Today’s Word: bête farouche (noun) – Bête farouche (bet fah-ROOSH) is French for “wild beast.” I used the term this way today: “And most importantly, he should recognize that inflation is a bêtefarouche whose movements are wild and cannot be reliably anticipated – and, therefore, he should be very careful about long-term commitments to it.”
Did You Know?: The earliest use of the yin-yang symbol was in Rome, not China.
Worth Quoting: “It is better to have a permanent income than to be fascinating.” – Oscar Wilde
What I’m Reading: I took surfing lessons once in Hawaii, and I liked it. But when I tried to surf in front of my house in Florida, it wasn’t as much fun. I sometimes think about trying it again sometime. If I do, it will be down the beach from my home in Rancho Santana. I got this into my head while reading this update from the Rancho Santana team…
Remembering Jack Bogle: Two people that have had a great impact on my thinking died last week – Mary Oliver https://www.markford.net/category/Blog/little-bits and Jack Bogle, the founder and CEO of The Vanguard Fund and the author of some very true and helpful books on investing.
Bogle argued for an approach to investing defined by simplicity and common sense. Below (from Wikipedia) are his 8 basic rules for investors:
- Select low-cost funds.
- Consider carefully the added costs of advice.
- Do not overrate past fund performance.
- Use past performance to determine consistency and risk.
- Beware of stars (as in, star mutual fund managers).
- Beware of asset size.
- Don’t own too many funds.
- Buy your fund portfolio – and hold it.