Friday, January 06, 2006

DIVERSIFY!

Securities Prof. on the importance of diversified portfolios:

My father in law worked at Lucent, and owned a lot of stock in them. He used to show me his balance sheet, and talked about buying a Mercedes convertible. I bought him “A Random Walk Down Wall Street” for Christmas and inscribed it “Sell it all, Your Son in Law.” Of course he didn’t. He lost everything. The son of a bitch won’t even buy me dinner anymore.

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