We get by in spite

Over a year ago, we published one of our quarterly commentaries on the investment climate (dated October, 2008) in which we began with one of Richard C. Taylor's favorite phrases: "We get by in spite."

In that commentary, we explained that to Dick Taylor, "We get by in spite" was a kind of short-hand expression which meant that "in spite of the lunacy of government and its intervention in the free enterprise system, great businesses and the entrepreneurs who lead them find ways to profit and ultimately make money for their owners."

He would often use that phrase when government lunacy seemed to reach a fever pitch, and legislators were enacting laws threatening unprecedented intrusion into the right of the individual to be able to do what he wanted with his own private property (and his money).

We believe he would find occasion to use that phrase quite often right now.

The wisdom of his observation, "We get by in spite," is in its recognition that such intrusion and restriction of freedom has taken place in the past, but that great businesses have still found ways to deliver value, economic growth, and better living standards in the past, and that they will do so in the future.

Even now, there are momentous business opportunities for innovative companies. We touched on some of them in our blog post yesterday. This perspective is very important for investors to understand, especially during times when many in the financial world and media are being distracted by the political news of the hour.

Richard C. Taylor managed portfolios alongside Thomas Rowe Price, and his investment philosophy directly influenced the consistent process that the principals of Taylor Frigon Capital Management have employed for many years.

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For later posts on this same subject, see also: