At 14, I took my paper route money and bought Massachusetts Investors Trust Mutual Fund. I've been investing ever since. That was the very first mutual fund in the United States.
Q. What is your best investment so far?
My best investment so far long-term has been various residential real estate purchases - buying, renting, selling. I also have had success with low-cost index mutual funds.
Q. What is your worst investment so far?
TECO Energy. I bought it years ago. I just sold it recently at a loss. I just didn't want to keep track of it anymore.
Q. What have you learned about investing that you think all investors should know?
You should set very specific goals, regardless of your financial circumstances, with specific timelines, and measure your results. People don't set goals and they don't set timelines, and therefore they just invest randomly. It's a discipline.
Q. What do you find the most difficult about investing?
The one thing over the years that I get better at is the discipline of buying and selling. When the market goes up, people start buying. I believe you have to have discipline - personal discipline - not to follow the crowd.
Q. How are you invested now?
Sixty percent equities, 40 percent fixed-income instruments. I also invest in real estate in limited partnerships.
Q. What is your goal for your investments?
My goal has been the same for years - first, to take care of my immediate family, to take care of my grandkids if they come along, and (second) a big drive for me at my age is to donate to selected charities that I think benefit the community at large.
Q. What is your biggest money concern right now?
My concern is over the future of the American economy - big-picture stuff like Medicare, Social Security, government deficits and what impact that's going to have on all of our investments.
