Henry Ford did not invent the car; what he invented was so much more important than that. This is the power of capitalism: It is a constant process of making the luxuries of our time more accessible. So why does capitalism get such a bad reputation?
The investing world is chock full of clichés. A recent commercial recited one of the more nonsensical clichés of our industry: “He didn’t plan to fail, he failed to plan.” Come to XYZ financial and we will create a plan that works for you. In the words of Fluffy Watts, what a crock.
Understanding the psychology of the market can be a great tool, especially when added to a scientific approach. Investing is part science and part art; it is not 100 percent either of those things, and do not let anyone convince you otherwise.
I have struggled with what to say in this Quarterly Report. It seems somehow inappropriate to discuss any topic other than the virus. As I was leaving my office one day, I heard one of the CNBC talking heads say, “I’m scared to death of this virus, as I know we all are.” It hit me because I am not afraid of the virus, and I do not believe I am alone.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest change in retirement plan law in a long while. Has our federal government made you more secure? I’m reminded of a saying that Ronald Reagan used often: The most feared words in the English language are, “I’m from the government and I’m here to help.”