“Courage is resistance to fear, mastery of fear, not absence of fear.” — Mark Twain
As we have interacted with many of you in recent weeks, we have noticed some frayed nerves and concerns, given the “news” coming from Washington, D.C. As our annual Mirus prediction notes, we will likely be surprised in the year ahead.
My note today is not a political commentary.
Instead, I’d like to remind you that life is in a constant state of change. We live in a world exemplified by the certainty of uncertainty. While sometimes uncomfortable, awareness of such ambiguity can enhance expectation setting and bolster resilience in the face of the unknown.
Mirus Bucket Framework:
In October 2022, I wrote a Behavior Matters piece titled "The Importance of Courage, Patience, and a Margin of Safety.” Both the bond and stock markets experienced significant declines due to high inflation, the war in Ukraine, and rising interest rates.
Even though financial markets have recovered nicely since the fall of 2022, the core principles shared are relevant today and apply to investors in all market environments.
By design, our clients have a game plan for good and challenging times when incorporating our bucket strategy. Knowing it is in place helps to reduce emotional (quick) reactivity and enhances sound (slower) decisions.
Given the uncertainty and concerns we’ve been fielding recently, we thought it might be a timely read to revisit.
The Importance of Courage, Patience, and a Margin of Safety
As I noted often during the COVID pandemic—hang in there, turn off the news, and focus on the things you can influence and control—like eating healthy, exercising, spending time with friends and family, meditating, and prioritizing sleep!
We are grateful for our relationship with you and for allowing us to guide you on your journey.
Please let us know if you want to discuss your situation and how you feel so we can coordinate a mutually convenient time to visit.
Behavior Matters!