‘American Pie’ singer Don McLean has made $150 million in his career — here’s how he’s invested it

MarketWatch ^ | 03/26/2019 | Steve Kutz

[SeekAndFind]

McLean talks with MarketWatch about the only two stocks he owns, the meaning of ‘American Pie,’ and why he’s never had an assistant.

In 1971, Don McLean released the album “American Pie,” and the title song became one of the most famous — and successful — ever made. It came out at a time of major political and social upheaval in America, and captured a feeling of loss. The song runs for over eight minutes, and is No. 5 on the list of best songs of the 20th century. Now 73, McLean talked with MarketWatch about his most famous song, and a wide range of other topics, including money, stardom, and the music business today.

McLean says he’s made $150 million in his career, and that his degree in finance (from Iona College in 1968) and his smart business manager helped him make the money last — and grow. He looks to make 6% a year on his money, so he owns a lot of bonds, and only two stocks. McLean, who has been married twice and has two children, hates the idea of being in debt, and buys everything with cash — including the four homes he’s owned.

He’s curious about the markets and at one point in the interview said, “I want to ask you something. In a relatively short time, the stock market has gone from like 18000 to 25000. Don’t people think that’s a little strange? It’s shocking.” He then said: “When I grew up, gold was $35 an ounce and pegged to the dollar. Everything was slow and steady. Government bonds under President Carter, if you went out 30 years you could get like 20%! Do you remember that? Imagine getting 20%, locking that in for 30 years? I’d do that in a minute.”

[SeekAndFind]

I mostly am a bond investor. I have two stocks: Google GOOG, -0.16% GOOGL, -0.21% and Amazon AMZN, +1.17% , and that’s all. And I plan to hold those because they are the government, as far as I can see. I’ll probably add to those as we go along. I’ve earned maybe $150 million in my career, and that’s not too bad. And of course taxes were very high in the 1970s — probably 70% or something like that. What I was trying to do was not lose the money that I had worked hard for. Back in the ‘70s I had a lot of 5 and 6 and 7% governments and of course as rates came down I made money. Then, we hit 2008 and it was just a mess and I took everything I had out of governments and invested them all in corporate bonds. Really good companies. And that paid off like crazy. Some of my money is still in corporates and some is now in preferred stocks and so I get a little protection against the market and also benefits from the market. And that’s worked nicely. I try to get, like, a 6% return if I can — 5 or 6%. That’s enough for me.

[Nothingburger]

Good for him. “American Pie” is one of those love it or hate it songs. I tend to the former view but I’ve certainly read some bad reviews.

[bk1000]

Yeah, I remember getting 12% on a CD. Ah, the Carter days! Malaise out the ying yang.

[PGR88]

He went to the levee and the levee was full of cash.

[New Perspective]

Very good song.

Anyone can make money in the stock market after having made $150 million

He lives locally and is a real a$$hole, beats his wife.

[Yo-Yo]

https://www.youtube.com/watch?v=hEcjgJSqSRU

[Borges]

One dollar for every word in that song.

[ProtectOurFreedom]

I never could convince my then-70 year old Father in Law that 12% CD was really a money loser because inflation was roaring at 15%.

[ProtectOurFreedom]

LOL...it just seems that way.

[Red Badger]

Back when that song came out I was in HS. I knew every word of the long version lyrics...................

[DCBryan1]

I can't believe I beat DFWGATOR to this:

Kramer : Municipal bonds Ted, I'm talking double A rating. . . the best investment in America.

[marajade]

Madonna also covered the song.

https://www.bing.com/videos/search?q=madonna+cover+of+american+pie&view=detail&mid=9E8F890AD9B42517BE6A9E8F890AD9B42517BE6A&FORM=VIRE

[Uversabound]

Ditto

Ditto

Ditto

We have been buying everything with cash the past few years.

It takes some discipline but now I am used to it. We are out of debt and I will retire in 3 years.

Its God’s way I am telling you!!

[Red Badger]

Nothing better than the original......................

[KevinB]

Man, $150m seems like an awful lot for one, maybe two, well-known songs and playing to crowds of no more than a few hundred people.

[Truthoverpower]

Weird al is the best !

[marajade]

Darth Maul lives who’d thunk it. The piano player stole the whole video. And that video is ten times better than the movie, SW The Phantom Menace itself.

Did you all notice Yoda in the audience?

As a further note Hayden Christensen is going to be at the SW Celebration selling autographs.

http://www.theforce.net/story/front/Star_Wars_Celebration_2019_Hayden_Christensen_Autograph_Photo_Op_Tickets_Are_On_Sale_Now_183488.asp

[marajade]

I owned the 45 and played it over and over. I was 13 in 71.

[wardaddy]

I hate ....not literally.....when young writers describe an era using modern PC narrative

Like many here I was very alive when this song came out.

It was not a sad time of loss for most

It was summer tween eighth and ninth grade for me.

It was the Age of Aquarius which even though cheesy was optimistic

We had recently landed on the moon and were still visiting

College unrest was chilling out and the radicals were underground or headed that way

Black marches were done pretty much and Indochina was winding down.

And thank God disco was still way off

I thought it was a good era, hardly what this writer who wasn’t there thinks

The song was sad but it’s basically an ode to dead rock n roll notables from when Buddy crashed a decade earlier which would have impacted a songwriter of his age

Over a decade ago in the 1960s meant another era the 60s being so wired for upheaval and so many major events

1971 was much further from 1959 than say 2018 is from 2006

When you get old you see these descriptions of your timeline of life being written by kids and you just shake your head

[irishjuggler]

As the Trump admin tried to take the field, the liberals and the Deep State refused to yield. Do you recall what was revealed the day the Clintons lost?