Even the People Building the Future Can’t Predict It Flying cars, fax machines and a small reminder for investors. Reading a recent article by Ben Carlson reminded me of one of my favourite childhood movies: Back to the Future Part II. Released in 1989, the film transported Marty McFly into 2015. There were flying cars,…
The Cost of Being Too Careful Fear can make the future expensive. Every decision carries a trade-off. Choosing more of one thing usually means accepting less of something else. Yet we are often more aware of the discomfort we want to escape than the consequences of escaping it. We postpone a difficult conversation to preserve…
When Diversification Feels Least Rewarding Protecting the long-term outcome when a narrow market makes concentration look obvious. Diversification is easy to support in principle. It becomes harder to defend when a narrow segment of the market delivers exceptional returns and much of the rest falls behind. In those conditions, a diversified portfolio can feel frustrating.…
The Dark Side of Compounding The capital base from which returns compound is critically important. Compounding can only build on what remains. When capital suffers a deep drawdown, the process does not simply pause. It restarts from a much lower base. The mathematics then begins to work against the investor: a 20% loss requires a…
The Structure Behind Durable Investing Structure shapes behaviour, and behaviour shapes outcomes. The structure of a market shapes what investors see. When a small group of companies leads the returns, those companies attract attention and capital. The funds that own them rise in the rankings, while portfolios built differently appear to fall behind. A performance…