OUT OF THE BOX: AS WE DEPART 2021, I OFFER AN UPDATED "GRANT'S RULES"
Mark J. Grant
"Chief Global Strategist," Colliers Securities/Author of "Out of the Box" and creator of "Grant's Income Strategy" which provides outsized yields with monthly cash flows.
For more than forty-seven years, I have wandered around Wall Street. Looking back, looking at history, is an interesting adventure that we can all learn from. Looking forward is a more interesting adventure, as we can create our own history.
For more than thirty years my nickname on Wall Street has been “The Wizard.” I may not have seen it all, but I have seen a great deal of it. I don’t watch sports, I have never played golf, I don’t fish, I only socialize with very interesting people, and I focus on the “Great Game,” with incredible intensity.
I get up between 3:00-4:00 AM daily, seven days a week, to ponder the markets, and often times to write my commentary, “Out of the Box.” I go at it with vigor, because I continue to be fascinated with winning, in the most complicated game on Earth, Wall Street. The X-Box has nothing that is even close to it.
From time to time, and today is one of those days, as we end 2021, I share with you what I have learned. Recently, one of the biggest money managers in the world asked for my updated recount of the Rules. Here you are my friend, the Rules for Investing, and the Rules of Conduct, and what I think “really” matters. I hope the rest of you enjoy my musings as well.
Grant’s Rules for Investing
Grant’s Rules of Conduct
Your reputation is EVERYTHING. Guard it with your life. Your word is not only your bond, but it is also your future. There is no amount of money that is worth tarnishing your reputation. This plays out in a number of ways, living in your own skin, sleeping soundly at night, and earning the title of being a “stand-up guy.” Not even the title of CEO, or Chairman of the Board, carries more weight.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
-Warren Buffett
In my life I have learned that you can’t sit back and let life happen to you. No, you have to go out and make your Mark on life, so to speak.
Surround yourself with people you love, and who love you. The rest, well, be polite.
There is nothing you can do about getting older. There is “everything” you can do about getting old. At my age you can trust me on this one.
My blessed mother recently informed me that life comes in three stages:
Youth
Middle Age
And, “Oh, you’re looking good.”
I am now at the point in my life where I am doing my very best to be “looking good.”
Your best, that is what you give. Not one iota less, ever. Good is never enough. Learn to be Great!
When you meet an obstacle, and you will meet plenty of them along the way, here are the instructions: “You can go over it, you can go under it, you can go around it, you can go through it, and when nothing else works, dance until it moves.”
Winnie the Pooh said it best, “You can’t stay in your corner of the forest waiting for others to come to you. You have to go to them sometimes.” Just take his advice, “Think it over. Think it under.”
Many people, along the way, will tell you, “It can’t be done.” Just smile, and then do it. I have done this several times in my life. They will never forget the moment, and neither will you.
“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.”
-Dr. Seuss
Life is just an adventure. More than that, it is “your” adventure. You don’t “know” where you came from. You may believe, but you don’t “know” where you are going, when you leave this Earth. Have a wonderful adventure, from your first breath to your last breath. Nothing less is makes any sense.
I have had several memorable experiences in life. It was on April 10, 1972, that I got to have dinner with Charlie Chaplin. I would guess that I am one of the last people alive to have that honor. Another wonderful moment in my life was when I got to sit on the Throne of the Pope. I asked for “Divine Guidance.” I also got to have brunch with the immortal Mae West once in my life. I quote her today, “You only live once, but if you do it right, once is enough.”
领英推荐
The road to success comes in four stages. They are dreaming, thinking, planning, and executing. Everyone can dream, fewer can think, fewer still can plan, and the people that know how to execute, to get things done, are a very, very rare breed. Learn how to execute.
No university, on the planet, teaches deductive reasoning. It is one very important key to winning on Wall Street, “Figuring it out.” Go buy yourself the collective Sherlock Holmes books. Read them. Learn how to reason deductively and always remember, “The game is afoot.”
Wishing, Hoping and Praying are not functional tools of the Great Game. Avoid them and the people that use them. Our playing field is riddled with both their losses, and their memories.
If you make a mistake, it is “your” fault. It is never “their” fault and always remember, “There is no crying in the trading room.”
On Wall Street “Experience” is the teacher. She is a harsh taskmaster. The test comes first, and the lessons come afterwards.
Wall Street, you know, is a kind of Wonderland. It is just like Alice stated, “Curiouser and curiouser.”
Remember the Past and make use of it. Stand in the Present and contemplate it. Finally, stride purposefully into the Future. Make it yours.
If you want to be successful, don’t go with the crowd. Make your own path and leave a trail for the crowd to follow.
Learn how to transform Excellence from a goal, into a habit.
Take the shot. No goal can be made, unless the shot is taken.
You get in life what you have the courage to achieve.
Wall Street is full of storms. Most people just stand there and wait for them to pass. I suggest that you learn how to dance in the rain.
When opportunity knocks, open the door.
Learn to be so good at what you do that they can’t ignore you. If you are really, really good, however, you will find that you can ignore them.
In my first job interview on Wall Street I was asked, by the head of Human Resources, what I wanted to be. I said, “Fascinated.” I was told that I didn’t understand the question. I replied that she didn’t understand the answer. I was hired.
Learn the Rules like a pro, so you can bend them like an artist.
It is our choices that determines who we are. It is our dedication, our courage, our creativity, and our abilities, that can make our choices our reality. Never back up.
Today, you have 100% of your life left.
Finally, there is “Stuff.” If it is your health, or the health of those that you love, two legs or four legs, or if it is a significant amount of money, then it matters. The rest is just “Stuff.”
Don’t confuse what matters, with “Stuff.”
Mark J. Grant
Chief Global Strategist, Fixed Income
Managing Director
B. Riley Securities
Plastic, Reconstructive and Cosmetic Surgeon at Marc Baraban, MD, LLC
3 年I’ve starting reading your column and enjoy it. However, I just can’t forget my high school memory of you . I fondly know both of you
Retired CPA, Microsoft Pro, Consulting, Public Safety Advocating
3 年Many good thoughts! Thanks Mark.
Happy new year wise friend ??
Principal and Chief Financial Officer at Noble Investment Group
3 年A lot to think about here, Mark-Happy New Year