I read a column recently from Morgan Housel in the Wall Street Journal. It was titled: “Things I’m Pretty Sure About.” It was a really solid column where he hit a lot of points covering areas from meetings to companies to investing. It was so good I decided to steal his concept and list some of my own thoughts. I have included a couple of his thoughts in quotes as they were so good and I cannot improve them. Let’s dive into some things I am Pretty Sure About!
- I am better off anytime I can give more than I take. Being the person who gives at least 51% helps me sleep better at night.
- I’m fortunate in my practice that I can be selective and work with clients I like enough to give them my cell phone number.
- Our present world continues to become a much better place. My kids forget cameras, phones and computers were once separate devices, I never experienced limitations on things like gas or food, and my parents didn’t worry about diseases such as polio.
- Focus more on what you keep and not what you make. Over time taxes can eat away 50% of your investment returns.
- I truly believe your actions drown out your words.
- My best ideas come from letting my mind relax and wander. This is why I try to get outside as much as possible.
- Banks and insurance companies are similar to casinos. The house always wins.
- “Recessions and bear markets are very easy to predict, except for the timing, cause, magnitude, duration, location, and policy response.”
- Working off of commissions as opposed to a fee-based compensation model doesn’t make you a bad advisor. It does, however, make you a salesperson.
- “Look at today’s five largest companies in the world. Fifteen years ago, one of them didn’t exist, one was a tiny start-up, one was a belittled relic of the dot-com bust, another was fighting to stay relevant after flirting with bankruptcy a few years before. I suspect the next 15 years will be even more extreme.”
- Being a contrarian doesn’t mean I am negative. It simply means I take the time and question whether one should automatically follow groupthink.
I know you have many things you are very sure about as well. If you have any great ones you wish to share I would love to hear them. In the meantime, enjoy the weekend and hopefully you get to spend some time doing what makes you happy!