As we end another week, month, quarter, first half of 2007, and enter, what will be for many, an "extended" Independence Day weekend, I thought it fitting to rise above "the noise" of financial markets for some "financial philosophy" from some great Americans and a few links to some classic TFP posts...
I am thankful to live in a free country that was built on capitalism, but I often point out that freedom means we are free to make mistakes just as we are free to avoid them. While many have made and will continue to make the same mistakes, timeless wisdom exists to provide leverage to the few who seek it. That is the way of a financial philosopher...
"I have learned that, if one advances confidently in the direction of his dreams, and endeavors to live the life he has imagined, he will meet with a success unexpected in common hours." Henry David Thoreau (1817 - 1862)
Defining one's own success brings piece of mind, sets one on the path to a meaningful existence, and ensures freedom from making the mistake of following the crowd...
"Money, you have lots of friends hanging 'round the door. When it's gone and the spending ends, they don't come no more." -- Billie Holiday (1915-1959)
The current economic and market cycle was created (and will likely be destroyed) by the same force -- greed. The cycle will continue until the spending ends...
"An investment in knowledge always pays the best interest." Ben Franklin (1706-1790)
...but knowledge is not wisdom...
"It's like Cinderella at the ball. At the start of the party, the punch is flowing and everything's going well, but you know at midnight, it's all going to turn in to pumpkins and mice..." Warren Buffett
Enjoy your freedom and have a safe and happy Independence Day holiday...
TFPAuthor, Kent Thune, is the President and Owner of Atlantic Capital Investments, LLC (ACI), a fee-only, registered investment adviser based in Mount Pleasant, SC, near Charleston. ACI specializes in retirement, investments, and financial planning.
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