Once upon a time in a far away land lived a community of farmers. They work the land for its fruits and most farmers raised one or two cows and enjoyed the milk they provided. Everybody was happy and generally prosperous. The farms were passed on from generation to generation and life was a long and quiet river…
I have the best job in the world; there is no doubt about it. I get paid to manage other people's money. It is stressful and humbling. It can also be energizing, as there is no better feeling than being thanked by someone who we helped build a better future for.
However, recently I have been worried about the direction of the markets. There is no worse feeling for me than the possibility of losing my client's money. The crash of 2008/09 was difficult. Although, we were bearish in 2008 and our portfolios performed really well in comparison to the market, the fear of another major pullback forces me to use prudence. Sometimes this prudence is against my client's will.
(Over the next few weeks I will be publishing a series of columns to help investors understand what will be the global economic drivers for the next ten years. I will discuss their effects on our lives and how to profit from the changes ahead through a series of 10 investment themes.
The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America's debt.
Barack Obama, March 16, 2006
Over the next few weeks I will be publishing a series of columns to help investors understand what I believe will be the global economic drivers for the next 10 years. I will discuss their effects on our lives and how to profit from the changes ahead through a series of 10 investment themes.
