Sunday October 21st 2018

I Wish the Market Wasn’t So High!

One million dollar cube in Chicago Federal Reserve Bank, Dec-2010.
All Photos courtesy Amazing Travel Photos

A friend of mine recently told me that he has a windfall to invest. He complained that the stock market is too high. “Now that I have some money to invest, why must it be at an all-time high now?”

This reminds me of a quote, sometimes attributed to Mark Twain**:

Everybody talks about the weather, but nobody does anything about it.

So I told my friend, if he doesn’t like high stock prices, why not do something about it? Instead of complaining about high stock prices, take it as an opportunity.

What this country needs is a good $5 stock that pays a $1 dividend.

At $5 per share, the stock would be affordable by everyone, from billionaires like Warren Buffet down to the lowest minimum wage worker.

And paying a $1 annual dividend would solve everyone’s retirement problem. $100,000 worth of such a stock would yield $20,000 per year, which is enough to live on in most states. The social security trust fund could invest in it, averting the coming social security crisis.

If a man were to invent a common stock that sells for five dollars and pays one dollar annually, investors all over the world would beat a path to his doorstep and he would become rich.

Now I myself am not smart enough to invent such a security. But I’m sure there is some person forward-thinking and industrious person that is up to the challenge. Someone like a Steve Jobs, only in finance instead of technology, that will revolutionize the finance industry and re-vitalize the U.S. economy.

Over the past decade or two, the greatest minds in America, from places like M.I.T. and Stamford, have all gone to work on Wall Street. Surely one of them can invent a $5 stock that pays a $1 dividend. That is their challenge. My friend is counting on you. I am counting on you. The country is counting on you.
**The quote is often attributed to Mark Twain, but was probably from Charles Dudley Warner, an editor of the Hartford Courant back around 1897.

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