I’m sure you’ve heard the expression, “the more things change, the more they stay the same.” Gerald Loeb used this phrase frequently. I’ve always had great respect for Mr. Loeb. True, he was an extraordinary investor and a best-selling author. But what I most respected him for was his business acumen. As one of the founding partners of E.F. Hutton, he was often quoted preaching to investors about the need to approach investing as a business and with a business mind.
Early on, I took his advice to heart. From the very beginning, I always made certain that I organized my investing activities in a manner that yielded timely investment reports and minimized taxes. I also sought out the best professional accounting, legal, tax and estate planning advice because this is what Gerald Loeb advocated.