Cornelius Vanderbilt died in 1877. His fortune was built in the railroad and shipping industry. At the time of his death, he had amassed a fortune worth an estimated $215 billion in today’s dollars (that’s more wealth than Bill Gates and Jeff Bezos combined). In 1977, roughly three generations later, the family gathered at Vanderbilt University (named in his honor) for a family reunion. One family member remarked that there wasn’t a millionaire left among all of the descendants. On the other hand, the Rockefeller empire chugged on like a freight train, becoming one of the gold standards in preserving legacy wealth. Obviously, two families starting with fortunes took very different paths.
Introduction This week’s edition of the Evergreen Virtual Advisor (EVA) is a return to one of our most popular formats, the Evergreen Exchange. This structure gives three members of our investment team the chance to agree, disagree, or simply comment on a topic of interest. The theme of this issue revolves around common misconceptions in the market.
This week’s edition of the Evergreen Virtual Advisor (EVA) is a return to one of our most popular formats, the Evergreen Exchange. This structure gives three of our team members the chance to agree, disagree, or simply comment on a topic of interest (with the constant hope that our readers care about these,
“Truth has no special time of its own. Its hour is now—always.”
– ALBERT SCHWEITZER, physician and humanitarian
“The nice part about being a pessimist is that you are constantly being proven right or pleasantly surprised.”
– GEORGE WILL
“Successful investing is when people agree with you…later.”
– JIM GRANT
For those who haven’t been to the Mauldin Economics’ Strategic Investment Conference (SIC),
“It is human nature to think wisely and act foolishly.”
– Despite rapid advances in technology, the human brain remains far more superior to even the most powerful supercomputer.
– However, our brains have deficiencies that often lead to irrational and/or sub-optimal decisions.