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Thursday, June 17, 2010

Luck's role in our financial fate

I recently read a quote by the always eloquent Warren Buffett that I thought nicely summed up the role luck plays in our financial lives. It comes from this article at CNNMoney.com about the billionaire investor's pledge to donate his wealth to charity. 


"My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well. I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate's distribution of long straws is wildly capricious."

DISCLAIMER: Wendell the Pug has never met Warren Buffett but is pretty sure he'd give a good belly rub. Or at least hire an assistant to give one. 

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