Socrates, Plato and Aristotle lead the field in the Greek pantheon of philosophers but don’t forget Thales of Miletus and Pythagoras.
I asked them about their investments. They wondered why and I explained my savings had taken a bit of a battering – had lost more than 20% from their high-water mark. What did they advise? Philosophers aren’t always in agreement but on this occasion it was a harmonious Greek chorus. Had my dividend income fallen by 20%? I admitted that it had gone up, although not by as much as the cost of living.
Pfui, said Plato, you would have cause for concern if your income had fallen by 20% perhaps. But the value of your investments doesn’t matter unless you plan to sell them (or die). Your income does matter and that is healthy so don’t worry about the value of the portfolio – no doubt it will recover sometime. I could see his logic and will follow his advice.
Well, that makes a change from the coronation.
Thales was a clever businessman, though I think his tactics would be considered illegal under at least US law.
Anyway, I’m glad to hear that Plato has reassuring words.