From an early age my mother told me that there were so many of us that if I was to get anything in life I would have to get it myself. So I did.
Michael Lee-ChinYou can't look at the intrinsic value of gold as you can a business. Gold doesn't give you cash flow, and, at the end of the day, cash flow is what is important. Gold doesn't give you dividends.
Michael Lee-ChinLife is not linear; you have ups and downs. It's how you deal with the trough that defines you.
Michael Lee-ChinMy wealth came from growing businesses. I had wealth, but not liquidity. Basically I transferred illiquid shares of AIC for liquid shares of Manulife. Now I'm the biggest individual shareholder of Manulife.
Michael Lee-ChinI'm making a case against how money managers are handling customers' money. The objective of the customer is not being met if the fund managers are diversifying their assets into hundreds of businesses. If they do this, they are typically performing close to the indexes. But that's not the way wealth is created.
Michael Lee-Chin