Surfing With Billionaires

Jim Woods

Jim Woods has over 20 years of experience in the markets from working as a stockbroker, financial journalist, and money manager.

Surfing with Billionaires

One week ago today, I had the profound pleasure of attending an actual, real-life black-tie dinner and gala. That’s right, an event with actual people, in an actual physical space, with actual speakers and actual humans interacting with each other.

Yes, we had to wear masks at the outset of the night. But this event also included rapid COVID-19 testing for attendees. And while no test is infallible, what we did know is that everyone at the event tested negative before we were allowed into the party (even though the party was held outside).

This event included a host of speakers, including Peter Diamandis, the founder of the X Prize, pro volleyball great Gabby Reece and her husband, big wave surfing legend and all-around cool dude, Laird Hamilton.

Your editor with surfing legend Laird Hamilton

One of the speakers at this event was Chip Wilson, founder of athleisure brand extraordinaire Lululemon Athletica Inc. (NASDAQ:LULU). Chip said something to me that really stuck in my head. He said, “If you want to be a billionaire, figure out a way to help a billion people.”

I love that sentiment because it represents the true essence of capitalism. That is to say, someone has to come up with an idea, product, service, etc., that makes lives better and that people are willing to pay more for than it costs to make.

That ethos also is at the heart of what we do in all of my investment advisory services, because whether it is investing and building wealth for the long term, or making aggressive/tactical buys and sells for short-term gains, the goal here is to put our money to work by harnessing the power of capitalism in the pursuit of becoming a billionaire, millionaire — or just getting a lot richer via the focused allocation of our investment dollars in the financial markets.

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And speaking of those markets, while domestic equities hit a bit of an air pocket in September, when we shift to a three-month lookback, we can see that stocks have remained robust in the face of a host of uncertainties, including the continued stalemate on a new coronavirus fiscal aid package in Congress, increasing numbers of COVID-19 case counts in the United States and in Europe, and, of course, election angst over the outcome of the vote on Nov. 3.

Of course, all of these unknowns will be resolved at some point, but hopefully sooner rather than later. Yet, even if things are messy for longer than we’d like, capitalism and the desire of aspiring billionaires to figure out how to help a billion people will always be something we can profit from — and that will be true regardless of who resides at 1600 Pennsylvania Ave., or what party calls the shots on Capitol Hill.

Finally, I want to add a personal note here about my negative COVID-19 test. Until last week, I had not been tested for the virus (although I had no symptoms to suggest I had contracted it). Still, I must say that, although I fully expected to test negative, it was more than a huge relief to learn that I had actually tested negative. That test gave me the peace of mind that I was safe and that those who I regularly come into contact with will also be safe.

If you have yet to be tested for COVID-19 and you think you might have somehow been acutely exposed to someone who was or is positive, then take a test. I know the peace of mind was definitely reassuring for me.

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P.S. The presidential election, and more importantly, our Post-Election Summit are only two weeks away!

This private, in-person, “off the record” financial summit sponsored by the Investment Club of America. This confidential meeting will take place on Nov. 6-7 (right after the elections) in an undisclosed location in Las Vegas.

As it stands today, the election betting odds favor the Democrats. If the Biden/Harris ticket wins and the Democrats take over the House and the Senate, what will that mean for investors, entrepreneurs and the citizens of America? What happens if President Trump is re-elected, but the Democrats take control of both houses of Congress?

To help make sense of it all, we have brought together some of the world’s top experts to discuss the outcome of the November elections, including Mark Skousen, Hilary Kramer, Bryan Perry, and yours truly, to name just a few.

Due to legal restrictions, attendance at the Post-Election Global Financial Summit will be limited. We urge you to register now and not be disappointed.

To learn more about the conference, go to https://globalfinancialsummit.co/.

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Meet the Bard of Fine Cigars

There is perhaps no more iconic symbol of the ethos of celebration than a fine cigar.

In the new episode of the Way of the Renaissance Man podcast, I speak with tobacconist, historian and purveyor of the Way of the Renaissance Man brand cigars, David Haddad, creator of Fumar cigars.

David is a most interesting gentleman. He’s a man that can regale you with true stories of his interactions with U.S. presidents, military leaders and world diplomats, as well as the key role he and the cigar have played in recent diplomatic history.

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Through developing a new business model with the luxury cigar experience at the epicenter, David has traveled the world, bringing the celebration of the cigar to some of the most hostile, war-torn places on the planet.

A former child actor, former golf pro, current entrepreneur and philanthropist, this is one Renaissance Man who has truly earned the moniker.

I very much enjoyed my conversation with David, and I suspect you will too.

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Embrace Better Reasons

“The first duty of a man is to think for himself.”

— José Martí

While this might seem like a basic truism, the duty of thinking for yourself is actually rare. How do I know this? Well, try this thought experiment. Think about something you believe in right now and make it a conviction that you hold deeply. Now, ask yourself how you came to believe in it.

Most likely, if it’s something that your parents drilled into you, or if it’s a majority opinion in the wider world, or a common belief, did you really come to that conclusion by thinking for yourself? Hopefully, the answer is yes. But if you can honestly say that you’ve just always thought that way because that’s how you were brought up, well, then you simply need better reasons than that. Challenge yourself to embrace the better reasons.

Wisdom about money, investing and life can be found anywhere. If you have a good quote that you’d like me to share with your fellow readers, send it to me, along with any comments, questions and suggestions you have about my newsletters, seminars or anything else. Click here to ask Jim.

In the name of the best within us,

Jim Woods

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