During a severe major crisis, as we are experiencing now, politicians will enact laws and regulations which, in normal times, they could not get away with (the Patriot Act). I expect the new government to take full advantage of this opportunity and that it will burden us and future generations by coercive force and unprecedented socialistic (anti-American) concepts that have failed whenever tried previously. What else is in the cards? Economic wars? Competitive currency devaluations? A global currency? A global economy? A global government? How about a global warming or cooling – take your pick? A global religion where anything and everything is gospel, or condemnation of all (Christian) religion? No wonder Atlas shrugged!! Galt’s Gulch is within each of us, and because of that reality, we will not just survive; we will prosper! The many friends we have made in our industry, and the yet to be met acquaintances, their intellect, their character, their varied backgrounds and experineces, their generosity provide me with the absolute confidence that we will literally prosper, even if hell should freeze over.
Praying is beneficial, but God helps those who help themselves. Remember when we started investing (in M.H.)? We embraced our mistakes and learned from perceived lessons experienced. We educated ourselves, identified the trend in our and the general markets. We learned that the market is not necessarily rational. We made the effort to adhere to true and tried rules of business. We gained expertise. We made money and learned of the necessity to persevere and preserve our acquired wealth. We recognized that it was most important to protect the downside because the upside seemed to take care of itself. We were guided by objective rules, not emotional pitfalls. We did not fall for the popular ideas to diversify, but we put all our eggs into our proverbial basket and then watched the basket carefully. We controlled what we reasonably could control. We lived frugally, saved as much as possible, and invested the savings, and refused to speculate, i.e. gamble. As our present era comes to an end, would it not be prudent and germaine to recall the fundamentals with their pragmatic approaches as we prepare our private and our business life for a prosperous future? The turtle will win the race, and Galt’s Gulch is within each of us; it is the confluence of the mind and the heart.