Over the past few centuries, Western cultures have been very good at creating general prosperity for themselves. Historian Niall Ferguson asks: Why the West, and less so the rest? He suggests half a dozen big ideas from Western culture — call them the 6 killer apps — that promote wealth, stability and innovation. And in this new century, he says, these apps are all shareable. (thanks Alamin)
“Having millions deposited into a bank account, does not mean that wisdom is deposited with it.”– p 23 Juggling Dynamite
Today’s wealth has become far more volatile than ever, says Robert Frank, “The High-Beta Rich” author. He adds that the culture of wealth creation is determined by stock and it is a revolving door of riches.
“The truth about human nature is that it must be constrained in order to be wise. Even those of us who are educated and trained in managing money must guard against our human susceptibility to fear and freed. Unbridled optimism and rampant risk-seeking are well-worn paths to ruin when it comes to money. We have to set up objective rules to control our tendency to hubris, and we must act like grown-ups in taking responsibility for our money decisions.” – pg 27, Juggling Dynamite
Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.
