Quote of the Day: John Mauldin

Embrace the challenge...

On how to get through this mess

This is a far different environment than we've had the last 70 years. Using past performance to predict future results when the future environment is significantly different than the period in which the data was collected is misleading at best and worthless at worst, leading to bad decisions. Much better to deal with reality.

[T]he 70s were a real bitch. I woke up many times in the middle of the night with real pains in my stomach wondering whether to pay the rent or make payroll. So did a lot of people. But look at all the new companies that came out of that era and changed everything: Microsoft, Apple, Intel,etc. Cell phones. The Internet. The list is long.

Yes, we have to make our way in this Muddle Through World. It will be challenging, but I can almost guarantee you that when we do there will be other challenges. If it was easy everybody could do it and there would be no money in it. Embrace the challenge!

from "How We Get Through This Mess"
John Mauldin
The Big Picture

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