Category: A piece we love
Hal Hershfield, a friend of the podcast, recently had an adaptation from his book, Your Future Self: How to Make Tomorrow Better Today”, published in the WSJ.
We love this concept of “getting to know your future self” taught by Hal Hershfield, who studies the psychology of long-term decision-making, because it’s a lot like our philosophy of taking the long view.
One of Hershfield’s most well-known discoveries suggests that when people are confronted with their “future selves,” they experience an emotional connection that can influence long-term financial and ethical decision-making.
Whether you’re a client, friend, fellow advisor, or future client, if you’ve followed our thinking for more than a few months, you already know that we have a timeless investment philosophy: own global capitalism in a highly diversified (thousands of stocks), low-cost, tax-efficient manner rather than trying to select individual stocks or managers. Hill and our clients are investors. Jim Cramer and stock pickers are gamblers. A corollary is: remain invested all the time…good times and bad; don’t try to time the market. This brief and hilarious John Oliver video highlights the poster child of stock picking, CNBC’s Jim Cramer, and some of his “amazing” stock picks along with their results.
Let’s talk if you’re an investor and not yet a client!
It’s no secret we love Morgan Housel. We reference him time and time again because everything he says is spot on. If you don’t know, he has a new podcast and we’re enjoying hearing Morgan every bit as much as we love reading him. In the episode “The Power of Staying Put,” Morgan says, “There are so many times in life where what you do is less important than how long you’ve been doing it for.” It sounds a lot like taking the long view.