“Men willingly believe what they wish.”
That’s what Julius Caesar said over 2000 years ago. And it’s still accurate. When people want something to be true, they often convince themselves that it is true. In investments we often call this “talking your position.”
I was thinking about this recently when I heard that Congress had consulted with Warren Buffett on the rescue package. Hellooo: Warren the Great just invested billions in Goldman and GE. He is an interested party.
That’s why people should know that I’m long the market. Of course, as Chief Investment Officer of Charter Trust I’m always long. Stocks, bonds, cash, property—we own them all. And often when one asset returns more, another returns less. So my interests are pretty balanced.
But readers should know where a writer is coming from when they look at his take on things. Because to understand where someone stands, it helps to know where he sits.
Douglas R. Tengdin, CFA
Chief Investment Officer
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