In holding dozens of consults a day with my valued clients and speaking across the country, I am constantly asked what I think is coming in investments and the economy. Recently, I’ve been asked to comment on what mistakes were made in the tragic loss of the Titan tourist submersible. My responses are educated guesses on both topics, none of us really know yet the answer is essentially the same. For those things you are fortunate to be able to control, do so with vigilance and this includes your wealth. For all the rest, be prepared with lots of resources and you’ll figure it out, you will do just fine.
Episode Highlights
- Reflecting on a recent failed investment
- A reminder of the importance of being a contributor rather than a taker in life
- The importance of involving stakeholders
- His initial reaction and skepticisms to the news of the Titan sinking
- Critique on the construction of the Titan submersible and the decision to use carbon fiber, a material that fails catastrophically without warning
- Explanation of the pressure under water and how carbon fiber was an inappropriate material choice for the submersible’s design
- Preparing for the uncontrollable variables in our financial lives and avoiding placing all bets on an uncertain outcome
- The dangers of betting everything on an investment, business, or result you can’t control
- Advice on having financial reserves to safeguard against failure
Links and Resources from this Episode
- Connect with Gary Pinkerton
- https://www.paradigmlife.net/
- gpinkerton@paradigmlife.net
- https://garypinkerton.com/
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