Why the Reserve Currency Status is America’s “Achilles Heel”.
Ned Goodman (born in 1937) is a successful entrepreneur (by background a geologist) and a philanthropist who also happens to be a billionaire, thanks to his Dundee Group of Financial, Resource and Real Estate Investments, which he founded in 1991.
He is also a deep thinker, and a man with common sense and a vast knowledge. Every year, Goodman airs his insightful views in a lengthy paper (the 2013 write-up was over 90 pages) published as part of Dundee’s annual report. In the 2013 report, he explains:
In Dundee’s initial Annual Report for the year 1991, dated May 11, 1992, I wrote that our investment philosophy encompassed fundamental principles and was totally oriented toward value. I stated that it was essential that we understood the business before we invested, and that we looked to purchase assets that were likely to increase in value by at least 150% over a five-year period.
We knew from past experience that we must understand how to sell before we buy, and that always requires the establishment of a selling target along with a plan of action for achieving that target… The Clarkson Centre for Business Ethics and Board Effectiveness (CCBE) report of 2013 showed that we were able to achieve a 20- year share price return of 18% per annum for our shareholders, while increasing the market price of our stock by more than 30 times over that period. I can assure current shareholders that not one part of our process and philosophy has changed since 1991…
Of the US economy, which he calls (appropriately, in my view) the “Botox” economy, he writes:
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