Hindsight, Foresight, And No Sight

Late in 1876, William Orton, president of the Western Union Telegraph Company, rejected an opportunity to purchase from Alexander Graham Bell and his associates all patents relating to Bell’s telephone for $100,000. Since Bell’s patents are generally considered the most valuable ever issued by the United States Patent Office, Orton’s refusal to buy them earned him an odd immortality: he is the man who made the worst decision in American business history. Read more »