The Employee Meeting
I would like to start by thanking you for attending this meeting, though it's
not like you had much of a choice. After all, attendance was mandatory. I'm
also glad many of you accepted my invitation to your family members to be
here as well. I have a few remarks to make to all of you, and then we'll
retire to the ballroom for a great lunch and some employee awards.
I felt that this meeting was important enough to close all 12 of our tire and
automotive shops today so that you could be here. To reassure you, everybody
is being paid for the day --- except me.
Since our stores are closed we're making no money. That economic loss is mine
to sustain. Carrington Automotive has 157 full time employees and around 30
additional part-timers. All of you are here. I thank you for that.
When you walked into this auditorium you were handed a rather thick 78-page
This time of year is a favorite for children of all ages – I happen to be
one of these kids – in part because of the television programs that are
shown around Christmas.
A Charlie Brown Christmas, Santa Claus is Coming to Town, Rudolph the Red
Nose Reindeer, and How the Grinch Stole Christmas, have been favorites of
mine since TV went from exclusively black and white to poor quality color.
This is no coincidence as these programs were made in the mid 1960’s.
As I was watching this year, it occurred to me that if at this time in
history Christmas had not yet been established, if so... (more)
I am not sure the origination of this quote, but it certainly is timely:
"Hard work: All hard work brings profit; but mere talk leads only to poverty.
Earnings: Never depend on a single source of income.
Spending: If you buy things you don’t need, you’ll soon sell things you
Savings: Don’t save what is left after spending; Spend what is left after
Borrowings: The borrower becomes the lender’s slave.
Accounting: It’s no use carrying an umbrella, if your shoes are leaking.
Auditing: Beware of little expenses; a small leak can sink a large ship.
Risk-taking: Never test the dept... (more)
While tracking the market today, I expanded the S & P 500 graph time window
from the normal mode of a month or a year, to run from 1970 through the
present. What I found illustrates a fascinating principle of wealth building.
The blue line represents that value of the S&P 500 index. I overlaid the
bright pink line to show what would have been the normal path of the economy
had the trend from 1975 to 1995 persisted. Obviously it did not.
The period from 1995 to the present represents a time of unprecedented
“activity”. What we can also see is that activity produced no
sustainable, w... (more)
Wealth Management on Ulitzer
These words remain very clear in my mind, but they were shocking to me (as
they probably are to you) the first time I heard them. In fact, when the man
made this statement to me, it took me so far aback, that he had to repeat
them. “I’m basically a whore,” he says sheepishly and with regret in
his voice. Of course I said, “What to you mean?”
The man who made this statement was the Michigan based marketing head of a
money management firm headquartered in Connecticut. He was responsible for
bringing new money into the firm for investment. He didn’t manage... (more)