From the Bill Bonner Letter (USA) – Every generation has its moments of doubt and pain. “What are we doing wrong,” the people ask. “What can we do better?” About 100 years ago, The Times in London asked its readers in a full page story, with the headline: “What is wrong with the world today?”
G.K. Chesterton, noted author of the Father Brown series, wrote back with a two-word letter to the editor: “I am.”
“What is wrong with the world today?” is the question again on everyone’s lips. But it is not our question; not this month.
This month, we turn from the macro to the micro… from them to us… from broad markets to specific businesses… from headlines to personal stories. The first thing you have to know about a successful business is that it is not a study in politics, sociology, or historical dialectic.
Businesses may prosper under Reagan and flounder under Obama, but the good businessman is indifferent. He may not even read the paper. He is not the farmer who blames the weather or the businessman who blames the economy. When asked who’s to blame, he is the one who answers “I am”… the one who takes responsibility for the outcome of his business (even though actual results are not under his control).
He is the brave fool who believes he can beat the weather, the interest rate environment, and the political regime.