At or around 1969, Warren Buffet started calling the “market” a “casino” because to him after they invented things like day trading, mutual funds and derivatives of all sorts, he felt the notion of buying stock to actually invest in a company and create capital became a joke and people poo-pooed his idea of “value investing” and holding for the long term. We don’t invest in companies anymore, we “bet against the Dow” or “beat the S&P” or buy mutual funds that invest in other funds that index yet another fund that is made up of stocks propped up by hedge funds.
We’re not even investing in something with real value and assets anymore. What Wall Street did was to lead to their house of cards falling in on them, it took the credit markets and us with them.
I am proud to be in the construction business, an industry where “trust” between people MUST MEAN something or building would stop. We will continue to build, with or without Wall Street’s help, we are an inventive and ingenious bunch and WE WILL figure it out.
Happy New Year and may it be a good one for you and yours.
Miles & Associates
“On a journey of continuous improvement”