Don’t Drink Market’s Kool Aid

Here is a joke that I heard from Warren Buffet years back. A very successful oilman dies. He faces Saint Peter, who says, “You’ve been a good man and normally I’d send you to heaven, but heaven is full. We only have a place in hell.” The oilman says, “Any chance I could talk to…

Here is a joke that I heard from Warren Buffet years back.

A very successful oilman dies. He faces Saint Peter, who says, “You’ve been a good man and normally I’d send you to heaven, but heaven is full. We only have a place in hell.” The oilman says, “Any chance I could talk to other oilmen who are in heaven? Maybe I can convince someone to switch places with me?” Saint Peter says, “It’s never happened before, but sure, I don’t see any harm in it.” The oilman goes to heaven, finds an oilmen convention and yells, “They found a huge oil discovery in hell!” Oilmen are stampeding out of heaven to hell, and our oilman is running with them. Saint Peter asks him “Why are you going to hell with them? I have a spot in heaven, you can stay.” The oilman answers – “Are you kidding, what if it’s true?”

The morale of the story: don’t drink your own Kool-Aid.

 

Related Articles

Investment Process Presentation

Presentation that describes my firm’s investment process. AVI Omaha 2012

Playing a Game of Economic Survivor

I don’t do writing assignments. I don’t like deadlines. I am not a writer; I am an investor who thinks through writing. So when Institutional Investor asked me to write on the future of investing, my instinct was to politely decline. But the topic did seem intriguing. So I decided to give it a try.
For Europe, Breaking Up Is a Hard Thing to Do

For Europe, Breaking Up Is a Hard Thing to Do

Everyone is looking with horror at Europe, waiting for the European Economic and Monetary Union to break up and for the PIIGS to start dropping like flies, taking the rest of the euro zone and the global economy with them.
Fed is Measuring U.S. Economic Health by the Wrong Number

Fed is Measuring U.S. Economic Health by the Wrong Number

It is the Fed’s intervention in the free market and arbitrarily setting short- and long-term interest rates at insanely low levels that is responsible for this uncertainty, as it enables and propagates speculation, not investing and erodes confidence about the future.

Leave a Comment