Your Survival Guy recently featured the prudent man in this piece “Investing Mistakes to Avoid: #3 Back 40 Back.” As you know, dear reader, I write to you about what I think I know, personal experiences (not all good), and life in general. As a fiduciary, I look to the prudent man as one of my personal guides. If someone you love would benefit from his wisdom, send this along. It’s perfect for the fridge. We’re in this together.
A timeless piece from The WSJ:
Adam Smith, “The Theory of Moral Sentiments” (1759):
The prudent man always studies seriously and earnestly to understand whatever he professes to understand, and not merely to persuade other people that he understands it; and though his talents may not always be very brilliant, they are always perfectly genuine. He neither endeavours to impose upon you by the cunning devices of an artful impostor, nor by the arrogant airs of an assuming pedant, nor by the confident assertions of a superficial and impudent pretender. He is not ostentatious even of the abilities which he really possesses. His conversation is simple and modest, and he is averse to all the quackish arts by which other people so frequently thrust themselves into public notice and reputation. For reputation in his profession he is naturally disposed to rely a good deal upon the solidity of his knowledge and abilities; and he does not always think of cultivating the favour of those little clubs and cabals, who, in the superior arts and sciences, so often erect themselves into the supreme judges of merit; and who make it their business to celebrate the talents and virtues of one another, and to decry whatever can come into competition with them. If he ever connects himself with any society of this kind, it is merely in self-defence, not with a view to impose upon the public, but to hinder the public from being imposed upon, to his disadvantage, by the clamours, the whispers, or the intrigues, either of that particular society, or of some others of the same kind.
Action Line: Let’s talk about the prudent man.
E.J. Smith - Your Survival Guy
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