for a company payroll for the first time in April, its worked together at TomorrowVentures,is soliciting buyers for a security, but senior executives organized a meet- Eric Schmidt’s venture fund that in-Columbia University law professor ing to calm employees, some of whom vested in Mozido. Coursey and RundellJohn Cofee says that if the individual were heading for the exits. Bradley, the entered into a deal on behalf of them-does it only once, that person would CEO, said there was an efort to raise selves to put together the Mara jointlikely not be seen as being in the bro- new equity and debt financing. Before venture with Mozido for a $2.5 millionkerage business. “I am not stupid,” payroll was delayed again in the middle fee that would be financed by Welling-Grubman says. “I am more careful of May, employees were notified that a ton. Liberty, who claims to have workedthan you would believe.” term sheet had been signed and a debt “hundreds, if not thousands,” of hours refinancing would close in three weeks. on the efort, struck a separate deal to Regardless, the $750 million “To the victor goes the spoils,” Bradley get half of the fee, which Mozido claimsdeal—$135 million in cash, the rest in would later tell employees. That financ- was paid by Mara Group.preferred shares at a hefty valuation— ing has not yet happened, but Libertysapped Mozido’s reserves, especially says the “recapitalization is in process Liberty had another agreementsince some of its other deals have not literally as we speak.” with Coursey and Rundell that con-worked at all. The company says it templated sharing other $2.5 millionloaned $6.5 million to Appconomy, a Liberty’s role in the company con- fees for additional Mozido joint ven-mobile software company in Austin, tinues to be enigmatic—and self-serv- tures in India and the Middle East, butTex., but Mozido sued Appconomy in ing. The largest shareholder putatively those deals never happened. “I don’t draw any salary from the company,Even though Liberty’s stake is putatively worth over but if I bring an opportunity to the$1 billion, his role in the company he founded remains company and the company deems itenigmatic, though it’s clear he pulls a lot of strings. appropriate, they can pay a compensa- tion,” Liberty says.June, claiming the loan was in default has no oicial role—not even a boardand Appconomy had swindled Mozido seat—yet those familiar with Mozido In November Liberty filed a defa-to get it. In a statement, Appconomy say he clearly pulls a lot of strings, es- mation lawsuit that claimed Coursey,denied the charges and said Mozido pecially when it comes to financing and Rundell and former Mozido director“appears to be a failing, would-be deals, and sometimes he reaps money Phil Geier were extorting Liberty andunicorn, in which huge amounts of for himself when he does. Mozido. All three deny wrongdoing.investor capital have been consumed Coursey, Rundell and Geier claim thatwith little to nothing substantively to It was Liberty who got Nicho- Mozido and Liberty cheated them outshow for it.” las Adams, a partner at Wellington of equity stakes in the company, which Management, to make its big anchor Mozido denies. Geier and his family Mozido executives say they are ex- investment in Mozido, a person fa- had earlier sued Mozido and Liberty incited about turning banks on to mobile miliar with the matter told FORBES. Delaware and Florida.payments, citing JPMorgan Chase’s Wellington also made the biggestChase Pay. Liberty says Mozido just investment in Powa, a U.K. mobile- To some it might be unclear what allwon a deal to provide services to a 27- payments unicorn that collapsed these guys are fighting over. The com-bank consortium in Taiwan. in February, as well as investing in pany, which loses money, still hasn’t another company Liberty founded, stemmed its cash-flow concerns. All But Mozido will have to continue DaVincian Healthcare, which is based those blue-chip directors are no longercompeting for business with big digital in the same Austin oice building as on the board. Between those SEC andsecurity companies that have long rela- Mozido. (Interestingly, Wellington Justice Department subpoenas, thetionships in the banking sector, like Ge- does not have a Mozido board seat, feds are clearly fishing for something,malto and Oberthur Technologies. “At despite its large investment.) though it’s unclear what or whetherMozido there were a lot of starts along they’ll find anything. And it’s still notthe way and nothing ever completed,” Liberty was paid a $1.25 million fee apparent how Mozido can justify itssays Ted Fifelski, president of Simply- for his services in putting together a unicorn status. “In order to opine onTapp, a mobile payments software com- now-defunct joint venture with Mara the technology, one has to know ‘whatpany that Mozido invested in last year. Group, Ashish Thakkar’s high-profile is behind the curtain,’ ” says a Mozido“Can you point to anything they have African conglomerate. The details of spokesman. “Those who know the de-completed beside using their investors’ the arrangement were filed in New tails and the specifics are confident thatmoney to buy other stuf?” York State court by Derek Rundell the technology is next-generation state of the art.” In other words, trust us. F106 | FORBES AUGUST 23, 2016

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FORBES LIFE TRAVELBig HouseOn the PrairieAfter a multimillion-dollar renovation, Ted Turner’sNew Mexico estate, Casa Grande, is now a luxuryvacation rental—bison included.BY ANN ABEL When Ted Turner was a boy of contiguous private land in the United States TED TURNER: MARTIN SCHOELLER FOR FORBES; INTERIOR: JEN JUDGE in Savannah, Ga., he loved to under one ownership,” he says. With Verme-Ted’s excellent hunt and fish. After he was jo and his properties in southern New Mexico,adventure: Turner turned in to the local police the Armendaris and Ladder ranches, he ownsstarted buying land for shooting a squirrel on a neighbor’s proper- about 1.1 million acres of the state. That’sbecause of his love of ty with a BB gun and fined by a judge, he had slightly bigger than Rhode Island, which has ahunting and fishing. an epiphany. “I decided I was going to make population greater than one million.Today Casa Grande a lot of money so I could buy my own damnsits on nearly 600,000 land,” the 77-year-old billionaire said in June Turner started buying his land in the Westacres in New Mexico. at his Vermejo Park Ranch in northern New Mexico, one of 17 ranch properties he now owns. “And so I did.” Today Turner owns about 2 million acres across the United States, making him the sec- ond-largest private landowner in the country. (Billionaire John Malone has about 200,000 acres more—and has followed Turner’s lead in land conservation and species preservation.) And while it’s unlikely that Turner would admit he has a favorite property, his flagship is Vermejo Park Ranch, some 585,000 acres straddling the New Mexico-Colorado border, which he purchased in 1996. Turner made a home on this range—the mansion known as Casa Grande, which has just undergone a multimillion-dollar renovation and is now converted to a luxury guest estate. “We’ve been told that it’s the largest piece108 | FORBES AUGUST 23, 2016

for hunting and fishing, but them all myself,” he says—he committed to a TRENDING he’s always seen animals as four-year, $4.5 million renovation. more than simply targets. WHAT THE 45 MILLION His Turner Endangered Spe- The result is stunning, with the Italianate FORBES.COM USERS cies Fund protects a variety mosaic floors revealed, a 1905 Steinway re- ARE TALKING ABOUT. of creatures, and his Turner furbished and eight bedrooms updated to FOR A DEEPER DIVE GO TO Foundation aims to pre- 21st-century standards. (Rates start at $850 a vent environmental dam- night, double occupancy, and include meals FORBESLIFE.COM age. He plans to place much and nonguided activities.) It’s a luxurious up- of his land under conserva- grade over the simpler accommodations in PERSON tion easement, to stave of the aptly named Casa Minor, right next to future development, and has the main lodge (home to the dining room and KARL LAGERFELD a particular fascination with bar) and in the newer, pretty Costilla Lodge, The 82-year-old fashion bison, which were nearly 25 miles away in the high country. Asked icon, whose first hotel is extinct before he set about whether he hopes Casa Grande will pay for set to open in 2017, will bringing them back. Turner his investment, Turner notes that he already started his bison herd some owns the land outright and it brings in profits design the lobbies of 35 years ago with 3 and now from hunting, fishing and bison meat, so “if the Estates at Acqualina, maintains about 52,000— I do pick up any income, it will be found in- they reproduce quickly come. I don’t need to make a lot of money. I’d Miami’s new luxury and are a sustainable food like to make a little.” residence. source, he notes excitedly. The new Casa Grande is also in line with COMPANY “I grew up in Georgia, so Turner’s plan to open his ranches to a broad- I never saw a mountain until er swath of nature lovers—the luxury-seeking PACK UP + GO I was an adult man,” Tur- kind who would never stay at a typical hunt- The travel startup, ner says. Because he loves ing lodge. The aim is to re-create the national founded last year by fly-fishing, he started buy- park experience on private, virtually uninhab- 23-year-old Lillian ing remote land in Montana, ited land. At Vermejo, unlike at, say, Yellow- Rafson, promises widely regarded as prime stone, you won’t find 30 cars stopped with 100 adventures for the truly wild-trout territory. But soon people photographing one bison, he notes. brave: Vacationers don’t he wanted to expand. “I en- You’ll find just one car by a herd: yours. know where they’re joyed my experience in Mon- going until they arrive tana so much after all my Last year he started Ted Turner Expeditions life in the Southeast that I at his three New Mexico ranches, with a at the airport.thought, well, I’d seen New Mexico in Western mission to prove that the economically suc-movies, so why don’t I see what the Southwest cessful and the environmentally sustainable are IDEAis like? It’s totally diferent. And when I got out not mutually exclusive. His TTX team addedhere, I loved it, too. So here I am, with a mil- adventure and conservation-minded activi- BULLETPROOFlion acres of the state.” He adds that his ranch- ties such as hiking, horseback riding and wild- CLOTHINGes have an extraordinary diversity of flora and life spotting with naturalist guides. Huntingfauna, and notes that people on the coasts and fishing remain the big draws, but the staf Safety-obsesseddon’t touch down here too frequently. at Vermejo are enthusiastic and knowledgeable travelers now have an Turner is particularly proud of and sen- whether toting a fishing rod or a camera. arsenal of designer attiretimental about Casa Grande. It was built by lined with Kevlar (andwealthy industrialist William H. Bartlett at If all goes well in New Mexico (and at two other protective fabrics)the turn of the 20th century (its architect other Turner properties, including an island that can stop a bulletwas a mentor of Frank Lloyd Wright) and be- of the coast of South Carolina), TTX will from a Glock or an Uzi.came something of a clubhouse for silent-film run operations at more of Turner’s ranches.stars. After Turner purchased the ranch, the “Ecotourism is on the rise all over the world,” DAVID M. BENETT/GETTY IMAGES25,000-square-foot house became his family’s he says. “Everybody is interested in the plan-refuge. And after deciding to open it to paying et. It’s the most interesting thing we experi-guests—“I have too many properties to enjoy ence in our lifetime. We don’t know if there’s life on any other planet. If there is, we’re not going to see it in my lifetime. This is all we’ve got. We might as well enjoy it.”FINAL THOUGHT “Life is a great adventure … accept it in such a spirit.” —TEDDY ROOSEVELT AUGUST 23, 2016 FORBES | 109

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FORBES | MARKETPLACE 99 Tips to Make YourRetirement More ComfortableIf You Are Approaching Retirement or Already Retired, Call 1-800-924-1398 for Your FREE Copy!While it’s easy to imagine retirement as a time of relaxation, enjoyment and fun, the fact of the matter is that a successful retirementdoesn’t just happen. It takes thought, planning and action. To help you get ready for retirement or make your retirement even better,we’ve assembled 99 retirement tips. Importantly, Ken Fisher has gleaned these tips from Fisher Investments’ clients, people whohave or are successfully navigating the transition from work to retirement. Here Are Just a Few of the hings You’ll LearnDetermine how much you can take from Why selecting a benchmark,your investment portfolio without risking something few people do, canrunning out of money. (Tip #10) help you maintain and grow yourWhy, if you are close to retirement portfolio over time in bull andor already retired, you’ll probably bear markets. (Tip #19)live longer than you think.(Tip #12) Why paying down your mortgage before you retire might not be aHow not to get caught good idea. (Tip #26)in the in ation trap Estimate what your taxes are goingand the fallacy of to be and look for ways to reducemost asset-allocation them in retirement.advice. (Tip #13) (Tip #40)What you should tell your adult children Why retirement can be aabout your inances. (Tip #23) strain for marriages. (Tip #87) And many more inancial, lifestyle and health suggestions! Retirement Is More Complicated than Just Money Management99 Retirement Tips will help you better understand the concerns and issues that retired people face. Please claim your copy today, atno cost or obligation, and take a step toward a better retirement. About Fisher Investments and Ken FisherFisher Investments is a money management irm serving successful individuals as well as large institutional investors. FisherInvestments and its subsidiaries use proprietary research to manage over $63 billion* in client assets and have a 35-yearperformance history in bull and bear markets.Ken Fisher, Founder, CEO and Co-Chief Investment O cer, has been Forbes’ “Portfolio Strategy” columnist for over 30 yearsand is the author of more than 10 inancial books, including 4 New York Times bestsellers. Call today for your FREE copy! Toll-free 1-800-924-1398 Reference code B150 when calling. ©2016 Fisher Investments. 5525 NW Fisher Creek Drive, Camas, WA 98607. ® Investments in securities involve the risk of loss.
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Past performance is no guarantee of future returns. *As of 12/31/2015.'03
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THOUGHTSOn Education“The reason “The truth of “Bryn Mawr had done whatuniversities it is, learning a four-year dose of liberalare so makes a silly education was designed tofull of man 10,000 do: un t her for 80% of usefulknowledge times more work of the world.”is that thestudents insuferable.” —TONI MORRISONcome inwith so —JOSEPH ADDISONmuch andleave with “A professorso little.” is one who talks in—MARSHALL MCLUHAN someone else’s sleep.” —W.H. AUDEN“He knows the world and “TIME IS A GREAT “UNIVERSITIES ARE NORMAN JAMES/TORONTO STAR/GETTY IMAGES; MARY DELANEY COOKE/CORBIS/GETTY IMAGES; DEBORAH FEINGOLD/CORBIS/GETTY IMAGES;does not know himself.” TEACHER, BUT THE CATHEDRALS OF PICTORIAL PRESS/ALAMY; GRAPHICAARTIS/GETTY IMAGES; JUDD MEHLMAN/NY DAILY NEWS/GETTY IMAGES; LIBRARY OF CONGRESS UNFORTUNATELY IT THE MODERN AGE.—JEAN DE LA FONTAINE KILLS ALL ITS PUPILS.” THEY SHOULDN’T HAVE TO JUSTIFY“Education is simply the soul —HECTOR BERLIOZ THEIR EXISTENCE BYof a society as it passes from UTILITARIAN CRITERIA.”one generation to another.” “We teachers can only —DAVID LODGE help the work going—G.K. CHESTERTON on, as servants wait FINAL upon a master.” THOUGHT“TOO MANY COLLEGERADICALS ARE TWO TIMING —MARIA MONTESSORI “An observationPUNKS. THE ONLY REASON that in Boston is anYOU SHOULD BE IN COLLEGE “Learning: The kind of ignorance accepted truth: IfIS TO DESTROY IT.” distinguishing the studious.” you’re from Harvard, you can’t count;—ABBIE HOFFMAN —AMBROSE BIERCE if from MIT, you can’t read.” “In the schoolroom more than any other place —MALCOLM FORBES does the diference of sex, if there is any, need to be forgotten.” —SUSAN B. ANTHONY “FOR IN MUCH WISDOM IS MUCH GRIEF, AND HE THAT INCREASETH KNOWLEDGE INCREASETH SORROW.” —ECCLESIASTES 1:18 SOURCES: SONG OF SOLOMON, BY TONI MORRISON; THE MAN OF THE TOWN, BY JOSEPH ADDISON; THE TIMES BOOK OF QUOTATIONS; THE DEVIL’S DICTIONARY, BY AMBROSE BIERCE; ELIZABETH CADY STANTON, EDITED BY THEODORE STANTON AND HARRIET STANTON BLATCH; NICE WORK, BY DAVID LODGE; THE ABSORBENT MIND, BY MARIA MONTESSORI; FABLES, BY JEAN DE LA FONTAINE; STEAL THIS BOOK, BY ABBIE HOFFMAN.112 | FORBES AUGUST 23, 2016



Our scientists use their training to make Driven to discover the curemedicines that endure. To produce justone of those medicines, it takes 5,000researched compounds, 87 differentprotein structures, 500,000 lab tests,1,600 scientists, 36 clinical trials, 8,500patient volunteers, and 12 years ofrelentless hard work.Research and development is onlyone part of a medicine’s journey. Getthe full story at Pfizer.com/discover.© 2016 Pfizer Inc. All Rights Reserved.