Amen of the Week:
“Every single one of the premises on which we ran our company was wrong: centralized marketing, massive centralization of everything, massive specialization – it was all nonsense… Practice in the hard light of reality shows things. What do you do when you realize the theory is wrong? You change your ideals to make them realistic.”
- Sir James Goldsmith, entrepreneur and legendary British investor
(on his early challenges in business)*
Yesterday I shared my thoughts on Brexit with our clients. I attempted to explain how this might be a good thing for selective and patient investors. You can read the note here.
As a follow-up to Goldsmith's quote above, here’s another one that resonates:
“When 90 percent of people are thinking the same thing, you can be certain that if you do exactly the opposite you’ll make a fortune.
- Sir James Goldsmith*
Yours in the Field,
Frank Byrd, CFA
* from Billionaire, The Life and Times of Sir James Goldsmith by Ivan Fallon; Little Brown & Company, 1991.
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