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Friends,
Benjamin Graham is widely regarded as one of the most important investors to ever live. And yet, his motivations aren't what many would expect.
He wasn't a fan of visiting management teams; he considered it an unfair advantage that his readers could't utilize. His star student -- Warren Buffett -- later quipped, "Candidly, the game [of investing] did not interest him more than a dozen other things."
Graham retired at 62. He was later asked why -- responding: "Why should I try to get any richer?" Graham realized that time, love, and experiences were far more important to him than more money.
As Lawrence Yeo recently illustrated, Graham instinctively knew there are levers money can't pull.
Image Credit: Lawrence Yeo
There's no doubt that money helps one afford freedom. And a pretty strong argument could be made that -- with access to clean water, healthy food, and medical care -- it is pretty good at helping pull the "health" lever.
But the purpose and love levers? Trying to maximize one's cash flow can often work against pulling those levers. Once a certain level of "enough" has been reached, it won't move the needle much once you're on your deathbed.
Image Credit: Lawrence Yeo
Graham spent his time with his wife, his kids and grandkids, and buried in academic pursuits that were deeply fulfilling for him.
None of this means you should feel guilty for being an investor. Instead, it means to keep your eye on the prize -- living a life you can look back on with contentment -- and adjusting your time accordingly.
At the end of the day, we can think of no better long-term goal.
Wishing you investing success,
- Brian Feroldi, Brian Stoffel, & Brian Withers
In Partnership with Tim Urban
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When you are learning to play golf, the feedback you get after swinging the club is immediate and obvious. Unfortunately, that's not true of investing.
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