Many new investors want to know how to find certainty in the pursuit of “financial security”. It’s usually a long, if not life-long, process for a person to discover that certainty isn’t really an option in investing… or anything else.
When discussing portfolio risk, I asked my friend Jim, “What important issue in your life didn’t have some level of uncertainty associated with it?” He replied, with some emphasis, “Wait a minute, that isn’t fair!” We silently agreed that perhaps it wasn’t/isn’t fair, but it is the crux of the matter.
So nope, certainty – other than perhaps death and taxes – is not on the table in this life. Once we accept that the probability of choosing the best investing path in life is infinitely small and impossible to measure, perhaps we can find satisfaction in choosing a path that works for us.
Fairness, Comparison, and the Myth of ‘What If’
There is a story told in the book of Matthew about a man and his farm workers. Some folks show up first thing in the morning at the man’s vineyard seeking work. They arrive first thing in the morning, and he hires them on the spot. More folks show up later in the morning and are also hired. A third group shows up after lunch and is likewise put to work. When the workday ends, the landowner pays the same total wage to each worker. The ones who worked a longer day immediately protest, “This isn’t fair! We worked longer and should be paid more!”
The landowner asks the protestors, “Didn’t I honor the agreement we made before you went to work?” Were you not satisfied with the terms of our agreement when it was struck? If so, what business is it of yours what agreement I made with others?”
I often hear people say some version of, “If I had only bought Apple/Nvidia/Berkshire stock at a price of $X.00.” Well, you didn’t, did you? But you also didn’t buy Enron and WorldCom either, right?
It’s best not to spend time worrying about the success others might have had. The backward-looking “what if I had only” approach to life leads only to envy and misery. Most of us have figured out by now that keeping up with the Joneses is a completely stupid and destructive way of life. If only we could convince the young…
Gratitude in All Circumstances
The second story comes from the Apostle Paul, who, while in prison, wrote that we should “give thanks in all circumstances”. This has been a hard lesson for me to transition from my brain to my heart, and to try to live out in daily life. “Wait”, I want to say, certainly not “ALL” circumstances! Yep, that’s what he said. All.
It gets harder. Sometime later, as he (presumably) matured spiritually, he wrote, “Give thanks for all circumstances.”
Now wait just a darn minute. That’s going too far, and it’s not possible for any normal human being! Right? Wrong. Glass half full or half empty … there are only two ways to approach a situation. One must learn to be grateful for the opportunity; however, it may be presented.
This Thanksgiving, I’m sharing with friends and family the idea that developing a grateful heart is essential to a joyful life. As we invest our dollars, yes, I seek growth for your portfolio, and each year I always try to do a little better. But never at the cost of becoming ungrateful for the success we’ve had to date.
Perspective, Progress, and Public Life
The struggle for perspective in our personal lives can also be seen in public life. We’ve all heard it, perhaps we’ve even said it. “America is falling apart. Things are terrible today; they’ve never been worse.” Poppycock.
I give to a couple of charities that specialize in digging wells for drinking water and providing sanitation facilities where there are none. Let us never give up on America, or Americans, and remember to be grateful for what we have and what potential lies before us. Yes, we need to fix a lot of broken “stuff” in our world, but I firmly believe that a revival of goodness begins with revival in the hearts of individuals. Perhaps a kitchen sink and an indoor bathroom can remind us of how much we have.
A Personal Note of Thanks
As the holidays start to swirl around me, I will, of course, continue to be a husband, father, friend, and investment advisor. I will also continue to aspire to better performance. This year at Christmas, I’m asking for my heart to grow in gratitude. Should I receive such, I will be grateful.
And I ask, plead, and even insist that you never forget that I am so very grateful to have you along on this journey. Your help and encouragement are wealth beyond my ability to measure.
Thanks, my friend.
November 2025
