The Hardest Thing to Do in Life

“When the facts change, I change my mind. What do you do, sir?” — John Maynard Keynes (“Maxims of Wall Street,” p. 31)

Habits are hard to change. In the academic world, it takes a lot of guts to change your mind and repudiate something you have already published.

Every January, we make new resolutions, but they are impossible to keep. Going on a diet may only last a month.

In 1730, as he was starting a new publishing business and moving in with his common law wife, Ben Franklin decided it was time to make a dramatic improvement in his life.

He decided to commit to 12 virtues he needed to work on, such as cleanliness, frugality, modesty and chastity (especially now that he was married).

After he worked up his “plan of life” chart, he discovered that it was almost impossible to live up to his high standards. Breaking old habits are tough.

Humility was especially difficult. He wrote in his Autobiography, “In reality, there is, perhaps, no one of our natural passions so hard to subdue as pride. Disguise it, struggle with it, beat it down, stifle it, mortify it as much as one pleases, it is still alive, and will every now and then peep out and show itself.” (See chapter 53, “On Fame and Fortune” in “The Greatest American.”)

Changing Habits Is the Hardest Thing to Do

One of the reasons I identified Franklin as “The Greatest American” is that he was able to overcome many of his old habits and achieve a new way of thinking… ALWAYS in the right direction. In this sense, that is why I call Franklin “the most modern of the founders.”

Here are the changes he made in life:

1. From loyalist to the British crown and monarchy to American rebel in favor of a democratic republic.
2. From a businessman who was pro-slavery (he owned several slaves) to an abolitionist who became the first president of the Pennsylvania Society to Abolish Slavery.
3. From philander to defender of women’s rights and appreciation of women’s intelligence and charm.
4. From a workaholic to a gentleman of leisure. He was famous for his saying, “Dost thou love life? Then do not squander time, for that is the stuff life is made of.” But at the end of his life, he told a friend, “Cards are sometimes played here in the evenings. I have indeed now and then a little compunction in reflecting that I spend time so idly.” But then he adds, “I shuffle the cards again and begin another game.”
5. From inflationist to an advocate of sound money and laissez faire. Franklin wrote, “Paper money in moderate quantities has been found beneficial; but when more than the occasions of commerce require, it depreciates and is mischievous and the populous are apt to demand more than is necessary.”
6. From religious skeptic to believing theist: His friends considered him a heretic and a non-church goer, but at the end of his life, he told the Continental Congress, “All of us who were engaged in the struggle [of the American war of independence] must have observed frequent instances of a superintending providence in our favor… I have lived a long time; and the longer I live, the more convincing proofs I see of this truth: that GOD governs in the affairs of men!”

We can all learn great lessons from Ben Franklin’s life and become more enlightened over time.

Response to the Franklin Book

My Franklin book is not a traditional biography, but really a “how to” book — 80 short chapters on how to improve our lives in business, government and society, using Franklin as an ideal citizen.

Positive reviews are pouring in for my Franklin book. On Amazon, lots of five star reviews: “A wonderful way to get to know Ben Franklin. Every American should read this book”… “Fascinating read. Can’t recommend enough”… “Wonderful timeless treatment of the life and wisdom of a remarkable American. A great read for all ages and persuasions.”

Yesterday, I received the following endorsement from Michael Ford, a subscriber who has purchased over a dozen copies to give to friends, family and business associates.

He wrote:

“I have ordered a copy of ‘The Greatest American’ for every member of our Bank Board to incorporate Ben Franklin’s sound fiscal ideas in the financial system of our country. Thank you for your concise review of a brilliant man whose ideas are very relevant to today’s financial system.”

Last Call for Holiday Shopping

In the past couple of days, my new Franklin book was reviewed twice, causing a run on book orders.

Jim Woods, co-editor with me of the Fast Money Alert, wrote an entertaining review entitled “My Favorite Chapter” — and the most controversial (when I originally wrote chapter 77 as a column for the Franklin Prosperity Report, Newsmax rejected it as too salacious). Read his review here: https://jimwoodsinvesting.stockinvestor.com/my-favorite-book-chapter/.

Top 10 Books of 2025

Every year, Gary Alexander, managing editor of Louis Navallier’s Growth Investor newsletter, reads 120 to 150 “carefully selected books that are well-researched and well-edited, the gold standard for information.” This year’s list includes “1929: Inside the Greatest Crash in Wall Street History,” by Andrew Sorkin… “Mark Twain” by Ron Chernow… “Buckley” by Sam Tanenhaus… “What Everyone Knows” by Steven Pinker… “The American Revolution” by Ken Burns… and my book, “The Greatest American.”

Pretty good company!

Talk and Book Signing in Washington, D.C.

On Friday, I flew up to Washington, D.C., to be the keynote speaker at a Christmas party at the old Bacon House in Foggy Bottom, owned by an organization of former State Department professionals and diplomats. The Bacon House is one of the oldest in D.C. and was visited by Abe Lincoln. The original owners gave Lincoln their Bible, now known as the “Lincoln Bible”!

Afterward, I sold several dozen copies of “The Greatest American.” The book buyers loved the rare Franklin stamps I give out with this copy.

Then, I returned to Florida to attend Tom Wood’s Christmas party, where Ben Franklin appeared as the “mystery guest” in a new version of “What’s my Line?”

Mark (aka Ben Franklin) and Jo Ann Skousen at Tom and Jenna Wood’s Christmas Party. 

The Perfect Gift This Holiday Season: LAST CALL!

There’s still time to receive your copies in time for Christmas. “The Greatest American” is the perfect gift during the holiday season. It’s now in its second printing. It’s 80 short chapters on how to apply Franklin to today’s hot topics.

Each holiday copy will include a rare Franklin stamp, autographed and shipped at no extra charge inside the United States in time for Christmas. Discounted price is $24 ($19 for additional copies). To order, go to Skousen Books at Discount.

Good investing, AEIOU,

Mark Skousen

You Blew It!

The Stock Market Open 24/7? Heaven Help Us!

“Extending trading hours in the worst thing in the world.” — Wells Fargo’s response to Nasdaq proposal

Wall Street is sometimes schizophrenic. On the one hand, it has gradually increased the number of holidays where the market is closed, and has a shortened trading day (up to a dozen business days a year).

On the other hand, there is now a shocking new movement toward trading 24 hours a day, and closed only on the weekends (Saturday and Sunday).

Nasdaq plans to launch near 24-hour trading (23 hours, five days a week) in the second half of 2026, with a one-hour daily break for maintenance, running from Sunday evening to Friday evening. Nasdaq hopes to have a “day session” from 4 a.m. to 8 p.m. EST and a “night session” from 9 p.m. to 4 a.m.

The New York Stock Exchange has already received SEC approval to offer 22-hour trading and is working to align infrastructure for a broader launch around the same timeframe.

They say they need to do this to keep up with international markets that are already open for business 24/7, even though liquidity is low during off hours. Already independent brokerage firm Robinhood allows extended hours trading.

Stockbrokers and Wall Street analysts have a hard time as it is keeping up with trading from 9:30 am until 4 p.m. Now there will be no rest for the weary.

I would not be surprised if the exchanges eventually trade 24/7… can you imagine being at Church on Sunday taking communion and you get a text that the market is crashing?

Is nothing sacred?

I was glad to see Wells Fargo Bank speak out against this rush to trade 24/7… calling the plans the “worse thing in the world” that risk making stock trading “even more like gambling.”

Jay Woods, chief market strategist at Freedom Capital Markets and a former market maker on the floor of the New York Stock Exchange, makes an even stronger argument against 24 hour trading: “Listed companies need a time to break and release news events and to have meetings where they’re not moving markets, and now we’re taking that away from them,” Woods said. “You’re opening up a new can of worms.”

“We know between 9:30 and 4, most traders are at their desk. The biggest institutions are working,” Woods said. “Are we going to have to add a whole new ecosphere of traders and institutions to man the desks so they can participate around the clock?”

Woods believes pauses in trading serve a purpose, enabling markets to digest information and participants to reset.

“We take breaks for a reason,” Woods said. “Let’s recharge the batteries. Let’s all get on the same page. We already have volatility… during the day. If things move too far, too fast, we take a pause.”

Amen!