How can you be a great investor like Richard C. Young?
Study. Keep it simple. Tell it the way it is. All of that comes to mind. But here’s what I want to share with you that I think you’ll find helpful.
It’s a constant battle. It’s a ton of work. It’s a daily grind. It’s not easy.
This week I’ve been studying some old Richard Russell reports from the late 70s. I feel like I’m actually living through the day to day markets with out of control government spending, fear about interest rates rising, inflation, and a lame economy. Sound familiar?
What I’ve enjoyed most is reading Richard C. Young’s notes written in red ink in the margins of Russell’s reports. For me, it’s like having a conversation with two world class investors. I’m a fly on the wall.
If you’ve ever spoken with Richard Young, you know there’s no wishy washy middle. He tells you the way he sees it. And not just about investing.
You like Bordeaux? Good luck winning a conversation about the Burgundies of the Cote d’Or. You like the book the Zen and the Art of Motorcycle Maintenance: An Inquiry Into Values? Have a seat my friend, his and Debbie’s Harley adventures rival that. How about the Patriot’s NFL draft? Or the Cleveland Brown’s for that matter, having grown-up in Shaker Heights, OH. He’ll rattle off names with a familiarity like they’re Tom Brady.
It’s a lot like sipping from a fire hose.
Which brings me to this week’s study project I’ve been immersed in myself. Reading Richard Young’s notes in the margins of the late great Richard Russell (author of Rich Man Poor Man) the Dow Theory Letters are comments written in Red Ink:
“This is 100% right,” “Excellent!,” “No Way this Will Happen,” “Good,” “A Must Read Issue,” “Save this.”
For me, it’s like digging through a gold mine of black-single spaced text looking for precious nuggets of red ink. It’s fun being a miner tucked safely away in my office on a tree lined street in beautiful Newport, RI.
It’s fun talking with the two Richards because I know about their respect for each other and that Richard Young isn’t looking to hurt Richard Russell’s feelings.
Richard Young is simply writing it the way he sees it.