I was glad to see continuity at the Fed.

mark's picture

Too often people get placed in some type of position and because of that placement, others expect them to “walk on water”.  As far as I know, there was only one person able to accomplish that feat! 

When expectations don't immediately reflect what that person can do, many are ready to "tar and feather" them and run them out of town. .  I attribute much of this to our pervasive use of computers where most everyone is trained (think Pavlov’s dogs) to expect immediate results.

College football is famous for this.  One bad year and you’re at risk.  Two bad years and you’re gone.  Some of the most outstanding teams of the past had long term coaches and up and down years.  The Steelers were outstanding under the guidance of long-term coach Chuck Noll.  Same with Alabama and Nick Saban, PSU under Joe Paterno and FSU under Bobby Bowden.

Take fortune 500 company CEO’s.  Their longevity is only slightly better than their CFO’s and CFO’s have a very short life span.  Some of my most successful investments were in companies driven by a CEO who stayed for more than ten years.  Nvidia, Costco, and Apple are all examples of very long tenured CEO’s that have achieved fantastic and consistent financial results.  None started out as a “rocket ship”, but they sure are now and I am very thankful.

Thus, I am very happy to see Powell up for another term.  He may not be able to walk on water, but he is keeping us all above water!

Be smart, be aware, be well-read and be successful.

 

Copyright 2017 Mark T. McLaren