Time For Another Dose of Milton Friedman

Almost exactly a year ago, we published a blog post entitled "Don't despair," which is a remarkably relevant post for investors to read again in its entirety today.

In it, we linked to an interview with Milt Friedman from December, 1975 in which he discusses the increasing government interference in personal life which took place during that decade, as well as two important notes of optimism which Dr. Friedman struck during the interview.

We concluded our post from last March with our observation that, "Government intrusion may be on the rise, but we believe as Milton Friedman did in 1975 that there are important elements in the American economy and the American character that will prevent government from growing to the point that it destroys the entire system."

We would advise investors to continue looking for innovative, well-run businesses for the investment of their capital, just as we have argued before is the best formula for long-term wealth preservation and wealth creation. We have discussed this advice in greater detail in another post from a year ago which is worth revisiting as well, "Return of the 1970s, part 2."

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For later posts on the same topic, see here: