When people hear that Cabot Wealth Network is located on the coast, just a few miles north of Boston, in Salem, Massachusetts, it’s not uncommon for the subject of witches to come up.
If, like me, you read Arthur Miller’s The Crucible in high school, you know there is, in fact, a well-known chapter of Salem history that involves witches. But that’s not all there is to Salem. There’s much more.
In 1626 Roger Conant led a group of fishermen to settle what came to be called Salem on the north shore of the colony of Massachusetts. With a natural sheltered port and the sharp business sense of its residents, Salem quickly became a bustling and prominent community of seafaring traders.
And with its large fleet and proximity to England the locals took to privateering during the American Revolution. During the war, the commissioned privateers of Salem captured or destroyed hundreds of British ships, greatly aiding the efforts of the Americans in breaking free from England.
After the war, these privateers sought a financially viable peace-time occupation and soon established trade with China and the Far East, bringing goods and spices that were greatly valued to the new world.
These maritime adventurers undertook what was a highly risky activity, sailing halfway around the world in the relatively small, wooden ships of the day, to conduct commerce.
Commensurate with the risk, the rewards were substantial. One boatload of Sumatran peppercorn, the first to reach the new world, was sold at a profit of 700%.
No wonder Elias Hasket Derby, who built a large private fleet and was one of the first Americans to trade with China, was among the wealthiest men in the world when he died in 1799, with a fortune estimated to be worth $31 billion in today’s dollars.
By 1790, there was so much global trade going on it had made Salem the sixth wealthiest city in the country and a world-famous seaport.
The overseer of Salem’s port, from 1846 to 1849, was a gentleman by the name of Nathaniel Hawthorne. His place of employment was the Customs House, across from Pickering Wharf, which became the setting for the beginning of one of his best-known books, The Scarlett Letter.
Hawthorne’s next book, about the fictitious Pyncheon family, was also set in Salem and centered around a house that was modeled after the home of Hawthorne’s cousin. It was called the Turner-Ingersoll Mansion, but more commonly known by the name of the book – The House of the Seven Gables.
The book follows the ups and downs of Hepzibah Pyncheon and family through an interesting sequence of developments. Today, Hawthorne’s book is still attracting new readers to discover the history of life in Salem. And the house that inspired it remains, captured in time, on the beautiful Salem waterfront, an historic gem on a well-manicured lot on the edge of the Atlantic ocean.
The House of the Seven Gables sits at the edge of Salem harbor where every evening the setting summer sun illuminates the harbor full of sailing and moored boats, gently cooled by the prevailing onshore breeze.
This summer you can join me in touring this historic spot, where we will be hosting the opening reception of our seventh-annual Cabot Wealth Summit.
We’ll have a glass of wine, tour this beautiful and historic house, and talk about investing with the entire team of analysts here at Cabot.
It’s the kickoff to the next two days of deep diving into the exciting, and profitable, world of investing. You’ll hear from me and all of the rest of Cabot’s team of top analysts – Mike Cintolo, Tyler Laundon, Crista Huff, Jacob Mintz, Nancy Zambell, Tom Hutchinson, Carl Delfeld and Chris Preston.
While we don’t recommend you purchase and import a shipload of peppercorn, we do have a full complement of modern investment recommendations, all based on proven techniques and strategies that have been making our readers money since 1970, when my father founded Cabot Wealth Network.
In order to ensure attendees have plenty of access to our experts – and because the House of the Seven Gables can only hold so many people – we do have to limit the Summit to 125 attendees, on a first-come, first-served basis, so if you’d like to join me, I suggest you act soon. (Plus we have an extra-early-bird discount that expires later this month so that’s worth checking out!)
Managing risk and reward as a way to grow and maintain wealth is just as relevant today as it was for Elias Derby more than two centuries ago.
And while I can’t tell you about any witchcraft in Salem today, I do know there’s plenty of magic that happens at our annual Summit. I look forward to seeing you there!
Yours for investing success,
Tim Lutts
CEO and Chief Investment Strategist
P.S. As I noted, we do have a special extra-early-bird price for the Cabot Wealth Summit and it expires soon. To reserve your spot click here. You can also give us a call at 800-326-8826 toll-free.
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