"Where freedom is, there is my nation.”
Benjamin Franklin

Happy Independence Day! In honor of July 4^th, the market will close at noon Central Standard Time on July 3 and will be closed on July 4. As we conclude the first half of 2023, I hope you enjoy the upcoming holiday with friends and family. Speaking of family, mine is marking a milestone, we moved back to Salina in late June of 2003 from the Washington, D.C. area and we have now been here for two decades!

I have included the Raymond James June 30, 2023, “Weekly Headings: Thoughts of the Week”, by Raymond James’ Larry Adam, Chief Investment Officer, Private Client Group. Please contact me at your convenience if you would like to discuss.

After watching an interview of Morgan Housel by Chris Davis of the Davis Funds, I read Housel’s book “The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness”, published March 2, 2021. Unlike many financial books I’ve read, Housel has written a very unique and insightful narrative that engages the reader. The book is divided into twenty chapters, each taking a different topic on finance and wealth. Housel notes that Warren Buffet accrued at least 95 percent of his wealth after the age of 65, when his net worth was $3 billion. When Housel published his book, Buffet (who is 92) was 90, and Housel wrote, “The real key to his success is that he’s been a phenomenal investor for three quarters of a century. His skill is investing, but his secret is time.” Housel, in interviews, has admitted that he “shamelessly stole” the title of his book from a 1995 speech by Buffet’s partner Charlie Munger titled “The Psychology of Human Misjudgment”.

“Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered. More than your salary. More than the size of your house. More than the prestige of your job. Control over doing what you want, when you want to, with the people you want to, is the broadest lifestyle variable that makes people happy. Money’s greatest intrinsic value—and this can’t be overstated—is its ability to give you control over your time. To obtain, bit by bit, a level of independence and autonomy that comes from unspent assets that give you greater control over what you can do and when you can do it.”
Morgan Housel, “The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness.”

Thanks for reading and please contact me with any questions or comments.

Regards,
Frank R. Hampton
Financial Advisor