I read a bit about Janet Yellen's background.
She is an economic rock star who managed our economy during the Financial Crisis and other economic ups and downs.
After I watched the movie Pride and Prejudice on the plane out to SF.
Jane Austen's story is based on risk management which was highlighted in the book Wisdom of Finance, Discovering Humanity in the World of Risk and Return, by Mihir A. Desai
The book highlights the problem faced by young women in the marriage market back in the time when P & P was written.
Financial security has to be weighed against the associated risks of various suitors.
Lizzy Bennet, the heroine of Pride and Prejudice, wants love and happiness like every other young lady, but she won’t marry to please society and her family.
Lizzy rejects a cringeworthy marriage proposal by Mr. Collins. His basic message is settle for me or realize that you might end up with nothing particularly, given Lizzy’s modest means.
Lizzy rather die old, broke and alone than to marry Mr. Collins.
Meanwhile, Lizzy does attract the interest of Mr. Darsey, who is rich… how does she win him over, calling him out on his bad behavior.
Lizzy rejects his first proposal because while he admits to loving her, he also says many insulting things about her family and social position.
Lizzy knows she is smart, witty and she would instead take the risk of rejecting Mr. Darsey’s offer than let him destroy her self-worth.
Darsey then decides to prove himself worthy of Lizzy, which pushes him to do a few amazing deeds and fix a huge family mess.
We all need to raise confident daughters who value their character, wit and value in society and constantly help them asses the risk with who they marry.
An awesome insight from Andrew Ross Shorkin, in Town & Country on Sept 15, 2016, who also co-wrote the showtime, Billions.
“For better or worse, I spend an extraordinary amount of time around people with nine-, 10-, and even 11-figure fortunes. All that money, as you might imagine, makes some of them insufferable. For the most insecure among them, the money becomes a proxy for intelligence, and the more they have the smarter they think they are—on just about every topic imaginable.
The good news is that not all "Billies" define themselves by their bank accounts. The ones who hold it together—the ones who don't become unbearable by default—have a few things in common.
- They share a deep anxiety that all their wealth could vanish tomorrow.
- They also have a bit of impostor syndrome, worried that they will be exposed for getting lucky.
In other words, they're in on the joke.
They're still on their first spouses—usually ball-busters who don't forget to remind them that they were once losers.
And, most of all, they have an insatiable curiosity. They ask questions of other people, even when they are the ones constantly being asked about their "success."
Once a billionaire becomes convinced his money is permanent, and the second wife has moved in, and they ask questions only of their own valets, it's all downhill.”
How does Lizzy win Mr Darsey over? She calls him out on his rude behavior and other mishandling.
Mr Darsey to earn Lizzy love, then goes above and beyond his duty to fix a lot of the family's messes and misunderstandings so that rich Mr Darsey can prove himself worthy and win poor Lizzy’s affection.
They end up happily ever after.
Risky management is a tricky part of life and of marriage life.
If you need someone to help you in risk management with your life or your portfolio, please reach out!
Your Friendly Wealth Engagement Guide,
Tiffany Kent
Tiffany@wealthengagement.com
Disclosures: Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed.
This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.
Comments