Topic: How To Invest

What is Pat’s commentary for the week of October 13, 2021

Article Excerpt

Here’s the text of my latest letter to our Portfolio Management clients, sent in July: Dear Client: “If I could offer one piece of advice to young people thinking about their future, it would be this: Don’t preconceive. Find out what the opportunities are.”—Thomas Sowell Dr. Thomas Sowell, who just turned 91, is a U.S. economist and political thinker. Many of his fans (I’m one of them) have long assumed he’d one day win a Nobel Prize in Economics, as did two of his university professors/mentors, Milton Friedman and George Stigler. Dr. Sowell’s lack of self-promotion may have something to do with his failure to win a Nobel. Still, his ideas about economics and politics do at times say important things about life generally, not just academic subjects. James Buchanan, winner of the 1986 Nobel in Economics, said, “Do you want to be read today, in 10 years, or 100 years? I think we’ll still be reading Tom Sowell a hundred years from now.” That…