September Client Letter

Optimism as Core

Hi all,

I’ve been thinking about something. You see, I believe clear-eyed optimism is a core character trait of the trusted advisor.

What do you think?

You see, without optimism, what are we building toward? Why create goals? Why invest? Why own stocks? Why care about the future? Why defer gratification to support your future self, your family, and your kids?

Of course, risks abound. Bad things happen. We must plan accordingly.

More, from a current events perspective, inflation, apparently, is still a thing and, like the 1940s and 1970s may only be tamed in fits and starts. The coming years may be halting, if not jarring (But then again, maybe not. We invest despite uncertainty, or maybe even because of uncertainty.)

Thankfully, Fed Chairman Jerome Powell, alongside central bank heads worldwide, wants inflation gone. Here’s Powell at the recent Jackson Hole gathering:

“We will keep at it until we are confident the job is done,” Powell said in a recent speech in Jackson Hole, WY.

He added, “[Rate increases] will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.

Good. Let’s nip this thing in the bud, shall we?

But back to optimism, I think our clients need that from us. I think they depend on it. We are trusted guides for both the current version of themselves that they bring to the table as well as the version we see 10-20 years out. We delicately hold both realities, present and future, together for the benefit of our client.

Yes, I see all this concerning stuff. I agree, it can be scary and overwhelming. Yes, I also believe the future is brighter. I believe there is so much good and beauty to look forward to. I believe you should still invest.

When we’ve lost this mindset as advisors, I believe we’ve lost something essential. Optimism, like truthfulness, integrity, and professional competency, is a core virtue.

As author Simon Sinek says, “Progress is fueled by the undying belief that the future is bright.”

How could it be anything but?

Your cause is righteous. Keep up the amazing work.

Photo by Kyle Glenn on Unsplash

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