I know what you’re thinking. Everything seems to remind me of economics or investing. I plead guilty, as charged. In all candor, I hope the day never comes when I stop seeing economic or investment parallels with much of everyday life, because if that happens it may well signal a loss of my enthusiasm for investing. In my observation, investing success usually results from an approach that is partly scientific and partly passion. If the passion goes, science alone isn’t enough to sustain one’s success. For the present, I hope our clients will patiently suffer my monthly climb onto my favorite soap box, from which almost everything looks like part of a giant economics and investment puzzle, and view it as an unavoidable side effect of my fascination with matters economic.
Jul 1998