Humility

Sometimes qualitative issues may be quite important, even if difficult to quantify.  I discussed the important issue of being trustworthy in one of my earlier posts.  Also required for a society, and thereby its economy, to prosper is humility.

This week’s monthly missive by Pimco’s Bill Gross is, while always solid, even better than usual.  I mean who wouldn’t love an article titled “A Man In the Mirror” with the inclusion of the classic song quote:

If you wanna make the world a better place
Take a look at yourself, and then make a…
Chaaaaaaaange …..
Michael Jackson

Although I hope to also discuss some of the specific investment issues from the article in future posts, this brief post is about one mere issue: humility.

It was interesting to read this quote below during the same week where, once again, I observe numerous situations in which profitable opportunities are stifled because of a lack of humility.

“But let me admit something. There is not a Bond King or a Stock King or an Investor Sovereign alive that can claim title to a throne.”  — Bill Gross

Perhaps it is easier for “Bond King” Gross to admit one is not a king when he has more money than one?  Nevertheless, I respect the humility.

One of the articles I cited yesterday included the apt comment regarding the Roman Empire, which many fatalists compare to the US today, that Nero fiddled while Rome burned.

America is not destined for that same fate.  It is not destined to encounter a lower level of prosperity than folks of this retirement generation have enjoyed.  Humility would help greatly in facilitating greater-than-expected wealth creation.

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