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August 29, 2005

Investment Wisdom on the Way to the "Little Chapel"

Heather Myles, one of the best and most authentic country singers you may have never heard of, wrote a song not long ago titled "Little Chapel." She recorded it in a duet with Dwight Yoakam, a pairing which I hope we can hear again.

Two lovers are singing this song as they are driving across the Mojave Freeway to Las Vegas to get married:


Shadow Valley, Mojave Desert
(courtesy of Wikipedia)
Sun's going down,
it's still a hundred and three
Driving cross the desert
down Highway 15
There's no turning back now,
got all that we need
To a desert oasis we're traveling,
my baby and me

Even as impulsive Las Vegas marriages go, this one's already showing signs of looming problems:

Car's broken down the side of the road
How we got this far God only knows
Sold everything, don't need luxury
Been living on good loving my baby and me


The passion of "good loving" overcomes any thought of risk to such an extent, however, that this couple regards everything else as a gamble:


"Elvis"
We're going to the little chapel on the Las Vegas strip
Where the preacher looks like Elvis; we could even strike it rich
Life is a gamble, but our love's a sure bet
Going to the little chapel on the Las Vegas strip

As listeners we come away from listening to these two thinking that this union has the same chances for long-term success the preponderance of most Las Vegas weddings. This pair is so consumed with their passion that they are oblivious to signs of trouble which are already appearing. Reality will descend on this union sooner or later, and we as listeners realize as much even if our two lovers don't.

We often look at our money the same way, don't we? We often ignore or minimize the obvious problems with investment we have (or are convinced we need to own). We frequently only see the glittering attraction which is the source of our original infatuation.

In fact, we're sometimes so duped ourselves in how right we are in, that like this couple, we regard everything else as risky. What we possess is a sure bet.

As an old Wall Street saying goes, "stocks don't know you own them." (That goes for real estate, too, by the way.) A corollary to that thought might be: the risk of an investment is not lessened simply because you own it.

"Little Chapel" might be just the background music we should have playing as we review our portfolios.

Posted by John on August 29, 2005 9:00 AM

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