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Investing According to Ideology Can Be Dangerous says Jeff Deist
Investing According to Ideology Can Be Dangerous says Jeff Deist
By Albert Lu, President & CEO, Sprott US Media
Robert Murphy, an economics professor at Texas Tech University, has said that an understanding of economics is a necessary but insufficient condition for the successful investor. Jeff Deist, the president of the Mises Institute, agrees.
Mr. Deist, who is also Ron Paul's former chief of staff, adds that investing according to one's ideology can be dangerous.
In a recent Power & Market Report interview, Jeff offered his insider's perspective on some recent political events and his general philosophy on investing (see interview transcript below).
He also extended an invitation to all of us, particularly those of us in the southern California area, to attend his upcoming Mises Institute event in San Diego on February 25th featuring Patrick Byrne, the founder of Overstock.com.
I will be in attendance and would love to see you there.
Interview Highlights (edited for readability)
Albert: I think this interview is long overdue. How are you?
Jeff: I’m doing great. Thank you, Albert.
Albert: Just before we get started, I just want to tell you how much I’ve appreciated what the Mises Institute has done throughout the years, particularly more recently I’ve been a regular at the Houston Mises Circle and I understand you have an event coming up in San Diego, so just as we start off, could you tell us a little bit about that?
Jeff: Sure. We’re going to be in Southern California this coming weekend, next week on the 25th, Saturday, in the Point Loma area. So anybody who’s in Los Angeles, Orange County or San Diego, I will put up a graphic later with our link to the event. But we’d love to see you. We got some great speakers. Albert is going to be one of our panelists, but we also have Patrick Byrne who’s the very libertarian CEO of overstock.com, who’s really becoming a huge voice in the blockchain community. Not so much talking about bitcoin but talking about the practical applications and really world-changing potential applications of blockchain.
We’re going to have Nomi Prins as a speaker. She is also a Southern Californian and an absolutely fantastic writer and historian when it comes to the Fed and central banks generally. So she’s going to be a very interesting guest. We’re going to have Tom Woods who I’m sure some of your listeners and viewers are familiar with. Tom is a leading voice in libertarianism. So we’re looking forward to it and we’d love to see anybody in driving distance from Southern Cal attend.
Albert: And certainly appreciate you guys making the trip all the way over here to the west coast. I’m a big admirer of Patrick Byrne and he incidentally did a talk at the Mises Institute some time ago. You reposted it on your website, so if I remember, I’m going to make sure I link to that because it’s a fascinating talk that he gave about his own background. He is connected to Warren Buffett. They had a relationship—
Jeff: Yes.
Albert: For many years, he ran one of Mr. Buffett’s companies and I thought it was just a wonderful interview. So I’ll make sure I link to that. Jeff, I’ve heard you speak many times, but I rarely hear you talk about yourself, your own career and that’s of interest to me actually because Economics in general compared to other sciences—this is my opinion, but it’s sort of an intellectual desert. The Austrian School is this oasis in the middle of that desert. I’m not kidding. I come from the sciences and, you know, most sciences they don’t go about business that way. You can’t talk about alien space invasions and be taken seriously, let alone given Nobel prizes. So, how did you convert to Austrianism or discover the School of Austrian Economics.
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