From Crown Heights to Wall Street
What did the Rebbe write to the wife of a researcher wanting to change careers? How did he view the risks – and follies – of the stock market? The Avner Institute presents a thoughtful letter showing not only the emphasis on autonomy as a “measure of success” in personal choices, but the Rebbe’s sophisticated knowledge of all matters, spiritual and financial.
In loving memory of Hadassah bas Shneur Zalman
“Those Who Ask My Advice”
By the Grace of G-d
5 Kislev 5729
Brooklyn, NY
Blessing and Greeting:
I duly received your letter postmarked November 20th, as well as your previous letter.
In reply to your correspondence, and pursuant to our conversation during your visit here, I want to reiterate that every person, in order to be able to express himself fully and be successful in his work, must have a certain measure of independence. This is particularly true in the case of a person whose main activity is intellectual and spiritual, especially in the field of research, where independence of thought and decision is a basic condition of the scientific approach. And inasmuch as a human being is a single entity, it is inevitable that inhibition in one area is bound to have an effect on other areas of one’s activity.
The above does not imply that a wife should completely withhold her opinions or suggestions which she considers it her duty to express to her husband. On the contrary, no person should withhold any idea that can be beneficial to any Jew, not to mention when it concerns the best interests of husband and wife, both of whom are like one entity. Nevertheless, you ought to leave your husband a considerable measure of independence in making final decisions. And knowing you and him, I am certain that the proper decisions will be made.
I am gratified to note from your writing that your husband has resumed his research in earnest, and may G-d grant that it be with much hatzlocha [success].
As for the question of taking time out as a consultant, etc., it is my opinion, as I mentioned in our conversation, that if this will not interfere with his research work, it would be all right. For, as I have emphasized, his essential work lies in the field of research, and it should have primary attention, all the more so since there has been a considerable interruption.
With regard to the question of stocks, my opinion is that they should not be sold if there would be a loss, G-d forbid. Otherwise stocks should be sold on the advice of an experienced broker at such time the broker thinks is right for the particular stock.
Generally speaking, I have no right to withhold my general opinion that it is not a good idea to invest in stocks the major part of one’s savings. In addition to the consideration that such an investment would be of questionable financial prudence, there is also the factor of the nervous strain that the stock market fluctuations cause to the investor. Also because such a situation is completely independent of the investor’s intelligence and judgment, or at any rate, largely so. Finally, the present day and age is full of unpredictable developments, and the market is highly sensitive to national and international events. In view of all this, those who ask my advice with regard to the stock market, my usual advice is to rather forgo a percentage of dividends, and invest in more secure and suitable investments.
I emphasize “those who ask my advice.” However, since you have not asked my advice, I will not say that you should necessarily act accordingly. May G-d grant that whatever you decide should be with hatzlocha to enjoy your parnosah [livelihood], and to use your earnings on good, wholesome, and happy things, especially in the advancement in matters of Yiddishkeit in general, and the Torah-true education of the children in particular, and that you and your husband should bring them up to a life of Torah, chuppah [marriage], and good deeds, in good health and ample sustenance.
May G-d grant that you should have good news to report, including also good news about having been successful in finding a suitable apartment in a desirable neighborhood, as you mention in your letter.
With blessing,
[signature]
P.S. While the letter was addressed to you, since it is in reply to your letter, it goes without saying that you may show it to your husband, and convey to him my best regards at the same time.
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