This was originally published for TownhallFinance.com in July 2018.
Intellectual Independence
Throughout this great land we recently paused to celebrate our nation’s independence from Great Britain. Those that truly commemorate the occasion likely reflect on Founding Fathers like George Washington, Patrick Henry, Benjamin Franklin, and/or Thomas Jefferson. A thorough study of the times yields awe at what these men accomplished due to the strength of the principles in which they believed and the lengths to which they were willing to go to fight for these ideals.
Thankfully, another Founding Father has regained some national prominence as of late – Alexander Hamilton.
According to one of his biographers, Ron Chernow, Hamilton is arguably the lone Founder who can be credited both with forging our independence as a nation, as well as creating the economic system which propelled our then fledgling nation to global economic dominance. Like all men, he was flawed. His brilliance, however, was unquestioned. An autodidact in and of itself is impressive. However, to reach the level of mastery in so many varying topics, all through self-learning, is astounding.
Today, largely due to the economic powerhouse that Hamilton helped create, many of us have become hyper specialized: we tend to know our field and our field only. This is a danger that we should strive to overcome; for when our knowledge, or expertise, is limited, we are at the mercy of others as we are too uninformed to counter.
Conversely, debate sharpens the mind – “iron sharpens iron” as the saying goes. This is true whether the debate happens over the kitchen table with your children, the corporate board room with your boss, or over a conference table with your financial advisor. As long as the debate is done with gentleness and respect, we are generally better off for the dialogue. However, in order to have a debate, we have to be armed with at least some basic knowledge of the topic at hand.
Many years ago, as my wife and I watched the political returns come in one November evening, she turned to me and warned me not to talk politics with the family over the upcoming Thanksgiving meal. My polite response was that I would absolutely not agree to such a stipulation. If someone wanted to debate a topic with me, why shouldn’t I be willing to engage in such a discussion? Granted, I told her, I had no interest in neither a yelling match nor name calling. However, if a member of the family wanted to engage in a respectful dialogue, I should absolutely be willing to engage in such a conversation. Perhaps I’m wrong and I’m convinced of my error? Perhaps my family member is wrong and I’ve convinced them of their error? Or perhaps we have merely gained a perspective for which we had previously not been able to see?
Through Hamilton’s self-studies, he gained a deep understanding of a multitude of topics. As a result, he was in a position to make intellectual contributions in many areas. He was rarely at the mercy of others because he was always armed with knowledge. In our hyperspecialized world today, we should look to the work ethic of Hamilton as a model for our own self-improvement; for to be unable to intellectually debate others leaves us dependent upon their judgement. As we celebrate our nation’s independence, let us endeavor to remain independent intellectuals.
This information is intended to be educational. Hicks & Associates Wealth Management does not provide tax or legal advice. You should consult with a qualified tax, legal or financial professional before making any decisions.
Investment advisory services are offered through Hicks & Associates Wealth Management, LLC (“Hicks & Associates”), an investment adviser registered with the Securities and Exchange Commission. Registration as an investment adviser does not imply a certain level of skill or training. More information about Hicks & Associates can be found in Form ADV Part 2 or Form CRS which is available on our website.
Past performance is no guarantee of future returns. Hicks & Associates reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The visuals shown are for illustrative purposes only and do not guarantee success or certain level of performance. This material contains projections, forecasts, estimates, beliefs and similar information (“forward looking information”). Forward looking information is subject to inherent uncertainties and qualifications and is based on numerous assumptions, in each case whether or not identified herein.
This information may be taken, in part, from external sources. We believe these external sources to be reliable, but no warranty is made as to accuracy. This material is not financial advice or an offer to sell any product. There is no guarantee of the future performance of any Hicks & Associates portfolio. The investment strategies discussed may not be suitable for all investors. Before investing, consider your investment objectives and Hicks & Associates charges and expenses. All investment strategies have the potential for profit or loss.