Morgan Housel reminds us that, like the difference between Newtonian and Quantum physics, some parts of investing can be measured while others will never be known.
“Getting comfortable with maybe requires two things: Humility, and room for error. Humility that there’s a lot of stuff we can’t know, and room for error to offer the only protection against that uncertainty. It’s the only way to survive in an industry where some of the most important variables can’t be calculated, measured, or fully understood.”
Tony Vidler argues that initial meetings should not be referred to as “free”, but rather as “at our cost”.
“Nothing we do in business is free, and consumers do not believe for a moment that they are getting anything from us for nothing. If it doesn’t have an obvious price then there must be a hidden one, right? If that is the case then the very first thing you have created with your advertising is distrust on the part of the potential customer – and that is a barrier to doing business.”
Yet another look at why outperforming in the long term means having to endure short term underperformance from time to time.
“Why does this matter to you? Because if we see this level of individual underperformance when we know the future, imagine what might happen to your portfolio given we don’t know the future. Knowing that some of your assets will underperform can help you to stay the course.”
An introduction to why coming up with client personas can help your marketing efforts as an advisor.
“Creating a comprehensive persona roster can save you time, money, and go a long way in building relationships. Depending on your business and services you can have as few as two and as many as 20; the key is to build them out according to what’s important to you as a business owner.”