The best accidental side effect of running a website and writing articles for Seeking Alpha is that it occasionally allows me to stumble into friends I haven’t to in a while—the kind of people that you enjoyed being around, but then life happens, and for whatever reasons, things happen and you fall out of touch. Long story short, I recently got in touch with one of my best friends from my Freshman year at Washington & Lee, and he asked me a question about starting a long-term investing strategy and the kind of books that will send you in the right direction. Because the question was broad enough to be useful to a general audience, I thought I’d share my response with you all. I would mention his first name, but since he is the only person I’ve ever met in my life with that name, it might give too much privacy away. Anyway, he knows who he is, and without further delay, here’s my book recommendation:
Originally posted 2013-06-28 13:43:12.
I got my hands on a Kiplinger Magazine from 1990 the other day, and one article was a list of the “Top 10 Picks For The Next Decade” by an investment club that had monthly meetings in Texas. The ten picks were: Gillette (now Procter & Gamble), Philip Morris (now Altria, Philip Morris International, Kraft, and Mondelez), Coca-Cola, Wal-Mart, Disney, Pepsi, Amoco (which is now BP), Johnson & Johnson, Disney, and their wild international pick was Nestle.
All of those companies still exist today, and are much more profitable now than they were then. Some people heavily discount information like this because there was probably some investment club in Florida that predicted Enron and Woolworth as its long-term holdings.
Originally posted 2013-06-26 19:33:20.
I spent much of the last evening reading a biography on Judy Garland (Dorothy from The Wizard of Oz). I was surprised to learn, at least from the biographer’s point of view, how sad and unhappy most of Judy’s life on this earth turned out to be. A lot of her personal unhappiness, from what I could tell, was the result of trying to find permanence and stability in her romantic and platonic relationships that were constantly shifting and leaving her feeling vulnerable. To mix metaphors from the lyrics of Bob Dylan, she tried to seek a shelter from the storm and was left with an abandoned love.
Originally posted 2013-06-26 08:35:49.