…poor Warren Buffett must be feeling the heat. He’s 84 years old and the most successful investor of all time. Respected. Admired.
When we left you on Friday, we were delighted. We had found a kindred spirit… a like mind… a man as cheerful and as lighthearted as we are… in the person of Charles Hugh Smith, author and chief writer for OfTwoMinds.com. Smith doesn’t whine about wealth inequality or call for wealth redistribution like the numbskulls on the editorial pages. Instead, he opens up the drain lines to see what is down there. First, no society has ever successfully eliminated sewage or inequality. You can redistribute wealth. Money is fungible. Money is divisible. Money is quantifiable. Money is easily shared out.
The world turns. The news flows. The interpretations, narratives and explanations follow. Up here in the Argentine Andes, we are blissfully ignorant. Our Internet connection stopped working two weeks ago. Since then, twice a week, we have driven an hour to a neighbor’s property to check in with the outside world. But sometimes we wonder why we bother. “News” is a recent innovation. For most of our time on Earth, we humans had no access to the Internet, TV, newspapers or telephones. Our brains evolved when there was no such thing as public policy… public statistics… public opinion… public intellectuals…
Today, I want to do something a little unusual…
I want to tell you why I’ve set up something called a “family office.”
Family offices have for hundreds of years been protecting and growing family wealth, based on a number of unique long-term investment strategies.
The Dow rose another 48 points yesterday. Gold was up $24 per ounce. Nothing remarkable. Nothing illuminating, either. The newspapers and TV channels all reported the Dow 15,000 story as though it were just a stepping-stone on the way to 16,000… or 20,000… or 30,000. Heck, the sky’s the limit!