The WSJ also shares the efforts of Professor Don Chance. In an effort to prove the value of diversification to his students he asked 202 of them to pick a stock and calculated the inherent risk. With only one stock each you can imagine while a few were happy, overall results were poor. When a stock lost money; the whole portfolio lost money.
We see it in nature all the time, “birds of a feather flock together”. It’s just another way of saying “keeping up with the Jones.” When we see everyone else buying bigger and nicer homes, we are compelled as well. When others are getting into oil, we follow. When everyone else goes shopping, so do we. To gain wealth you have only two options; you can increase your income, raise the bridge, or decrease your expenses, lower the water. The key to growing wealth is not which you choose but the relative difference you achieve between the two. There are tons of ideas on the Internet today for frugal gifts. One of the more common ideas that seems to be popping up is personalized calendars. Yesterday, I saw no less than 4 tweets and 2 e-mails with recommendations of where you can have these made inexpensively. Maybe I am jumping on the bandwagon a little, but my wagon goes down a different path. The best price I have seen is $9.99 from Staples. With their service you upload your photos, arrange the layout, send the file and pick up your order in a day or two. Some people think that perfection is attained simply by practicing. Popularized by Maxwell Gladwell’s book Outliers, he revealed that with 10,000 hours of experience a person can become an expert. While he alluded to it, there was not emphasis on the fact that someone spending 10,000 hours could not spend 10,000 hours doing it wrong and still become expert. | ||
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