October 15th, 2008
My new Grandson, Gavin, wasn’t sure he wanted to enter the tumult of the financial world we’re living in but, with some coaching from his father and a big push from his mother, decided to do so anyway at 12:30 yesterday, weighing in at 7 pounds 11 ounces.
It’s fortuitous that I just put up the chart of the S&P 500 showing the long-term trend of 8 1/2% going back to 1939 because it supports the notion that each $1.00 he uses to buy the SPY index today could turn into $20.12 when he turns 69. Ah, the beauty of compound interest …. and a long-term horizon!