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The Sophistication of Simplicity as it Relates to Your Money

February 24, 2020 By E.J. Smith - Your Survival Guy

By marekuliasz @ Shutterstock.com

You’ve read my series You Invest, They Win.

In a wonderful op-ed in the Weekend WSJ was “The Joy and Wisdom of Simplicity,” by Fay Vincent:

The other day I found someone citing Henry David Thoreau’s advice from “Walden”: “Simplify, simplify.” I began to think of some seemingly simple yet unusual statements I had encountered.

I once asked the late Las Vegas tycoon Kirk Kerkorian if he was troubled by the enormous debt he ran up to finance his corporate takeovers. He was then trying to gain control of Columbia Pictures Industries, where I was CEO. His simple answer stunned me. “Look, that money is the bank’s money, not mine. They have to worry about it—not me.”

In my lawyer days, a Texas oilman client had a different attitude toward bank debt. His drilling efforts had sharp peaks and valleys, but he continued to patronize the finest restaurants. When I asked how he managed to dine so well in bad times, he explained patiently: “I never let my income affect my standard of living.”

It’s not hard to see who I’d choose to do business with because, at the end of the day, it’s the return of your capital that is more important than the return on your capital.

Originally posted on Your Survival Guy. 

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E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com
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