DON'T LET EMOTIONSSABOTAGE DECISIONS: GOOD TIMES TEND TO BECYCLICAL. MORE DISCIPLINE IS NEEDED TO SURVIVE A DOWNTURN.

摘要

My first vivid memories are rooted in the 1980s farm crisis. My dad and his brothers split up the business partnership due to disagreements, losing their economies of scale. I remember the day in 1984 when Uncle Gerald sold his entire line of equipment mid-summer just to cover his interest rate debt. I remember his complaint that it was difficult to get out of bed, when by dawn the interest rates had accumulated more overnight than he could make farming that day. Gerald was known as a near-genius cattleman, a hard worker, and everything he touched turned to gold in the 1970s. It was the exact opposite in the 1980s, and interest rates killed him. They found his corpse in a lake.