“I am not Hetty if I do look green.”
This popular phrase suggests that a person may appear wealthy and naive, but they are not as simple as they seem. O. Henry first used this phrase in his short story “The Skylight Room”. The term “green” refers to Hetty Green, who is often labelled as the world’s biggest miser or stingiest person and most popularly known as The Witch of wall street Yet, is that her only legacy, the label of being the biggest miser? Are there other aspects to her story as well?
Who Was Hetty Green?
Henrietta “Hetty” Green was born in 1834 into a wealthy Quaker family in New Bedford, Massachusetts. Her father was a successful whaling magnate, and from a young age, Hetty showed a deep fascination with money and numbers. By the time she was six, she was reading financial papers to her father. At thirteen, she was managing the family accounts. She was no ordinary girl, and her family knew it.
But what the world would later call miserly was, for Hetty, simply good business. She wore the same black dress for years, lived in modest apartments despite her millions, and was often seen clutching a tattered bag full of financial documents. This image—of a hunched, severe woman, always calculating—became her myth. But behind it was a story of brilliance, strategy, and radical independence.
A Woman in a Man’s World
“I believe that woman is quite as capable as a man in conducting business affairs… I do not believe women to be inferior to men, save as she has become so by a mistaken course of training.”
In the 19th century, Wall Street was a man’s playground. Women weren’t expected to invest, speak publicly about money, or handle their own finances. Hetty Green did all three ruthlessly.
At a time when women had no property rights after marriage, Hetty fought tooth and nail to keep control of her fortune. She even separated from her husband, Edward Green, after accusing him of mismanaging her money. While most women were legally and socially dependent, Hetty was filing lawsuits, battling in court, and outmanoeuvring seasoned financiers.
She wasn’t welcome in the clubs and backrooms where deals were made. So what did she do?
She eavesdropped.
The Witch of Wall Street would sit quietly in brokerage offices, listening intently to conversations between big investors. She memorised every detail, tracked movements others missed, and slowly carved out her own empire—not by charm or privilege, but by sheer intelligence and willpower.
The Strategy of Hetty Green
Yes, Hetty was frugal, almost to a fault.
One of the most infamous stories about her is that she allegedly refused to pay for her son’s medical treatment after he injured his leg, opting instead for a free clinic. The delay led to his leg being amputated. The story is horrific—but also possibly exaggerated. Much of Hetty’s reputation for stinginess was shaped by newspapers that couldn’t make sense of a powerful, wealthy woman who wasn’t interested in dresses, parties, or praise.
But her “miserliness” wasn’t without method. Hetty Green believed in value investing long before the term existed. She bought it when the markets crashed. She loaned to cities and states when banks refused. During the Panic of 1907, when Wall Street itself was trembling, Hetty Green was lending millions—on her terms.
She once said,
“I buy when things are low and nobody wants them. I keep them until they go up. People say I’m a bear on the market. I’m not. I just know when to buy.”
That’s not miserliness. That’s Warren Buffett decades before Warren Buffett. Isn’t that the contrarian strategy of trade?
An Inspiration Hidden in Shadows
What makes Hetty Green’s story especially remarkable is the fact that she played—and won—the Wall Street game with no network, no mentors, and no acceptance. She had no seat at the table, so she built her own.
She turned a $5 million inheritance into over $100 million by the time of her death in 1916. In today’s terms, that’s billions. But she didn’t flaunt it. She never sought fame, comfort, or recognition. She sought independence.
At a time when women were expected to be silent, she negotiated with the most powerful bankers in America. When men bragged about their yachts, she quietly brought up their debts. When others panicked, she remained calm.
“It is the duty of every woman, I believe, to learn to take care of her own business affairs.”
That quote could be on the cover of every modern-day personal finance book for women.
Rumours, Myths, and the Making of the Witch of Wall Street
“Just because I dress plainly and do not spend a fortune on my gowns, they say I am cranky or insane.”
I think the label “Witch of Wall Street” was never fair. It combined her physical appearance, refusal to spend, and fierce intelligence into a character that made people uncomfortable. She didn’t smile for the press. She didn’t charm the public. And in a society that feared powerful women, Hetty was cast as cold, cruel, and calculating.
There were rumours she ate only oatmeal heated on a radiator. That she wore the same undergarments for weeks. She never turned on the heat.
But none of this explains how she managed to build an empire. How she predicted crashes. Or how she secured deals that saved entire banks from collapse.
We remember J.P. Morgan. We remember Rockefeller. But why don’t we remember Hetty?
Perhaps because her story doesn’t fit into the neat categories history prefers. She was too rich to be a victim. Too strange to be a hero. Too powerful to be liked. And too independent to be controlled.
A Legacy That Deserves a Rewrite
“If we live good lives here, clean lives, and are honest… we need not worry about the next world. I am not worrying.”
Hetty Green died at the age of 81, reportedly after an argument about the virtues of skim milk over cream. Her funeral was quiet. No statues were built. No schools bore her name. But her legacy lingers—if you look closely.
In many ways, Hetty Green paved the way for modern female investors, entrepreneurs, and financial analysts. She proved that intelligence had no gender. That success didn’t require approval. And that you could live life on your own terms—even when the world calls you a witch for it.
In today’s landscape, Hetty would be on the cover of Forbes. She would be a guest on finance podcasts, writing columns about recession strategy and mentoring women in boardrooms. But instead, her story remains buried beneath caricatures and half-truths.
It’s time we reclaimed it.
Hetty Green the Queen of Wall Street
“My father taught me never to owe anyone anything, not even kindness.”
On April 18, 1906, residents of San Francisco were shocked by a massive earthquake. The earthquake was disastrous; it took the lives of about 3000 people, and around 80 per cent of the cities were destroyed.
Hetty Green came out as a silent queen in such times; she had a crucial role in alleviating the financial panic of 1907. She lent $1.1 million to the New York City government and provided an additional $4.5 million months earlier. Her ability to foresee the financial turmoil allowed her to position herself as a lender of last resort. This shows her great understanding of credit dynamics and solidifies her reputation as the Queen of Wall Street.
Lessons we can learn from the Witch of Wall Street
1. Invest, and research deeply
Hetty Green always hated speculations. She was a master of research and well aware of the market situation, and she avoided following the popular trends. This is the core of investing, and beginner investors are always advised to do the same.
“Before deciding on an investment, I seek out every kind of information about it. There is no secret to great fortune-making. All you have to do is buy cheap and sell dear, act with thrift and shrewdness and be persistent.”
2. Buy Cheap, Sell High
The foundations of Hetty Green’s trading mindset were laid on the simple idea of buying at a low price and selling at a high price.
3. Common sense and hard work
Hetty Green was always a supporter of hard work and common sense; she believed in following the basics of investing using smart work, but working hard as well.
4. Patience and Persistence
The Witch of Wall Street could be called the mother of patience, as she would hold her investments for a long time, even in the time of a market decline. Patience is the biggest armour of a good investor, and we all can learn this from Hetty Green.
5. Diversification and risk management.
Diversification is one of the simplest and most fundamental risk management strategies.
Hetty Green followed this strategy for a long time; she diversified her investments across various sectors, including real estate, railroads, hotels, and other assets. So, if one sector fails, she could not fail an overall loss.
Why the Story of Hetty Green Still Matters
Hetty Green’s life is not just a footnote in history—it’s a blueprint for resilience.
In an age where appearance often matters more than substance, Hetty reminds us that staying true to your principles, no matter how unpopular is a radical act. She also reminds us that brilliance often hides behind silence—and that the smartest person in the room might be the one least eager to be seen.
She was eccentric, yes. But she was also revolutionary.
She didn’t just beat the market. She outlived the men who laughed at her.
And maybe that’s the real reason they called her a witch.
Every cloud has a silver lining, and this is particularly true in the case of Hetty Green. Although her nature may come across as stingy, dark, and eccentric, our focus should be on the silver linings and the lessons she has offered the world. By taking her life as inspiration, one can learn a great deal about investing in today’s market and developing the resilience needed to thrive.
If you’ve made it this far, congratulations! You are on the right path to enhancing your investment knowledge. Don’t forget to follow us at StofinIQ—who knows, you might just become the next “Witch or Wizard of Wall Street”!
I left my engineering job to follow my true passion writing and research. A passionate explorer of words and knowledge, I find joy in diving deep into topics and turning rich, insightful research into compelling, impactful content. Whether it’s storytelling, technical writing, or brand narratives, I believe that the right words can make a real difference.
