Summer is over | How to legally own another person | Is financial ed as important as sex ed?
Although fall doesn't officially arrive for a couple of weeks, we all know Labour Day typically marks the end of those long days of summer-or the beginning of the end, anyway. For many of you, the kids are back to school, or you're back at work from some time off, or there's just a general air of getting back to the grindstone this week that hasn't been seen for a while.
I can tell just by looking at my securities screen, as the bid to ask spread has reduced significantly from last week-an indication of a significant pick-up in trading activity.
On the news front, things are still a little on the thin side, but I wouldn't doubt if by our next letter, two weeks from now, we'll have far more to report.
Another sign of the change in season is that I, myself, have gotten back into the swing of things and have posted a new blog. As you likely have noticed, one of my obsessions, as of late, has been about the importance of incorporating a multidisciplinary approach to life and knowledge. I learned a while ago that if you restrict yourself to one way of thinking, you'll put yourself at a huge disadvantage to those who don't. In my experience, the most successful people tend to be those who are on the right side of that equation.
On a final note, we're almost through the rebalancing process and stand prepared for whatever the fall decides to throw our way!
On the review queue
How to Legally Own Another Person by Nassim Taleb: This is an interesting article by the always insightful Nassim Taleb on the power dynamic between organizations and their employees-a timely read considering we just celebrated Labour Day.
Why Luck Plays a Big Role in Making You Rich by Ben Steverman: Ben Steverman writes a well-thought out article on the role hard work and luck play in becoming rich and successful. The only issue I have is the main example focuses too narrowly on luck's ability to prevent the most skilled actor from coming in first, while negating to mention that same actor would likely still enjoy one of the top outcomes.
Sex Ed is Required. Why isn't Financial Education? by Heather Long: I'm not going to go as far as saying financial education is as important for youngsters as sex education, but I definitely applaud Heather Long for stressing how important financial literacy is. My research and experience has convinced me that a lack of financial IQ and understanding plays a meaningful role in most people's eventual financial outcome.
Cognitive Bias Cheat Sheet by Buster Benson: An extensive article on the many methods we use to fool ourselves and make poor decisions. Buster Benson also includes a phenomenal infographic itemizing them.
The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. Member-Canadian Investor Protection Fund