But first . . .
I just had my first plumogranate! Oh . . . joy!
And now . . .
This has suddenly shown up on the Internet — I have no idea why — and so . . . in the spirit of Nick at Nite . . . I offer you an hour and a half of my thoughts from September, 1987, a month or so before the Crash of 1987 . . . an interview conducted by Werner Erhard for participants who had paid I think $600 each to be part of this televised lecture series.
Watching it now, I naturally focus mainly on my hair. And whether I’ll ever brush the clump that seems to have fallen down back up into place. (I got distracted about half way through watching, so actually don’t know how it turns out. If I said anything particularly regrettable in the second half, chalk it up to youthful exuberance.) About eighteen minutes in, I note that Ford Motor stock is up 10-fold over the past few years and farmland down by about two-thirds, so a thirty-fold shift in the relative value of a share of Ford versus and acre of soil so — I said — maybe it was time to sell Ford and buy farmland. (I also suggested that stocks in general seemed a bit toppy.) With hindsight, you could have done worse.
But much of it is just the platitudes for which you have all paid me so well over the years (thank you very much), and which may be as true today as they were in Aesop’s and Ben Franklin’s day.
Anyway, it being summertime — when even “60 Minutes” is in re-runs — this quarter-century old re-run seemed as good an excuse as any for me to go for a swim. Watch?
Quote of the Day
Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.~John Stuart Mill, 1867 (Like shopping centers in the middle of the desert. Or millions of pages of legal documents.)
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