Tom Russo is managing partner at Gardner Russo & Quinn, an investment firm with a portfolio of U.S. equities worth $9.3 billion. as of September 30.
The father of two told Business Insider that teaching resilience starts with letting kids fall on the playground so they can learn to pick themselves up and keep going.
They must experience pain and discomfort because “moments like these happen in life all the time” – he said. — The greatest lessons are learned when you're trying to get out of something that didn't go well. And the worst thing you can do is to prevent such experiences from happening when they would normally happen, he explained.
He also has a number of other pieces of advice for young people today.
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Beware of “buy now, pay later”
Russo received, among others: the question of how young people can stay ahead of the curve at a time when artificial intelligence is threatening jobs and many feel pushed out of the lives they want to lead. In response, he cited Warren Buffett's warnings about credit card debt being a “chain around your back” that gets tighter and tighter until it becomes choking.
He emphasized that “buy now, pay later” options pose a new threatbecause they tempt people to spend money they don't have.
Russo he also warned against gambling too muchsaying it's “a doomed game from the start” and “probably won't advance your thinking, wisdom, or judgment.”
See also: “We are not ready for what is coming,” warns the Nobel Prize winner and godfather of AI
What can the young learn from the old?
The market veteran, who turned 70 this year, ruled out imminent retirement. Although young investors may have more time and energy to travel and dig deeper into potential investments, older ones “develop judgment, are a little less short-tempered, a little more patient, and probably a little more dormant”he joked.
Russo is by no means the first investor to continue working long after retirement age. Warren Buffett, 95, will step down as CEO of Berkshire Hathaway before the end of the year, but he plans to continue writing letters of thanks to his shareholders and remain involved in the company.
The above text is a translation from American edition of Business Insider
