Page 253 - Adobe Photoshop PDF
P. 253

the other hand, investments in large companies that many considered to
            EH PRUH FRQVHUYDWLYH RIWHQ WXUQHG RXW WR EH YHU\ SUR¿WDEOH  2QH OHDUQV
            as well, that the price of stock varies based on group psychology, not
            objective facts. That situation provides opportunity for an independent
            thinker. I made it a habit of measuring the results achieved in my IRA
            VWRFNV ZLWK WKH 6WDQGDUG   3RRU¶V     ,QGH[  7KH 'RZ -RQHV ,QGXVWULDO
            Average, which is commonly used as the stock market criterion, is not
            a good measure because it is limited to 30 stocks. One warning: never
            rely on tips on the stock market.

                   The politics and current events were an everyday basis for dis-
            cussion around our family’s dinner table as I grew up. Ideas, policies
            and personalities were discussed regularly. I recall hurrying home from
            school on Friday afternoons in order to read Time magazine, which ar-
            rived in the Friday afternoon mail. (In those years, Time was truly the
            national news magazine and had a much higher informative value than
            it does at present). In 1956 and onward, I read The Economist, which
            , ¿QG WR EH WKH EHVW QHZV PDJD]LQH DQ\ZKHUH   , DOZD\V OLNHG WR UHDG
            and retirement gave me even more opportunities to do so.  I am mostly
            D QRQ¿FWLRQ UHDGHU  IRFXVHG HVSHFLDOO\ RQ KLVWRU\  HVSHFLDOO\ :RUOG :DU
            ,,   SROLWLFV  DQG FXUUHQW D൵DLUV   5LFKDUG DQG , RIWHQ H[FKDQJH ERRNV

                   Sometimes I get the impression from younger generations that
            P\  JHQHUDWLRQ  ZDV  TXLWH  QDwYH  DQG  XQVRSKLVWLFDWHG   1RW  DOZD\V   ,Q

            1934 Senator William H. King was scheduled to speak one Sunday af-
            ternoon at the Eastern Orthodox Church in Salt Lake City. Greeks from
            all over the Valley assembled to hear him. The meeting was held in a
            large hall beneath the chapel. Dad took me with him. Senator King had
            recently visited Greece and he reported on the conditions in “the Old
            Country” to a massed audience of Greek men. Senator King delivered
            KLV VSHHFK ZLWKRXW QRWHV RU DSSDUHQW H൵RUW IRU SUREDEO\ D KDOI KRXU  +LV

            HQWLUH VSHHFK ZDV GHOLYHUHG LQ ÀXHQW *UHHN  6KRZ PH D FXUUHQW SROLWL-
            cian who could duplicate that feat!
                   0\ EURWKHU *RUGRQ KDG EHHQ WKH ¿UVW IXOO WHUP 0D\RU RI /DID\-
            ette after its incorporation. He served four years on the council and I re-
            VSHFWHG WKH IDFW WKDW KH WRRN RQH GD\ SHU ZHHN R൵ KLV SURIHVVLRQDO SUDF-


                                             249
   248   249   250   251   252   253   254   255   256   257   258