Markets continue to generate plenty of headlines – from AI and rising stock prices to questions about whether a handful of companies have become too dominant.

In a recent conversation on the Excess Returns podcast, our HIG and Longview Research Partners CIO Matt Zenz discusses how an evidence-based investment process helps investors stay focused on what matters most, without relying on predictions or market timing.

Topics include:

• Should today’s market concentration should concern long-term investors?
• Why do valuations matter, and when do they matter most?
• How thoughtful implementation can improve long-term investment outcomes.
• Why taxable fixed income may be one of the biggest remaining opportunities to improve after-tax returns.

The discussion also explores Longview’s philosophy behind the Longview Advantage ETFs, including EBI and LVIG, and why disciplined implementation can add value over time.

Listen to the full conversation here:
We Asked a $1 Billion Quant Manager Why Concentration Isn’t a Warning — and Small Caps Aren’t Dead.  

Or listen on Spotify or Apple Podcasts.

Don’t Hire Us Because You Like Us

There’s something worth saying out loud.

You shouldn’t work with us just because you like us.

When we meet someone new, I often ask how they chose the person they’re currently working with.

The answers are usually some version of:
“He’s a neighbor.”
“She’s a friend of the family.”
“We met through our kids’ sports.”

All perfectly understandable.

But those aren’t the answers I’m hoping to hear.

It would be refreshing to hear someone say:
“Our values really align.”
“I believe in their investment approach.”
“They’ve given us planning advice that has actually changed our financial lives.”

Because when something as important as your financial life is involved, that’s what should matter.

Likability is certainly a factor. We enjoy it as much as anyone. It makes relationships easier. It makes conversations more natural. And it tends to persist for years.

But it’s not a sufficient reason to choose someone to manage your life savings.

That’s where we’re different.

You should work with us because we believe in something.

Because our approach is grounded in decades of academic research, not opinion or prediction.

Because we’ve built real strategies, like the work behind EBI and LVIG, that are designed with intention, not assembled to match a trend.

Because we care deeply about financial planning. Not just portfolios, but the decisions that actually shape your life.

And because we are fiduciaries. We work for our clients. Not a brokerage firm. Not a bank. Just you.

In short, if you believe what we believe, that’s the foundation for a long and healthy relationship.

If you like us too, that’s even better. It makes the relationship more enjoyable. It makes conversations easier. It probably makes the whole experience better.

But it’s a bonus. The icing on the cake.

Because over time, we’ve found that the best outcomes don’t come from chasing what feels right in the moment. They come from committing to a sound approach and sticking with it. Taking the long view.

Performance, in that sense, isn’t the goal. It’s the result.

The best outcomes we’ve seen come from staying put when it was hardest to do so.

That doesn’t always win the popularity contest.

But in the long run, what matters isn’t who you like the most.
It’s who you can rely on when it counts.

So you can invest your money and your time in the people you actually like.

Take the long view,

What 20 Years Have Taught Us

Twenty years ago, we launched Hill Investment Group with a simple idea and a bit of idealism. We called our firm the Island of Idealism: a place where evidence mattered more than ego, long-term thinking trumped short-term noise, and clients could breathe a little easier knowing they had a guide they could trust.

That idealism is still with us. But over two decades, it’s been sharpened by experience. We’ve helped clients weather storms, tune out the headlines, and stay committed to plans built for decades, not days.

In the spirit of reflection, I reached out to my co-founder, Rick Hill, to help compile this list. Rick is now retired, but his thinking (and our friendship) continues to shape our work and HIG culture.

Here are 20 lessons we’ve learned in 20 years. Some are personal. Some are practical. All of them are built to last.

20 Lessons in 20 Years

1. Evidence beats emotion.
2. You don’t need to predict the future to build wealth. You need a process.
3. Costs, taxes, and behavior matter more than market forecasts.
4. Markets reward discipline, not cleverness.
5. Diversification is the only free lunch. Eat it every day.
6. A sound allocation only works if you stick with it. Education builds confidence, and confidence fuels discipline.

7. Our most successful clients are curious and engaged. They’re fun to work with, understand the philosophy, and like to delegate.
8. Listening is more powerful than convincing.
9. Trust is earned through credibility, reliability, and intimacy, not promised through performance.
10. Simplicity makes people feel smart. Complexity makes them feel confused. We care deeply about simplicity.
11. People want progress, not perfection.

12. Culture matters and should be tended like a garden.
13. High standards are contagious. So is apathy.
14. You don’t need to be big to be mighty.
15. The right people are worth the wait.
16. Saying no creates space for what matters.

17. Don’t check your portfolio when the world feels upside down. Check your plan.
18. The Stockdale Paradox applies to investing: Confront the facts, believe in the outcome. Untether from the short term.
19. Market volatility is normal. History proves it. You get paid for tolerating the bumpy ride.
20. Take the long view. It’s the only one that works.

Whether you’ve been with us since the early days or just recently joined the journey, thank you for trusting us. We’re proud of what we’ve built, and we’re even more excited about what’s ahead.

Still client-focused. Still evolving. Still taking the long view.

For your further exploration

• Hear the origin story: Matt & Rick on the “Island of Idealism”
• Read about it in Odds On: The Making of an Evidence-Based Investor
• ️Explore the Stockdale Paradox in this podcast episode