Monday, August 29, 2022

Fifty years ago.......................

Waylon Jennings........................Ladies Love Outlaws


Fortunetellers need not apply..........

 You’re correct that those of us who you call “free marketeers” offer no predictions of what will be the details of the economy tomorrow. The reason for our refusal to so predict is central: Essential to our opposition to industrial policy is precisely our recognition that no human mind or minds can make any such accurate predictions regarding a modern economy that sustains, at high material standards, the lives of billions of people. We understand that such an economy can succeed only insofar as it relies upon the never-ending process of trial-and-error in competitive markets by entrepreneurs, unobstructed by government, to experiment with new ways to use resources. To the extent that such a market process is allowed to operate, the result will be the on-going discovery of ever-better, but never perfect, ways to use resources.

-Donald J. Boudreaux, as culled from here

Explain to me again........... much we are really capable of knowing, and understanding, all of this:

Investing the lessons....................

 ...............of the past into the future.  Tony Isola offers 41 hard-earned tips for living the examined life.  Here are a handful:

  1. Embrace impermanence. Clinging is the root of all suffering. Everything changes, and there’s nothing you can do about it.
  2. Read books. Paper ones. Stop reading books that don’t interest you and reread the ones that do.
  3. Give at least one sincere compliment every day. The only thing people remember about you is how you made them feel.
  4. Try to go for a daily 45-minute nature walk. Make sure you wave or say hi to strangers along the way.
  5. Comparison is the enemy of happiness. Compete with yourself, not others.
  6. Tribalism makes the world smaller and meaner. Open your mind to new viewpoints.
  7. Learn to say I don’t know – a lot.
  8. Ignore the iron laws of compounding at your peril. Compound your wealth, health, and emotional well-being.

Staying calm is a super power............

 Think about all the bad news, economic or otherwise, of the past twenty-two years that might have caused you to stop investing, or to pull your money out of the market.  Just as a reminder: the Dow was 10,540 at the end of January, 2000.  It is 32,134 today.   For a more readable copy of the chart, go here.