“We don’t make investors more successful by giving them portfolios that pander to their fears. We don’t change the portfolio, we change the person – if he will permit us to do so. We do that by leading him to better temperamental values, chief among which are 1. Tolerance for ambiguity and 2. Resilience.”
– Nick Murray
In last month’s article, I shared some wisdom from the greatest investor of all time. This month, I discuss a new way to think about “asset allocation.”
To start, let me share that I am proud to announce the publication of my new book, “Clarity: How Popular Culture is Misleading You About Successful Wealth Planning and What to Do About It.”
While I was writing my book, I surveyed a group of clients and friends about some of the key wealth planning issues that were causing them confusion so that I could address them in my book. There was one response that I found particularly interesting: this “rubber-stamped” approach of being more conservative with assets as you age stops making sense if you have more than you will ever spend.
Wealth Planning Expert Erik Strid Publishes Book Addressing How Popular Culture and “Common Wisdom” are Derailing Your Investment Plan
Philadelphia, PA – April 9, 2018 – Concentus Wealth Advisors today announced the launch of CEO Erik Strid’s new book entitled Clarity: How Popular Culture is Misleading You About Successful Wealth Planning and What to Do About It.
The book explores how the financial media and popular culture can confuse the critical truths surrounding personal wealth planning and investing and distract many people from the real issues that will impact their long-term financial success. As a result, many Americans neglect the wealth planning process and miss out on the opportunity to achieve financial peace of mind.
“A cynic is someone who knows the price of everything and the value of nothing.”
This week while I was surfing the internet I came across a blog post from Behavior Gap that I really enjoyed and wanted to share, “The Value of an Advisor.”
“The world into which we take this belief system will always regard it as not merely countercultural but counterintuitive. For the sake of simplicity, let’s reduce it to its essence. Once and for all, now and forever: Successful Investing is Counterintuitive.”
I am very proud to announce the publication of my second book, Clarity: How Popular Culture is Misleading You About Successful Wealth Planning and What to Do About It. The book is now available, and below you can find information on how to get your own copy!
|Clarity: How Popular Culture Is Misleading You About Successful Wealth Planning and What to Do About
||Empowered Values: Planning Your Wealth Around Your Family’s Core Values
|by Erik Strid
||by Erik Strid
Abundance by Peter Diamandis & Steven Kotler
BOLD: How to Go Big, Create Wealth and Impact the World by Peter Diamandis & Steven Kotler
Children of Paradise: Successful Parenting for Prosperous Families by Lee Hausner
The Cycle of the Gift by James E. Hughes
Family Wealth by James E. Hughes, Jr.
Family, the Compact Among Generations by James E. Hughes, Jr.
The Financially Intelligent Parent by 8 Steps to Raising Successful, Generous, Responsible Children by Eileen Gallo and Jon Gallo
The Go Giver by Bob Burg and John David Mann
Icarus Deception by Seth Godin
The New Family Office: Strategies for Consulting to the Affluent by Lisa Gray
The Paradox of Success: When Winning at Work Means Losing at Life by John R. O’Neil
Raising Financially Fit Kids by Joline Godfrey
The Rational Optimist by Matt Ridley
The Richest Man in Babylon by George S. Clason
Silver Spoon Kids, How Successful Parents Raise Responsible Children by Eileen Gallo and Jon Gallo
The Soul of Money by Lynne Twist
Success by Ten by George F. Russell, Jr.
The Ultimate Gift by Jim Stovall
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
– Mark Twain
Peter Lynch was the legendary portfolio manager of the Fidelity Magellan fund, and he is widely regarded as one of the most successful investors of our time. He once said that you can’t get a high school diploma in America today without knowing what a cosine is; however, millions of Americans graduate from high school every year without knowing the difference between a stock and a bond. The United States is the wealthiest capitalist nation in the history of the world, yet we don’t teach our children basic financial literacy.
“Charlie and I view the marketable common stocks that Berkshire owns as interests in businesses, not as ticker symbols to be bought or sold based on their ‘chart’ patterns, the ‘target’ prices of analysts, or the opinions of media pundits. Instead, we simply believe that if the businesses of the investees are successful (as we believe most will be) our investments will be successful as well.”
– Warren Buffet
In last month’s article, we made a major market call, which already appears to be coming true! This month, we point out some wisdom from the greatest investor of our time, Warren Buffet…Great Investors Listen to the Greatest Investors.
“News is a money making industry. One that doesn’t always make the goal to report the facts accurately… Fear-based news stories prey on the anxieties we all have and then hold us hostage… In previous decades, the journalistic mission was to report the news as it actually happened, with fairness, balance, and integrity. However, capitalistic motives associated with journalism have forced much of today’s television news to look to the spectacular, the stirring, and the controversial as news stories. It’s no longer a race to break the story first or get the facts right. Instead, it’s to acquire good ratings in order to get advertisers, so that profits soar.”
– Deborah Serani Psy.D. Psychology Today
You may have noticed that the stock market has experienced a few difficult days recently and volatility has picked up considerably. After yesterday’s close, the S&P is now at the same price it was at the end of November. But also know that it is still up over 12% in the last 12 months (and up 72% over the last 5 years!).
We know times like these can be stressful, so we always try to let you know our current thinking.
“Don’t just DO SOMETHING; STAND THERE!”
– Clint Eastwood
In last month’s article, we focused on “Avoiding Surprise” as one of the qualities of a great investor. This month, we urge you to read carefully because our firm is making a major “market call” and a significant prediction for the future that you won’t want to miss!