Sunday, June 1, 2008

Potato Man

Today, I read the distilled wisdom of J. R. Simplot, posted by Esquire, along with his picture. He's an old man. Made his money in potatoes.

He said,

"I got no religion in me. I could never see through it. Basically, I'm a facts man; if I can't see through it, I say it's not possible."

More importantly, he said,

"You want a potato big enough to get a long fry."

Useful information. And then, this nugget:

"Put bets down on the right people and give them responsibility."

The other thing I read today is a piece about Ken Heebner. Good thing, because I just established a position in his CGM Focus fund, last week. The first time in years that I've bought a fund that wasn't Vanguard. I'm betting Heebner is the right person, and I'm making him responsible for a piece of my money.

OK, I know that hot hands can get cold. My Vanguard Financial Advisor pointed that out to me. Several times. Better, he implied, to buy something that you know is cold. That way, you won't be disappointed.

I'm betting on Heebner. When CGMFX goes down, I'll buy more. And I'll never sell any of it. Until I need potatoes.

1 comment:

Larry Blumen said...

I found out later that the Simplot article was old and had been resuscitated for the occasion of Simplot's death, last month.

That puts a new slant on it, but other than speaking of the man in the present tense, there's nothing wrong in it. It was news to me.

I probably should have referenced his Wikipedia entry.