What do we learn from Bankruptcy 1995 that can help us be better advisors today, when our clients shriek at us about whatever extinction theory is contained in the current catastrophist bestseller? Two lessons, actually, and they are priceless for being eternal. (1) All apocalyptic projections rely on extrapolation, which always turns out to be wrong. (2) You can’t make investment policy out of chaos theory.
The only thing that collapsed in 1997 was Mr. Figgie’s shoddy little conglomerate. He himself passed away in 2009. You can buy a quite good copy of Bankruptcy 1995 on the Alibris used-book website for $.99 (plus shipping) any day of the week.
And you must. You really must.
© 2016 Nick Murray. All rights reserved. Reprinted by permission. Nick reviews current books, articles and research findings in the “Resources” feature of his newsletter, Nick Murray Interactive. To download the current sample issue, visit www.nickmurray.com and click on “Newsletter.”