Word: gunnysack
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Dates: during 1980-1989
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...University of Minnesota dropout, Jacobs started working full time in 1959 for his father, a Russian immigrant, who ran a gunnysack business. In the mid-'60s the company flourished, selling sandbags used to dam floods along the Mississippi. Jacobs early showed a trader's instinct, buying merchandise at business liquidation sales and reselling it. At 18, he got 300 pairs of skis at a U.S. Customs auction for $13 a pair, then sold them right outside the auction hall for three times as much...