Michel Pireu Columnist

“For those people who have not yet found an investment programme that appeals to them, here is another plan which at least has a certain originality,” suggests Fred Schwed Jr in his book Where Are the Customers’ Yachts?  “It was outlined to me by a bond trader one afternoon. We had been discussing the broad history of investment bonds — a depressing subject. This man had spent the past 30 years trading bonds with other people’s money. His own money he had always carefully spent. “I finally said, ‘what a hopeless game! Tell me Mac, what would you do if you had, right now, $250,000 (about $5m in today’s money) of your own?’ “He answered with such promptness that I could see he had given a good deal of thought to this improbability. ‘I would put it into 25 envelopes, in cash, of $10,000 each. I would put the envelopes in a safety deposit box. I have been told you can get a small one, such as I would need, for only $6 a year. At the beginning of each year I would take out an envelope an...

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