No Luck At All
Virgil said that fortune favors the brave. Not really. Fortune favors the prepared. Somebody else said that, though I haven’t got any idea who.
For example, if someone came up to me with the best deal ever for pork bellies I would not have any way of knowing it was a good, because I don’t trade futures any more. On the other hand, if someone asked me if Cisco was a good deal I’d say buy on a down swing. I’m an computer guy and I have good experiences with their products.
What does it mean to you? Do what you know. If you’ve been around awhile, like a boomer, you may know quite a bit. Take inventory. You are the smartest person for fifty miles on some subject or other. Use that knowledge when you invest in someone else’s company or start your own.
A final story: At one point a friend of mine and I knew a tremendous amount about the cellular provider industry. We set ourselves up to bid on the second round of cell phone licenses from the Federal Communications Commission in the US. We went to talk with the Senior Vice-President of cell phone service at Ameritech (now at&t). They were the biggest player in the area and knew more than we did. He told us they were not going to go into the second round auction at the FCC because they could not see a way to make money with the new technology over the old. We decided not to bid. Another person we knew did get in and lost his shirt.
This was the best business decision I ever made and it was not luck.
Related Stories
POSTED IN: Mindset
0 opinions for No Luck At All
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: