Our habits do not define us, they confine us.
In portfolio management, the tendency is to chase. We chase performance, always judging ourselves against a benchmark and making huge efforts to outperform. If something is not working, we fix it immediately. If something is going well, we double-down. But markets have a way of tricking us – they entice us to chase, though itRead more
Everyone is trying to do their best. We get so angry with others – hating or labeling or both. And even if someone is being immoral, they are still doing the best with the hand they were dealt. It takes so much humility to see it. I struggle with it often. But recognizing weRead more
Self-reflection is an activity that seems unrelated to finance. But markets taught me a lot about looking within myself. When investment performance is not as desired, we blame CEOs, politicians, other countries, other investors, financial professionals, and just about anything we can fixate our brains on. Blame is much easier than responsibility. But it isRead more
When asked what transformational document was created in 1776 that produced the world’s only superpower of today, many Americans would answer, The Declaration of Independence. And they would be correct in the year this historic document was signed. But these same citizens of the world’s largest economy would actually be wrong in their answer. TheRead more