2017 Third Quarter Commentary

With solid returns, it’s been good times for those with capital to invest.

As clear today as it was then, democratic republics, like financial fortunes, are dependent upon the informed involvement of their citizens for continued good health.  In 1787, after Ben Franklin was asked following the Constitutional Convention what sort of government had been created, he replied, "A republic, if you can keep it."  And keep it, and also improve it, we must. 

Adam Smith, that founding capitalist philosopher who most notably believed business should be moral, wrote in 1759: 

“The care of …the fortune...is considered as the proper business of that virtue which is commonly called Prudence….  Security, therefore, is the first and principal object….  [Prudence] is rather cautious than enterprising.” 

As well as prudence, investors would do well to develop an awareness of the big picture, a profound introspection when goal-setting for the financial future, possessing the courage to bring goals to life.

I can’t tell you how many times over the years I’ve sat down with someone whose retirement plans are expensive dreams supported by relatively small sums of money.  The solution can be to reduce expectations and seek additional sources of income.  That certainly takes courage.

It’s no shame to take care, to preserve your fortune and be enterprising in pursuit of your goals.  Return to the wisdom of Ben Franklin.  It’s prudent to be secure in your planning.

Let wisdom, courage, skill and a steady hand strengthen you now and in the future.