Happy Hobbit Day!

Today is Bilbo and Frodo Baggins’ birthdays. Celebrate your love for adventure-seeking hobbits with a drink and a smoke, and don’t get too full on second breakfast!

Bilbo looks at some papers while the dwarves look on from behind

Investment and Speculation

One of my favorite passages from Thomas Sowell’s Basic Economics:

A tourist in New York’s Greenwich Village decided to have his portrait sketched by a sidewalk artist. He received a very fine sketch, for which he was charged $100.

“That’s expensive,” he said to the artist, “but I’ll pay it, because it is a great sketch. But, really, it took you only five minutes.”

“Twenty years and five minutes,” the artist replied.