"To everything there is a season . . ." - Eccl. 3:1-8

In this much‐loved passage from the Book of Ecclesiastes, King Solomon encourages patience in the conduct of our earthly affairs. He specifically recommends an unhurried attitude toward the accumulation of wealth.

The King’s 2400 year‐old reflections offer timeless wisdom and practical insights for our work of managing investments for families in this hurried and hectic 21st century. I am thinking especially of Solomon’s idea that there are rhythms in the affairs of men that cannot be hurried and ought not be ignored… that seasons come and go in turn, and that each is appropriate for different purposes. In this issue of the Blue Sheets we’ll reflect on the natural rhythms of the credit cycle. We’ll try to understand how this cycle influences our economic behavior and its implications for investment decisions. I can almost hear a whisper from across the centuries, “There is a time for borrowing… and a time to refrain from borrowing”.

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