In the old days when I was a legend in my own mind while turning the Ten Commandments into the ten suggestions, I would publish how accurate a market forecast and recommendation of mine was with lots of self-praise.
I could now tell you how right I was about stock markets cratering abroad and here at home. I can tell you yet again about why most financial advisors will make far more money for themselves than they will for most of their clients. I truly could give myself a big pat on the back… but I won’t. Instead, I will remind myself of the following quote:
“If one has the answers to all the questions – that is the proof that God is not with him. It means that he is a false prophet using religion for himself. The great leaders of the people of God, like Moses, have always left room for doubt. You must leave room for the Lord, not for our certainties; we must be humble.” Pope Francis
As I have often noted of late, I’m out of the future predicting game because not only don’t I or anyone else truly know the future, but it’s an insult to the Creator of all that is good in the Universe.
I will however, continue to make educated guesses that well over three decades of making and losing money in and around the financial arena has taught me that most times it is indeed better to be a live chicken versus a dad duck – a position I stated to take while the “Don’t Worry, Be Happy” crowd on Wall Street greatly encouraged the masses to “party-on”!
For those who took my advice, put on the chicken suit and built a foxhole – congratulations. You’re not suffering knots in your stomach and glued to the financial news channels hoping some “false prophet” predicts an end to your misery.
To those who didn’t position themselves with us, let me suggest something that it took me nearly three decades and millions in losses to finally get through my once thick skull:
“The ultimate crime in investing is not being wrong, but staying wrong!”
I do not wish to hit those not positioned correctly while their down but I will use this highly-emotional period in time to tell the many who find themselves in that position that while a small minority of financial advisers will do a good job on the financial side of things, only a very small number of them can truly appreciate the one factor that ruins a client even worse than financial losses – MENTAL ANGUISH!
Having done it to myself, clients and readers, I learned the hard way that the agony of having ones finances turned upside down is far worse than the actual financial loss itself. I believe this is the biggest sin a financial adviser can commit.
I will be back to discuss the markets and related topics but know no matter how crazy the world may seem and how stressed out you may be at this moment, the Creator of all that is good in the Universe is still in charge.
Romans 8:28 has become the foundation to what’s left of my existence on Earth:
“We know that all things work for good for those who love God, who are called according to his purpose.”
Please feel free to email me at any time email@example.com