Morgan Housel examines why every great investment hurts, and why in hindsight, or from the outside, things look much simpler than they really are.
“The point is that risk is required for reward, but risk isn’t just quantified in spreadsheets. It’s measured by the acceptance of doubt, and a willingness to make decisions that don’t make sense to many others, specifically because the gap between your check and consensus is where outperformance lives. In the most competitive markets, it’s where any results live.”
An interesting look at what retirement might be like, as learnt during a sabbatical. The lessons would be useful to consider by all clients approaching what could be the biggest transition in their lives.
Michael Kitces explores the client filters that advisers employ as they move through the different stages of the business cycle. From working with anyone that will pay, right through to working only with people who share similar values. What would make you say “no”.