No matter how smart you are, you’re not guaranteed a quick buck, Perry Golkin (W’74, WG’74, L’78) told a roomful of Penn law and business students. This coming from an individual with three degrees, all from Penn.

At an April 9 talk, “Smart People Making and Losing Money: Some Recent Examples,” sponsored by the Institute for Law and Economics, Golkin, who works for a New York investment firm, doled out straightforward advice.

In determining how to make the most of your hard-earned money, Golkin said, ask yourself two questions: Why do you want to own it and what is its value to you? Investing for the long term or putting money in a business which you intend to own, not merely profit from, is key, Golkin said.

He said too much analysis can cripple business decisions. “Smart people who invest don’t always get it right.” Golkin picked up this observation from his mother, who once told him, “‘One more degree and you’d be a complete idiot.’”