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Service vs Battery
We can either batter people until they submit (or unsubscribe) but that feels like an emotional drain but it gets us what what we want - either a customer or a rejection (so we can move on). Or we can seek to serve, from the very first moment, without prejudice, be...
Who are you not for?
We ought to be careful which clients we accept. We do it as business owners. We care who our colleagues are - will they be a good fit? We do it as humans - we choose our friends carefully and they do the same. But when it comes to client relationships, many get...
Good reads 04/23
Three articles worth your attention: Nick Murray - The Two Fatal Misconceptions: Avoid them both and it should be plain sailing. Howard Marks - What Really Matters?: A long but rewarding read. Read the headings and dive in to learn more. Ben Carlson - Don't Try...
The Ultimate Return Destroyer
Investment volatility on its own is benign. It needs you to react to it to turn it into a dangerous wealth destroying monster. It's you that makes the difference. This is why there is such a huge disparity between investment return and investor return. See here: If...
Musings 29/3
Some thoughts that wafted through me not so long ago.... Look in the mirror We see those around us struggling from time to time. We see what they should do, their potential, what is possible for them. Isn't it true that if their thinking changed, they would get...
Steve Williams: What Is A Bank?
Steve Williams is TCFP's long standing investment consultant. He sits on our investment committee and helps inform our investment strategy. These are his thoughts on banks.... "To understand what has happened in the US, and to appreciate that some banks are better run...
The Only Change Pensions Need?
On the face of it the pension changes are good news. Having spent the previous decade or more chipping away at the tax advantages of pensions the chancellor appears to have blown things wide open again. However, on balance, I don't particularly welcome the...
Musings 15/3
Some thoughts that wafted through me not so long ago.... Your past.... ....is over. What are you going back there? What are you looking for that isn't here right now? Stop flapping It seems to me that our default option at a point of crisis or discomfort...
ICM: The collapse of SVB
We had an ad hoc Investment Committee Meeting today to discuss the collapse of SVB last week. Here are our notes…. SVB was an interesting bank given that all its depositors looked similar as they were invariably involved in tech. This is different to a high...
Minimising future regret
THIS PIECE from Morgan Housel got me thinking… What is the essence of financial planning? To pay less tax? To achieve market beating returns? To change the world? It can be parts of all of those things. But only a minor part. Financial planning is really about...
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