Three Quotes From Henry Ford About Overcoming Failure

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Henry Ford had a lot of spunk. His famous quote, “Sir, you can have a Ford in any color you want, as long as it is black” is a great little encapsulation of his attitude towards business and life. Perhaps my favorite thing about him is that he embraced failure, but rejected the kind of negative attitudes that largely accompany failure.

When it comes to investing, I am not particularly interested in owning the kinds of companies that will be growing the fastest in good times. Rather, I am interested in owning the kinds of companies that will still be churning out profits without much of a hitch in an environment similar to The Great Recession economy of 2008-2009.

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Originally posted 2013-07-02 15:44:20.

The Disadvantage of Joint Spousal Wills

In traditional nuclear families especially, both spouses often have a desire to draft joint wills that give everything to their surviving spouse and then an equal distribution to their children. This gives rise to the intuitive question: Is it wise to draft a single will instrument that is on behalf of two separate persons, such as a husband and wife?

While a joint will is legal in most states, it is almost never wise to do so.

There are three primary reasons why spouses should not execute a joint will:

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Why You Should Only Buy High-Quality Dividend Stocks

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If you ever read Phil Fisher’s “5 Points” on the questions to ask yourself when looking for a stock to buy, you may remember Mr. Fisher’s point number two that you should ask yourself “Does the management have a determination to continue to develop products or processes that will still further increase total sales potentials of currently attractive product lines that have largely been exploited?”

The problem, of course, is that unless you are the wife or husband of a top executive, you probably have little indication ahead of time regarding whether a management team is sufficiently motivated to grow profits and take care of shareholders over time (as opposed to resting on its laurels). Seriously, how the hell are we supposed to know whether the CEO at Procter & Gamble is any more motivated than the CEO at Philip Morris International? It’s just rank speculation.

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Originally posted 2013-07-02 05:03:53.

Crayola’s Dominance Of The Art Supply Market

An underrated parenting technique is to have your child make a self-deprecating joke in response to light teasing. Nothing triggers the impulse to make fun of someone quite like discovering that the person is unable to take a joke. The hope is that, when the child is grown, he will become someone capable of taking his work seriously, but not necessarily himself seriously.

What happens if self serious carries the day over self deprecation? You get Anish Kapoor, the British artist and sculptor who is best known for creating the Bean sculpture in Chicago’s Millennium Park. Kapoor doesn’t like it when you call it the Bean, instead preferring you that you use the appointed name Cloud Gate (though, after seeing the unpopularity of this position, reversed his position and said, “I call it the Bean, too”).

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Another July 1st, Another Million Dollars For Bobby Bonilla

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Thought you had a good day, today? Probably not as good as Bobby Bonilla.

On January 3rd, 2000, the New York Mets bought out the final year of Bobby Bonilla’s $5.9 million salary with the team.

The terms of the agreement? Every July 1st for 25 years (from 2011 through 2036), the New York Mets organization has to pay Bobby Bonilla $1,193,248.20 (and as an aside, this money counts towards the team’s payroll).

For Bobby Bonilla, that was a brilliant execution of delayed gratification principles.

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Originally posted 2013-07-01 23:11:52.