Music fans of a certain age were saddened to learn of the recent passing of Aretha Franklin, long known as the Queen of Soul. Financial planners of all ages were saddened to learn of yet another person dying without a complete estate plan, including a will. Unfortunately, she’s just the latest in a long line of famous people who should have known better.
We’re all familiar with today’s title but when I tried to track down its actual roots, I became confused. According to multiple websites, it relates to a farmer in Maine trying to give a traveler directions to town.
Kenny Rogers made Don Schlitz’ song The Gambler famous back in the late 1970’s. If you recall the lyrics, the old gambler tells the young one that you have to know when to hold your cards and also when to fold them.
This morning I’m thinking of the delightful 1998 movie Shakespeare in Love. It involves a poor, unknown playwright named Will who falls in love with the far-out-of reach daughter of a wealthy merchant.
Imagine a brainstorming session in Detroit going something like this:
Cars have gotten so expensive, why don’t we add an alarm to provide increased protection against theft?
As Robert Heinlein famously shared: There ain’t no such thing as a free lunch. At the time he was writing, some bars sold lunch to patrons, others provided a ‘free’ lunch to theirs.
Care to guess the name of the newspaper I’ve read virtually every day for the past 45 years? Since I live in the world of business, you might not be surprised that it’s the Wall Street Journal.
Sometimes in the past I’ve suggested that a current or historical figure might have made a good financial planner but today I’m looking at a different theme – people who get excited for no real reason.
Do any of these phrases sound familiar?
• Stock market rout
• Beaten-up stocks
I’m turning to the Bard for the title of 2014’s first message because there are articles everywhere right now offering forecasts for the upcoming year. I never try that myself because I know I can’t predict the future. Instead, I thought I’d reflect a bit on the past to see what lessons we might learn.
Fortune magazine recently published an excerpt from a new Bernie Madoff book.