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This Day in History...

10/26/2020

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On October 26, 1881 tensions brewing for months between the newly urbanized citizens of Tombstone, AZ and the ranchers and cowboys from surrounding areas, boil over into a shootout at the O.K. Corral.
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It was a dusty and hot afternoon in Arizona territory, when three brothers and their friend approached an alley a few doors down from one of the town’s corrals. At times lawmen, and at times businessmen, the brothers went by the last name Earp and their friend Holliday. Tombstone was now rich with money from nearby discovered silver and the local cowboys felt many of the laws enforced around the town now favored merchants and bankers at the expense of the country folk. They saw men like the Wyatt Earp as self-serving, favoring the city dwellers in their desire for law and order. So they formed a 19th century version of “Occupy Tombstone” and thumbed their noses at laws prohibiting firearms in town. In the effort to disarm them in the alleyway, someone drew and fired. The ensuing thirty-second-gun battle, over thirty shots exchanged often at ranges of less than ten feet killed three of the “cowboys” and wounded two of the Earp brothers.

The fight was little noticed at the time, only gaining mythical status after the death of Wyatt Earp and publication of a sensationalized (some say fictionalized) biography in 1931. Earp’s biographer helped to propel him and a minor skirmish into the national conscience and keep them there for over a century. Of the fifteen or so movies based on Earp, the last was made as recently as 1994, and I still watch it if it comes on TV. But I know a secret. Biographers and modern reporters share the same biases. They prefer action over inaction and the simple explanation over the nuanced one. Both are traps for investors, especially in our hypersensitive times. Action may sell western novels, but it doesn’t always result in a “win.” And the easy, clear narrative is almost always the stuff of legend. 

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Patrick Huey is the author of two books:  "History Lessons for the Modern Investor" and "the Seven Pillars of (Financial) Wisdom"; this is considered an outside business activity for Patrick Huey and is separate and apart from his activities as an investment advisor representative with Dynamic Wealth Advisors.  The material contained in these books are the current opinions of the author, Patrick Huey but not necessarily those of Dynamic Wealth Advisors.   The opinions expressed in these books are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. They are intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed in these books is no guarantee of future results.  As always please remember investing involves risk and possible loss of principal capital. 
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