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Darren Stephens and His Investment Implications

Do you remember Darren Stephens, Samantha's lovable flack husband on "Bewitched" from the late 1960s? As a metaphor for his times, he pointed the way to some of Warren Buffett's most successful investments from the early 1970s: Interpublic Group and Ogilvy and Mather were advertising agencies.

That was the era when Americans had just landed a man on the moon, and otherwise delivered (and produced) "the goods." Hence a need for advertisers to get people to buy. With the factories running full blast, the more goods "moved," the greater the prosperity.

Unfortunately, much of the money that has been "made" recently has been garnered in the worst way; by selling stocks, houses, and other commodities for top dollar, by convincing people of "quality" that isn't there. Hence all the backlash about brokerage house (and other) conflicts of interest.

We haven't watched much TV lately. But somewhere on television is a character who will point the way to the next great investment.