To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.
Church wealth are moving into everything-gas stations, banks, television stations, supermarket chains, hotels, steel mills, resort areas, farms, wine factories, warehouses, bottling works, printing plants, schools, theaters-everything you could conceivably think of that has nothing to do with religion, they are moving into big. They're even coming in as stockholders in the big oil companies, and the Bank of America is almost entirely owned by the Catholic Church.
My musical background in Tyler, Texas was quite outstanding. Uh, I grew up with, uh, with high school teachers who were in bands, they could play music. And we had a nine piece band there in Tyler, and I joined them when I was about, oh, 15 years old and traveled all over Texas in that band, playing for the elite oil people. Hah. And um, I was making about 50 bucks a night, and uh, it taught me, they taught me how to find my timing and to learn the songs that I wanted.