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"Know Thyself" - Richard Russell on identity

This essay, from Richard Russell of Dow Theory Letters, is probably one of the most important pieces of writing you'll ever find on this site.

Russell's recent piece on self identity is not only a must read for traders and investors, it's essential knowledge for the entire human race.

Without further ado, here's an excerpt from Russell's recently penned essay, "Identity: Know Thyself":  

"The following is what I think is wrong with the world. It’s a worldwide lack of IDENTITY on the part of the great majority of the earth’s population.   

 There are three Levels of existence -

 (1) the highest Level is who or what you are. 

 The next lower Level is

(2) what you’re doing or what you have done.

(3) the lowest Level is what you own.

 An example of Level (1) is Jesus, who changed the world based on who he was. An example of Level (2) is George Patton, one of the great generals of World War II, whose daring exploits amazed the world. As for Level (3), we have John Rockefeller who possessed fabulous wealth or today we have Bill Gates.

Most people on this earth have no identity, no “self.” As a result, they often pick an identity such as I’m a “Yankee fan” or I’m a “Texan” or I’m a “race-car driver” or I’m a “blood.” To lack an identity means you are mindless fodder in this world, and you’re open to join any group that fascinates you or that fits into your personal fantasy.

People long to have an identity – to belong to something which gives them an identity. People without an identity can be dangerous. When you have an identity you have a self – you are centered, and you can stand as a person with your own strong convictions."
 
Read the full piece at Joe Cobb's blog and pass this article on to anyone who'd appreciate it. 

Related posts: 

1. Marc Faber's advice to young people and the meaning of "success".

2. Jim Rogers interview: lessons on life and investing.
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