Well. It has been an interesting week. With the meetings and such. I am always amazed when something happens that totally stuns me and I have to revise my thinking completely.
Last night, in the midst of a public meeting regarding the restoration of a very venerable pool of millpond in our fair city, a group of aging seniors, rose to vigorously promote the notion of "going for broke,", "betting the farm", going for the full monte long shot call or put option. And they added at the end that they would be most pleased if they would pay it back over at least 20 years, 30 would be perfect. I had to wonder about that. At 80 or so, some were being...well...somewhat optimistic....or was it just moxie?
When I have these questions...and I often do, I just get on the cell phone and call my old friend Herman, the countryboylawyer from Normal, Mn.. After all...he knew estates and trusts....he just loved to gamble. He must certainly know something about this.
"Herman," I blurted out, "I thought all the riverboat gamblers were young, with steel in their veins---how come it seems the boldest traders are over 70 or so and betting on the farm....or betting the farm or both. "
"Shucks, Wolfman,(that's what he always called me), it is about time you figured it out. Those old guys, with one foot in the grave, are the boldest---why do you think the busses to the casinos are so packed on Senior Day---to be a perfect gambler and lose all ones money in a day, one has to have the consolation that death is not too far off. The timing just works out. It is sheer moxie.
"What about the 30 year repayment they always ask for,?" I asked.
Herman let out a huge bellylaugh.
"That is the classic grandkids double debt con---the oldest trick in the book. Ya build it for your fame, and put the debt to your grandkids. It works even better when you can have your name on the memorial. Yup. Those seniors are the REAL STUFF. THEY are the REAL gamblers, not the youngins. "
What a shock. Now I know why my grandfather gave me two shalleighs from Ireland. I thought they were for the dogs on the prowl. Really. They are just to prop me up to make the final gamble.
"Thanks Herman."
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