“Only When The Tide Goes Out Do

“The Wise Man Once Said, ‘Invest Young.’”

We Make Investment Decisions Based On Our Evaluation Of The Most Profitable Combination Of Probabilities.

What The Wise Do In The Beginning, Fools Do In The End.

For Example: (1) As If Governed By Newton's First Law Of Motion, An Institution Will Resist Any Change In Its Current Direction; (2) Just As Work Expands To Fill Available Time, Corporate Projects Or Acquisitions Will Materialize To Soak Up Available Funds; (3) Any Business Craving Of The Leader, However Foolish, Will Be Quickly Supported By Detailed Rate-of-return And Strategic Studies Prepared By His Troops; And (4) The Behavior Of Peer Companies, Whether They Are Expanding, Acquiring, Setting Executive Compensation Or Whatever, Will Be Mindlessly Imitated.

Is Management Rational?