Unforeseen Risks & New Opportunities
Thoughts on being pushed onto a better path
When it comes to investing, what has happened matters much more than the stories one might tell about why it is happening or even when it might happen. Life can be a bit more subtle. Most things happen for a reason – and they also happen in season. “What” is often still the most important, especially in terms of dealing with near-term impacts, but the “why” and the “when” provide important context and can hint at a path forward.
The first two decades of my career were spent with a single company. I gained & shared perspective about the market and provided guidance to the firm, its Financial Advisors and their clients. But when you have been doing something for a while, you might continue to do it more out of habit than specific intention or realized importance. Inertia can play a huge role when it comes to where we are and what we provide.
An unexpected nudge offers an unpleasant challenge at first, but with honest reflection and good humor, it is revealed as a welcome opportunity. Sometimes we need to be pushed onto a better path.
Transitions are times of both challenge and opportunity. Which of those dominates depends overwhelmingly on how we choose to respond.
It can be challenging to move from the relative comfort of what has been into the uncertainty of what will be. But it’s an opportunity to engage in some professional exfoliation – shedding layers and refocusing by asking good questions about what matters most.
The way I see it, this is an opportunity is to move from providing what I think others want to see/hear to focusing more intentionally on what I think they need to see/hear. This also poses a challenge, especially if/when the audience does not soon see this need and clings to the desire to have its wants satisfied.
As 2021 begins, it’s time to rise to the challenges and embrace the opportunities that lie ahead. This is my chance to re-launch and introduce to a new audience the Investment Strategy Perspectives that I have culled and honed through 20+ years of experience writing to and talking with Financial Advisors and their clients. It means taking seriously the reminder I have on my desk to “Ask better questions. Get more relevant answers.” Its still timely to provide a straight-forward focus on those things that matter most to the markets while tuning out the noise that is an otherwise deafening and distracting din.
Pursuing this path means staying dedicated to my craft and true to some guiding principles:
We cannot always be right about the future, but we must do our best to contextualize the past and communicate coherently about the present.
More data does not necessarily equal better information or superior decision-making.
Discipline and consistency are better than notions of grandeur and swinging for the fences.
Success in life and the market is about avoiding fear and euphoria while navigating risk and opportunity.
If you board the wrong train, it is no use running along the corridor in the other direction.
What I have to offer is an ongoing & honest assessment of where I see risk and where I see opportunity in a portfolio management context, of what I think matters and of what seems to be noise.
The successful advisors in the coming decade will have a deep understanding of inconsistent client risk tolerances and timely investment opportunities. I want to be there to help navigate on both fronts.
I’m eager for the road ahead. I’m looking forward to forging new bonds of partnership. I’m thankful for the chance to reinvigorate the established ones. I’m excited to create, collaborate, and mentor. More on what exactly this looks like in the days and weeks ahead.
Manage Risk. Pursue Opportunity. Tune out the Noise.