Globes

From: Subject: Globes Date: Mon, 10 Mar 2008 11:58:58 +0200 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0074_01C882A6.2006D5C0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3198 This is a multi-part message in MIME format. ------=_NextPart_000_0074_01C882A6.2006D5C0 Content-Type: text/html; charset="windows-1255" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.globes.co.il/serveen/globes/printWindow.asp?did=1000315770&fid=1724 Globes

Photo=20 opportunity

Dan David talks = about how=20 he made his fortune, how he is giving it away, and how cancer = won't stop=20 him.

Hadas Magen

28 Feb=20 = 08 13:53

"The doctors told me this cancer would not go into remission. = But it=20 was halted, both by medical treatment and by my interest in life," = says=20 Dan David candidly and with a smile. "It doesn't make me happy, = but my=20 spirit is strong. The fact is that the metastases in my bones have = been=20 halted, despite all the medical odds being stacked against me," = adds the=20 Israeli millionaire who became a success in the photography and = digital=20 photography business, and is now partner in a number of public = companies=20 and investment funds. Asked if he is a medical miracle, David = explains=20 that it is the natural outcome of the way he shaped and still = shapes his=20 life, or in his words, "it's a victory of mind over body."=20

After suffering persecution at the hands of the Securitate (the = secret=20 police force which controlled communist Romania), Dan David = immigrated to=20 Israel and began working in 1960 at a photography shop in Tel Aviv = Allenby's street. 20 years later, in 2000, he decided to donate = half of=20 his wealth, $100 million, to a scholarship fund. "I won't stop, = I'll go on=20 working until the last moment," he says in an interview with = "Globes."=20 "The day I say I'm quitting working will be a sign that the end = has=20 arrived. I'll go to Phoenix, Arizona, where I have a place in a = Cryonics=20 project, where they freeze your bodies in liquid nitrogen at minus = 250=20 degrees Celsius, and they'll keep my body there. And in 200 years = time,=20 maybe, maybe they'll bring me back. What have I go to lose? The = worst that=20 can happen is that they'll dump me in the ground."=20

Globes: Don't you intend to retire, to rest?=20

David:"I know for sure that if I became despondent and = stayed at=20 home, I wouldn't be well. But I don't think about that. I have new = ventures and plans for the coming years, as if nothing were wrong = with me.=20 I also know that when the time comes, people will continue where I = left=20 off, in the Dan David fund, and my companies. I have no doubt that = the=20 fund will go on for another hundred years, because the money has = been=20 invested extremely well, and we only use the profits."=20

What makes a person get up one morning and decide to donate = half of=20 his fortune to other people?=20

"In 1963 I was married to a journalist named Mia. We didn't = have any=20 children, we worked together in our companies and we did a lot of=20 traveling around the world. In 1978, we said to ourselves, 'let's = take a=20 few days vacation in Cancun.' We got there and while we were on = the beach,=20 she had heart failure and died within minutes. A year later, I = made a=20 scholarship endowment in her name for a business administration = student at=20 Tel Aviv University because she was a businesswoman. I've been = giving ever=20 since.=20

"I've reached a level and a position where I've covered all = what I and=20 my family need. I have my wife Gabi, and in 1980, our son Ariel = was born.=20 We have money for education, healthcare, food, sleep and travel = abroad. So=20 there's enough. Beyond that, money is not important. It is merely = a=20 measure of your abilities. Now that I have achieved this, I am now = giving=20 money back to society for the things that are important to me.=20

"The thing that makes me really proud is that anyone who went = into=20 business with me, as a partner, or as an employee, made money = together=20 with me. I didn't make money by causing other people losses, but = by=20 helping them to profit as well."=20

What sort of manager are you?=20

"I have given work to more than 2,000 people to date. I have = people who=20 started working with me in 1963 and are still with the company, = and some=20 of them have stayed on after retirement. We're like a family = because we=20 have enthusiasm."=20

"I sold cigarettes at the age of 10"=20

David was born in 1929 in Bucharest. He began his career in = business at=20 the age of 10 with his good friend Toto, later Prof. Theodor Iancu = of the=20 Technion - Israel Institute of Technology, when he bought = cigarettes=20 cheaply and sold them dearly.=20

How did you get into photography?=20

"I decided to make a profession out of my hobby. I began taking = pictures for a newspaper in Romania. I was very successful and I = even won=20 an award. I got the opportunity to leave Romania in 1958, when = they fired=20 me after they received information from the Securitate that I was = active=20 in the Zionist youth movement."=20

How did you get from the photo shop in Allenby Street to the = world=20 of international business?=20

"I think I was always in business. I appear to have inherited = the=20 talent for business from my grandmother's father, who had 17 = children by=20 one wife, and had a successful wood business.=20

"While working at the photo shop, I heard about a private = photography=20 machine company in the UK, now called Photo-Me International, = whose owners=20 were financial executives from the London Stock Exchange. The = company=20 produced automatic photo booths, something that was still unheard = of back=20 then. In the summer of 1961, I took a break from the photo shop to = go over=20 there and buy machines from them and then import them to Israel = and other=20 countries in Europe. I couldn't afford much in the way of costs, = so I=20 traveled by ship, and on arriving in the UK, I made my way by = train to=20 London. I had a shave at the train station, so as to look = presentable. I=20 went up to their floor, entered the office and said, 'I'm Dan = David, and=20 I'd like to do business with you.'=20

"They asked, 'do you have any money?' And I immediately said = 'yes', and=20 went off to find some. But the banks wouldn't give me a loan, and = then I=20 found someone else, a relative in France called Pierre Val, who = told me 'I=20 believe in you and your personality,' and gave me a loan of = $200,000. This=20 is a lot on today's scale, something like $2 million. I brought = one=20 machine to Tel Aviv and one to Jerusalem, and the excitement was=20 unbelievable. The public was so excited that the police had to be = called=20 in to keep order in the queue. 15,000 people had their photos = taken in the=20 first month.=20

"Having your photo taken cost 1.5 Israeli lira back then, and = in Italy=20 they paid 100 lira to use the machine. I also brought machines to = Spain.=20 In 1968, I bought most of the shares in Photo-Me and in 1969 I set = up a=20 photography company in Japan as well. I am particularly proud of = the=20 success in the Japanese market, considering it is the photography = empire.=20 I was in a country where they didn't speak English and I didn't = speak=20 Japanese, and I built a company with 200 employees and 2,000 = photography=20 booths across Japan, with 8 billion yen in turnover and 8 million = yen in=20 profit. The company is Nippon Automating Photography, now also = owned by=20 Photo-Me."=20

You're now a director at the US fund Global Convertible = which has=20 $25 billion in investments. How did you build your success in = financial=20 investments?=20

"In 1965 I decided to invest in the first Eurobonds to be = issued in=20 Europe. They were a success. Then, in 1983, I set up a private = investment=20 fund, "Photo-Me Financial Services," which raised $100 million = from 20=20 private investors, and which made a 300% return from 1983 to 1987 = from=20 buying and selling options. I knew Noam Gottesman, who founded = GLG, from=20 the days when he was my portfolio manager at Goldman Sachs. One = day=20 Gottesman called me and said 'we've got bonds in Texaco', which = had just=20 entered chapter 11. Texaco's bonds, which had made 10% a year, = then fell=20 from $100 to $50. 'Buy $10 million worth,' I told him. The bond=20 subsequently gained 120% within two years, and it was very good = for us.=20

"Several years later Gottesman came to me and said, 'I'm = leaving=20 together with a group of people from Goldman Sachs to set up my = own=20 company, and I would like you be my first investor.' He gave me = very good=20 conditions, and today I am on both the advisory board and the = board of=20 GLG, which actually got its seed investment from me, and I am also = a minor=20 partner in it."=20

How did you survive the slump in the share price when the = bubble=20 burst?=20

"In the 1990s, when I was Photo-Me chairman, I merged Photo-Me = with a=20 privately held French company called Kis which invented one-hour = photo=20 developing and which was in a crisis. We acquired Kis in full, in = exchange=20 for a 20% stake in Photo-Me to Kis shareholders. We developed new=20 technologies suited to the Internet, and in the atmosphere of the = bubble,=20 our shares rose 400%. In 2000, British Telecom approached us and = suggested=20 we could do a mega deal by putting a connection to their Internet = service=20 in every machine of ours in the UK.=20

"But after a few months, British Telecom starting putting up = its own=20 booths and stopped collaborating with us. Our share fell heavily. = We took=20 our case to arbitration. We asked for ₤50 million in = compensation, British=20 Telecom offered ₤1.5 million, which we accepted. It cost the = company dear,=20 but we didn't want to get dragged into years of legal wrangling.=20

"It's all in the past. We now have photography machines at the = cutting=20 edge of high-tech, including machines which create digital photo = albums.=20 You put in your CD, or cellular phone with the shots, or a camera = memory=20 card, and the machine produces a photo album with the captions you = chose=20 online, a ready made album."=20

Whether as a result luck or business savvy, David transferred = most of=20 his shares in Photo-Me at the height of the bubble to the Dan = David fund=20 which sold them at a large profit. He now holds a small stake in = Photo-Me.=20

Published by Globes [online], Israel business news - http://www.globes.co.il/ - = on February=20 25, 2008

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TEXT-DECORATION: none } .new_line A { FONT-SIZE: 11px; COLOR: white } .new_line A:hover { FONT-SIZE: 11px; COLOR: white } .dot { COLOR: #ff0000 } .newslatterTit { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: white; BACKGROUND-COLOR: = #636563 } .newslatterFont { FONT-SIZE: 12px } .newslatterF { WIDTH: 150px } .newLinksSelect { FONT-WEIGHT: bold; FONT-SIZE: x-small; WIDTH: 120px; DIRECTION: rtl; = BACKGROUND-COLOR: #e5e5e5 } .headlines { FONT-SIZE: 11px; COLOR: red } .headlines A { FONT-SIZE: 13px } .headlines A:active { FONT-SIZE: 13px } .standartFont { FONT-SIZE: 13px } .paging { FONT-WEIGHT: bold; FONT-SIZE: 13px; COLOR: #aaaaaa } .paging A { COLOR: #555555 } .paging A:hover { COLOR: #555555 } .header { FONT-WEIGHT: bold; FONT-SIZE: 12px; CURSOR: default; TEXT-DECORATION: = none } .login { FONT-SIZE: 12px; COLOR: black } .newLinksSelect1 { FONT-WEIGHT: bold; FONT-SIZE: x-small; WIDTH: 120px; DIRECTION: rtl; = BACKGROUND-COLOR: white } .folderName { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: black } .title { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: white } .pirsumlinkitems { FONT-SIZE: 12px; COLOR: #08146b } .pirsumlinkitems A { FONT-SIZE: 12px; COLOR: #08146b; TEXT-DECORATION: underline } .pirsumlinkitems A:hover { FONT-SIZE: 12px; COLOR: #08146b; TEXT-DECORATION: none } .pirsumHeader { FONT-WEIGHT: bold; FONT-SIZE: 13px; COLOR: #08146b } .newLinks1 { FONT-SIZE: 12px; CURSOR: hand; COLOR: black } .newLinks1 A { BORDER-RIGHT: medium none; BORDER-TOP: medium none; FONT-SIZE: 12px; = BORDER-LEFT: medium none; CURSOR: hand; COLOR: black; BORDER-BOTTOM: = medium none; TEXT-DECORATION: none } .newLinks1 A:link { FONT-SIZE: 12px; CURSOR: hand; COLOR: black; TEXT-DECORATION: none } .promoTV { FONT-SIZE: 11px; COLOR: #32475c } .promoTV A:link { FONT-WEIGHT: bold; FONT-SIZE: 15px; COLOR: #32475c; TEXT-DECORATION: = underline } .promoTV A:hover { FONT-WEIGHT: bold; FONT-SIZE: 15px; COLOR: #32475c; TEXT-DECORATION: = none } .promoTVsmall A:link { FONT-SIZE: 11px; COLOR: #32475c; TEXT-DECORATION: underline } .promoTVsmall A:hover { FONT-SIZE: 11px; COLOR: #32475c; TEXT-DECORATION: none } .clips { FONT-SIZE: 12px; COLOR: white } .clips A { FONT-SIZE: 12px; COLOR: white } .clips A:hover { FONT-SIZE: 12px; COLOR: white } .portal { FONT-SIZE: 12px } .Test { BACKGROUND-COLOR: black } .guided_tour { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #333333 } .guided_tour A { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #333333 } .guided_tour A:hover { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: red; TEXT-DECORATION: none } .guided_tour_on { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: red } .guided_tour_on A { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: red; TEXT-DECORATION: none } .guided_tour_on A:active { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: red; TEXT-DECORATION: none } .guided_tourBb { FONT-WEIGHT: bold; FONT-SIZE: 13px; CURSOR: hand; COLOR: black } .guided_tourAb { FONT-WEIGHT: bold; FONT-SIZE: 14px; COLOR: #333333 } .guided_tourA { FONT-SIZE: 13px; COLOR: #333333 } .guided_tourC { FONT-SIZE: 12px; COLOR: black; LINE-HEIGHT: 17px } .guided_tourLINK { FONT-SIZE: 12px; COLOR: red } .guided_tourLINK A { FONT-SIZE: 12px; COLOR: red; TEXT-DECORATION: underline } .guided_tourLINK A:hover { FONT-SIZE: 12px; COLOR: navy; TEXT-DECORATION: none } .guided_tourBb1 { FONT-WEIGHT: bold; FONT-SIZE: 13px; COLOR: black; TEXT-DECORATION: none } .guided_tourLINK SPAN { FONT-SIZE: 12px; COLOR: red; TEXT-DECORATION: underline } .guided_tourLINK SPAN:hover { FONT-SIZE: 12px; COLOR: navy } .nadlanLinks { FONT-SIZE: 12px; CURSOR: hand; COLOR: black; TEXT-DECORATION: none } .nadlanLinks A { FONT-SIZE: 12px; CURSOR: hand; COLOR: black; TEXT-DECORATION: none } .nadlanLinks A:hover { FONT-SIZE: 12px; CURSOR: hand; COLOR: black; TEXT-DECORATION: none } .search1 A { FONT-SIZE: 12px; COLOR: #000000; TEXT-DECORATION: none } .search1 A:hover { FONT-SIZE: 12px; COLOR: red; TEXT-DECORATION: none } .news_hedline { FONT-SIZE: 11px; COLOR: #000000 } .reg10 { FONT-SIZE: 10px } .reg12 { FONT-SIZE: 12px } .link12 A { FONT-SIZE: 12px } .bold11 { FONT-WEIGHT: bold; FONT-SIZE: 11px } .bold11 A { COLOR: #000000 } .graybox150 { FONT-SIZE: 12px; BACKGROUND: #dfdfdf; WIDTH: 150px } .whitebox100 { FONT-SIZE: 12px; WIDTH: 113px } .whitebox150 { FONT-SIZE: 12px; WIDTH: 150px } .WhiteLinks A { FONT-SIZE: 12px; COLOR: #ffffff; TEXT-DECORATION: none } .WhiteLinks A:hover { COLOR: #ffffff } .WhiteLinks A:visited { COLOR: #ffffff } .Idea { BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; = BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid } .Idea .BG { BACKGROUND-COLOR: #efefef } .Idea .AuthorFont { CLEAR: both; FONT-SIZE: 11px; OVERFLOW: hidden; COLOR: black; HEIGHT: = 13px } .Idea .AuthorFont A { FONT-SIZE: 11px; COLOR: black } .Idea .Font3 { FONT-SIZE: 11px; COLOR: black; LINE-HEIGHT: 13px } .Idea .Font3 A { FONT-SIZE: 11px; COLOR: #08146b } .Idea .Font3 .Font4 { FONT-WEIGHT: lighter; FONT-SIZE: 10px; FLOAT: right; FONT-STYLE: italic } .Idea .Font3 .Font4 A { FONT-SIZE: 10px; COLOR: #08146b } .Idea .TitleFont { CLEAR: both; FONT-WEIGHT: 600; FONT-SIZE: 12px; OVERFLOW: hidden; = LINE-HEIGHT: 13px; HEIGHT: 26px } .Idea .TitleLinked { FONT-SIZE: 12px; COLOR: #5361b2 } .Idea .DateFont { FONT-SIZE: 10px; COLOR: #e25e00; LINE-HEIGHT: 14px } .Idea .bottomborder { BORDER-BOTTOM: black 1px solid } .LinksBottom { FONT-SIZE: 12px } .LinksBottom A { COLOR: #5d5d5d } .LinksBottom A:hover { COLOR: #5d5d5d } .LinksBottom A:visited { COLOR: #5d5d5d } .Idea .FirstFont3 { CLEAR: both; FONT-SIZE: 11px; OVERFLOW: hidden; COLOR: black; = LINE-HEIGHT: 13px; HEIGHT: 39px } .Idea .FirstFont4 { FONT-WEIGHT: lighter; FONT-SIZE: 10px; FLOAT: right; FONT-STYLE: italic } .Idea .FirstFont4 A { FONT-SIZE: 10px; COLOR: #08146b } .Idea .FirstFont2 { CLEAR: both; FONT-SIZE: 12px; OVERFLOW: hidden; COLOR: black; = LINE-HEIGHT: 13px; HEIGHT: 26px } .Idea .bottom-border-dotted { BORDER-BOTTOM: black 1px dotted } .body .bottom-border-dotted { BORDER-BOTTOM: black 1px dotted } .homefolderslink { FONT-SIZE: 12px } .body .homefolderslink A { TEXT-DECORATION: none } .body .homefolderslink A:hover { TEXT-DECORATION: none } .Idea A { COLOR: #08146b } .Idea A:visited { COLOR: #08146b } .Idea A:hover { COLOR: #08146b } .Idea .AuthorFont A:visited { COLOR: black } .Idea .AuthorFont A:hover { COLOR: black } .Idea .FirstFont4 A:visited { COLOR: #08146b } .Idea .FirstFont4 A:hover { COLOR: #08146b } .Idea .Font3 .Font4 A:visited { COLOR: #08146b } .Idea .Font3 .Font4 A:hover { COLOR: #08146b } .Idea .Font3 A:visited { COLOR: #08146b } .Idea .Font3 A:hover { COLOR: #08146b } .Idea .response { FONT-SIZE: 12px; COLOR: brown } .Idea .response A { COLOR: brown } .Idea .response A:hover { COLOR: brown } .Idea .response A:visited { COLOR: brown } .Idea .response .title { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: black } .Idea .response .text { FONT-SIZE: 12px; COLOR: black } .BlackLink A { COLOR: black; TEXT-DECORATION: underline } .BlackLink A:hover { COLOR: black; TEXT-DECORATION: none } .NoLink A { FONT-SIZE: 12px; COLOR: black; TEXT-DECORATION: none } .NoLink A:hover { FONT-SIZE: 12px; COLOR: black; TEXT-DECORATION: none } .Idea .TitleLinked A { FONT-SIZE: 12px } .PStyle { PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; MARGIN: = 0px; PADDING-TOP: 10px } P { PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; MARGIN: = 0px; PADDING-TOP: 10px } ------=_NextPart_000_0074_01C882A6.2006D5C0--