Thursday, June 24, 1999
A long time ago (1994 to be exact) a young man (yours truly) went off to one of the institutions of the Wise -- college. Once there, he decided to become one of the truly Wise and become an economics major. He took a course about money, because he wanted to become Wise and make his money work for him.
The young man quickly found himself asleep more than awake in this class. The professor started throwing around terms like "portfolio allocation" and other such arcane things. Alas, it seemed the young man could never become Wise without at least much more training. (Incidentally his Wise professor was not on the faculty. He was a visiting professor who also sold real estate... you think he plugged real estate as a good investment?)
But then the young man took a basic accounting class. The teacher was a very Foolish man who took time out of the syllabus specifically to teach how to apply his class to personal investing. He taught the young man how to extract useful information from various financial reports. He taught the value of long-term investment. He taught how to research a business, what to look for, especially in the case of small cap stocks.
The moral of the story: We have some allies in the world of the Wise... and never trust a teacher who doesn't wear a jester's cap.
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