Well begun is half done.
When you’re investing, most of the work is done before you ever spend a penny. We’ve discussed before how important beginnings are; having a sound investment plan based on your total financial picture is three quarters of the task. It’s the same with many things: the foundation you lay determines how the rest of the product turns out.
A home’s foundation needs to be level and solid. A car’s frame needs to be true and stable. And in this season of graduation and commencement, it’s important for teachers and parents to lay a straight foundation for the young lives that they touch.
In my case an outstanding history teacher challenged me to get past my initial impressions and explore the deeper issues. I distinctly remember the day he took me aside and informed me that pedestrian prose and superficial analysis would not be accepted in his class. I was shocked; I thought I’d been doing okay. His challenge for me to do better than I imagined has stayed with me through the years.
In investing as in life, it’s critical to get to the bottom of things and understand what’s really going on. A key comment to a growing mind can go far towards encouraging this crucial trait. Thanks, Mr. Anderson, for helping my foundation to set right.
Douglas R. Tengdin, CFA
Chief Investment Officer
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