Sat | Jan 25, 2020

Success has many fathers

Published:Saturday | January 11, 2020 | 12:08 AM

THE EDITOR, Madam:

I watch, listen and read in amazement at how most political leaders claim successes which are often- times outside their control. The president of the USA often refers to the record rise of the US stock market as though it is his sole doing, but when it dips the reason is market correction. Other world leaders boast about job numbers when they are on the rise but when they fall, the reason is people have stopped looking for work, etc.

I remember one of the first things I learned in studying financial planning and the securities market is that we cannot perfectly time the financial market and should avoid trying to predict it because the times that we do get it right is a mere coincidence and is just as accurate as the flip of a coin.

The world economy is interconnected, and the success or failure of most small economies is inescapably linked to the movements in the larger economies. That is why just about every economy (even the worst ones in the world) is experiencing some measure of growth, because growth in large economies drives demand in smaller economies.

FAILURE IS AN ORPHAN

The latest Bull Run has been going on for about 10 years (twice the length of the average business cycle), which might be attributed to the length of the preceding recession. However you look at it, the world economy is poised for a correction.

I am here (with bated breath) waiting to hear what those leaders who have been taking credit for the current economic successes will say when the correction starts. I can assure you that none will accept any culpability because success has many fathers, but failure is an orphan.

MICHAEL LEIGH

Toronto, Canada

michael_leighca@yahoo.com