“Now is a good time to get out of debt. We do not urge that you sell securities indiscriminately, but we do advise, in no uncertain terms, that you take advantage of present high prices and put your own financial house in order.” 1928, Charles Merrill, founder of Merrill Lynch
Though sometimes presented as a straight quote, that is an abridged version of Merrill’s actual communication. It does fairly represent his message though, which was… get out of debt.
On this last day of August in 2017, I would suggest that it is time to go much further and to liquidate all assets other than those required for necessary cash flow and convert the proceeds to Gold.
Charles Merrill spent a long time looking like a damn fool. Then, in October 1929, he looked very smart.
Eighty-eight years later, he still does.
Get out of debt. Preserve your wealth in the only store of stable value over time. Charles Merrill demonstrated that it is better to be a year early than five minutes late.