Topic: How To Invest

What is Pat’s commentary for the week of May 9, 2023

Article Excerpt

Here’s Part One of the most-recent letter I sent to our Portfolio Management clients in February 2023: “When new business ideas come along, many investors get over-excited. They see the growth potential right away, but it takes them longer to spot the negatives. As a result, they may underestimate how long it will take backers of the idea to launch a business and start making money. On the other hand, some investors worry that a new idea may destroy the market for existing companies and products. Self-driving cars provide an example of both extremes This idea has been around at least since the 1920s. At the 1939 World’s Fair, GM exhibited a model of a self-driving car. (Search on Google for “timeline self-driving cars” and you’ll get 50 million results in less than one second.) In 2009, I went to a TED Conference. I met some interesting people, including a young couple who had quit their jobs so they could work as consultants to…