A client shared this story with me last week: In 1935 Grace Groner purchased three shares of company stock in Abbott Labs. 75 years later, thanks to the power of compound interest, her three share purchase was worth $7 million. Grace Groner lived nearly her entire life in Lake Forest, Illinois, about 45 minutes north of Chicago. After graduating from Lake Forest College in 1931, Grace was hired as a secretary at Abbott Laboratories, where she worked for more than four decades. Grace never earned an amazing salary as a secretary. According to the Los Angeles Times, she got her clothes from … [Read more...]
Your Right-to-Work
The Supreme Court heard arguments yesterday in Friedrichs v. California Teachers Association. The case centers around 10 teachers (Friedrichs et. al) challenging a state requirement that they pay dues to a union (California Teachers Association) that takes political positions teachers may disagree with. This case “would be a huge victory for workers’ rights, the First Amendment, and educational freedom – and probably the most important ruling this term,” says Cato Institute scholar Ilya Shapiro, co-author of Cato’s amicus brief. Shapiro concludes: CONCLUSION “First Amendment values are at … [Read more...]
Congratulations Sylvester Stallone!
“I want to thank my imaginary friend, Rocky Balboa, for being the best friend I ever had,” said Sylvester Stallone in his Golden Globe acceptance speech for best supporting-actor. … [Read more...]
What Thatcher's Fall Can Teach the GOP About Change
Is the GOP ready for a big time change? I think so, but this from Peggy Noonan is sticking with me this morning. In her column Noonan writes about the fall of Margaret Thatcher: In 1989 Thatcher moved to impose a change in the British tax system. This caused resentment and then unrest. She wouldn’t back down, and the next year she fell. Years later she told me what she’d learned. People are afraid, she said; they live closer to the margins than we understand. When you propose a big change you can leave people feeling as if the rug is being pulled from under them. That’s a big thing to learn, … [Read more...]
UPDATE: Gun Laws Protect Criminals
On Monday night (1/4/2016) a 65-year old grandmother from New Hampshire shot a would-be robber in the chest after he followed her into the parking lot of her apartment complex and tried to grab her as she walked home. More here from Boston.com. Gun laws do not protect you from those seeking to do you harm. Terrorists aren’t going to follow the law, for example, if there’s a ban on high capacity magazines. And yet those who might benefit from a high capacity magazine to defend themselves are left out in the lurch as vulnerable prey. “The persons who have the most need for actual … [Read more...]
America’s #1 Gun Salesman
And the winner once again as America’s #1 gun salesman is: President Obama. I had the pleasure of speaking with a friend this week who owns a gun shop, which does custom work (a huge biz by the way), and also has a range on site. I wanted to get his take on Obama’s executive orders on gun control. I’ll sum it up like this: “Every time the President opens his mouth about gun control we see a huge spike in sales. Why would we want to stop our #1 salesman?” The Wall Street Journal writes: Every President struggles to stay politically relevant in his final year in office, but someone should … [Read more...]
Buddy Rich: Ya Gotta Try
There’s Buddy Rich, and then there’s all the rest. … [Read more...]
Stock Market on Day One: 2016
Take a look at the first day of trading for 2016 and you’ll see the power counterbalancing can have on your portfolio. This is not a prognostication for the short-term price of gold—it’s a simply an observation of why I rarely sell positions that I value. … [Read more...]
Make Union Membership a Choice
Friends and family of mine who have been, and who currently are, teachers do not like the fact that they have to join a union as a condition of their employment. They deserve to have a choice. Harlan Elrich, a California teacher has joined a 10 person lawsuit against unions that force non-members to pay dues. The case is now in front of the Supreme Court as Friedrichs v. California Teachers Association. Elrich writes: I was a member of the union for years and even served as a union representative. But the union never played an important role in my school. When most teachers sought guidance, … [Read more...]
Precision Scoped Rifle: Part II
The 4:20am wake-up comes pretty fast when you’re up late the night before making last minute preparations to your rifle scope. I’ll explain why I was doing that in a minute, but one of the takeaways of doing any serious handgun or rifle training is that it gets you off of the sidelines and into the game. Actually getting prepared, going through the check-lists, and shooting cannot be replaced. As my friend Bill likes to say, “shooting is a perishable skill”. I’ve taken a number of shooting courses with Bill. He’s a regular at reaching and hitting Coke can sized targets at 1,000 yards and … [Read more...]