Apr 10, 2025

Paul Samuelson: You want excitement?

Paul Samuelson

Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.

– Paul Samuelson

Today's Oracle Bio:

Paul Samuelson wrote the best-selling economics textbook of all time and was the first American to win the Nobel Prize in Economics. When he got the call from the Nobel Prize committee at 5:30 AM one morning, his wife was in bed next to him. She asked, "Which of our kids has been in an accident?"

Samuelson helped found one of the earliest and most influential hedge funds in 1970, Commodities Corp. That same year, he made a substantial investment in Berkshire Hathaway.

Book Highlight:

The only proper biography of today's oracle is Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948 by Roger E. Backhouse.

Learn more about this book. (Affiliate link)

Thought of the Day:

Even though Samuelson's focus was on economic theory, not personal wealth accumulation, his example is useful for investors. He shows us that not all academic theories are useless in real life. He also teaches that bringing mathematical rigor to your analysis helps you make better investment decisions.

Disclaimer: This newsletter is for informational purposes only and does not constitute financial advice. Please consult with a qualified financial advisor before making any investment decisions.