Dan Snyder is Proof That Luck Can Be a Cruel Mistress

In Business, luck can be a cruel mistress. Too often, good luck can be mistaken for brilliance. Take the case of Daniel Snyder. He sold a schlock telesales operation and made hundreds of millions of dollars. Since then he's demonstrated his brillance in multiple ventures: In 2005, he began accumulated stock in Six Flags until he gained control of the board. He installed a buddy as CEO and named himself Chairman. In 2009 the company filed for chapter 11 bankruptcy protection. Under the reorganization plan, Snyder was removed and lost his entire investment. A real businessman, named Bill Gates, owned 10,210,600 shares worth about $122 million when Snyder took control of the company in 2006. They were worth nothing by the time Snyder was ejected from the board. That's $122 million that the Gates Foundation could have used to eradicate malaria. Thanks, Dan! In 2006 he bought and nearly destroyed Johnny Rockets, and dumped it in 2013. In 2007 he paid $175 million for the rights to own and destroy Dick Clark products, which he later sold in 2012. But no failure has been more evident than what he has done with the Redskins, something I've been documenting for years. Brand Management:...