Wealth, War and Wisdom
Few nuggets of wisdom from this intelligent book :
Having a secluded farm, multiple passports, and offshore wealth can serve as a crucial lifeline in times of crisis or conflict. Biggs proposes allocating roughly 5% of one’s net worth for agricultural security.
Both domestic and foreign governments present potential risks to the wealth of investors. Biggs sounds a warning about potential future crises, emphasizing the importance of being prepared.
Biggs advocates for global stocks, particularly in the form of index funds, as the most secure long-term investment. Engaging in offshore exchanges for enduring stock investments offers a safeguard against local risks and ensures access to international liquidity.
Concerning asset classes, specific items like art and certain types of property may not withstand war due to potential damage. For safeguarding assets and maintaining liquidity, Biggs recommends investing in items like jewelry, precious metals, and warm clothing.
Biggs asserts, “In my considered but not necessarily correct opinion, a family or individual should have 75% of its wealth in equity investments.” The book sheds light on a period when real estate values dropped during the war, despite a surge in war production and robust corporate profits.
Biggs underscores the portability and value of skills or expertise as a means of preserving wealth. Adopting a low-profile lifestyle is crucial to avoid drawing unwanted attention and envy.
Wealth holds significance only while the owner is alive, underscoring the importance of one’s life and abilities as valuable assets.
Prosperous minorities, especially those of religious affiliations, should exercise caution due to the potential for envy escalating into hatred.
This book will definitely throw light on the tumultuous decade ahead !
