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…
— 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.
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.