My Dad was born in 1918. He was 11 when the Great Depression kicked in. It made a great impression on him.
In his life, he started up, ran, and sold off a handful of companies. In all the years that I knew him, he only gave me one rule of business.
The idea is to buy low and sell high. But don’t sell at the very top. You have to let the next guy have a chance to make a buck.
It took me a long time to understand this.
There’s a book by James P. Carse called Finite and Infinite Games. He points out that when you win a game, then that game is over and a new one has to be started. But the purpose of some games is just to keep playing.
