He pointed out that the dominant determinant of investment outcomes is not investment performance but investor behavior. In 1952, the S&P 500 was 24. Today, it is quietly approaching 1,900. So, how is it possible that anybody could have lost money during that time? By panicking during their first bear market!
Keeping our clients from panicking is Job One for us. As he said, we are the only thing between our client and the abyss. We deserve to be happy by doing well when doing good for our clients.
His advice to be happy was not to waste our time and talents on people who don’t appreciate our time and talents. Fire those clients who complain constantly and don’t appreciate you.
Now, can we do that for spouses too? Oh, we can? But, then we’re no longer doing well . . .