Given that the U.S. stock market has surpassed historical highs, news headlines are riddled with experts claiming stocks may be on the verge of a major correction. While these seemingly confident forecasts may grab our attention, they are nothing more than educated guesses.
A recent Wall Street Journal article hit home for me. "Lost Inheritance" tells the story of Tom Rogerson, whose great-grandfather created substantial wealth as a banking titan. Subsequent generations, including Tom's father, squandered the wealth through expensive hobbies and poor business decisions. The sad ending was a forced liquidation auction.