Great Investors Don’t “Rubber Stamp”

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“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. More →