In case you missed it, here are three things you should know this week...
1.) Mistakes Those Who Inherit Money Make
- The worst kind of client? According to a private investor– those who inherit money.
- Per James Grant's Barron's article, they don't have the benefit of learning from their mistakes and their aversion to failure makes it difficult to stick to a well-conceived course, be open to and accepting of advice, and, ultimately, become a good client.
- "The fundamental shortcoming of the second-generation heir is a deficit in emotional equipment. Because they never had to try to build anything, they never failed in the attempt—and, therefore, never learned from their mistakes," (Grant, Why Heirs Are the Worst Kind of Investment Clients).
- "And the best kind of client? The first-generation entrepreneur, hands-down... They know how to turn adversity into opportunity. They can see that a bear market is really a kind of value-restoration event. Or they can summon the courage to try again when they really do go broke. They remember the people who stood by them, and they remember the ones who didn’t."
- To read the full article, please visit Barron's.
2.) Metric Madness: New Rating System for College Basketball
- If you follow college basketball, chances are you're starting to wonder whether or not your team will score an invite to March Madness. And, per Laine Higgins' article in The Wall Street Journal, figuring out how your team rates will be different this year.
- RPI, the metric the NCAA has used since 1981 to gauge the strength of teams, has been replaced by a new, more sophisticated measure called NET.
- While the extent of the NET’s impact won’t be clear until Selection Sunday, Dan Gavitt, the NCAA’s senior vice president for basketball, says "the system is optimized to give us the most accurate results in that ranking."
- Until then, college basketball watchers can read the full article on The Wall Street Journal's website as they await March Madness.
3.) David Ragland Talks U.S.-China Trade & Market with Fox Business
- David Ragland talks with Fox Business on February 8, 2019 regarding U.S.-China trade deal and the market...