I’d Rather Be Pragmatic Than Right
Almost a century ago Henry Clay, a U.S. congressman, famously said, “I’d rather be right than be president.” I don’t know if he was right, but he was never president.
Being “right” often comes down to having other people agree with you. Most of us like to hear someone say, “You’re right,” because it’s both validating and comforting. But other people agreeing with you might not always be in your best interest.
My father taught me to be a contrary thinker, especially in the stock market. I still remember the day my dad asked his stockbroker at E.F. Hutton for research on a company named First Charter Financial.
“That’s a Savings and Loan company,” the broker said. “We don’t follow that industry because there isn’t much investment interest.”
My dad smiled, thanked him, and bought 5,000 shares for $7.00 each. Four years later Dad sold his stock for $28.00 a share. His thinking was simple: buy when others are selling, then sell when others are eager to buy.
It can be difficult to resist social pressure. I’ve never smoked, but when I was eleven, I found myself with two classmates who wanted me to try. One of them, Larry Schall, took out a pack of cigarettes, and both of my companions began puffing away. They offered one to me. Did I take it? Yes, I did, though I never actually inhaled. Instead, I pretended to inhale while exhaling through the cigarette.
Today, I’m better at resisting social pressure. During the Thanksgiving holidays I attended three family dinner parties. The food was delicious. But through a lifestyle change I now weigh 80 pounds less than I did four years ago and I will never go back to eating more than I need, even at risk of offending my host. I even left a little stuffing (aptly named) on my plate.
Thank goodness I only have one lunch appointment this week, and that’s at a Chinese restaurant (because, as many of you might imagine, I’m turkey-ed out).
I hope this Thanksgiving you were able to act in your own pragmatic best interests and didn’t succumb to that unhelpful need to have others think you’re right. More importantly, I hope you were able to spend meaningful time connecting with family and friends and enjoyed yourself – and the leftovers are great.
Alan