Suits vs Dresses
#GabrielMacht was one of the hottest guys at our high school, Beverly Hills High School.
After a few years of small parts, Gabe landed the main part on Suits, as the law firm partner, Harvey Specter. #Suits is an American legal drama television series created and written by Aaron Korsh
Some of the success I've recently had in my business with focusing on relationships,
reminds me of #HarveySpecter, the hotshot defense attorney who faced off against a billionaire businessman in one of the TV show episodes.
The billionaire and Harvey banter back and forth until Harvey throws down some photos of this man having an affair.
This gets the businessman on the defensive.
Is Harvey blackmailing him?
He thought this would be an easy negotiation.
But Harvey is one step ahead.
Harvey has no interest in blackmail.
He wants to clean this guy up.
Because this affair is a problem for both of them if they do business together.
And then Harvey drops his wisdom:
“I’m not interested in getting your business. I'm interested in keeping it.”
Relationships are built on trust.
My clients trust me to invest their money.
I care about my clients.
During the summer,
- when investors were selling down the market,
- when correlations went to 1,
- when some investors were forced to de-risk,
- when the market believed tightening financial conditions would put the economy into recession.
I had a few clients with a lot of cash.
While the market was on the defensive,
- I knew I couldn’t pick the bottom, but I bought anyway.
- I invested ⅓ to 1/2 of some clients' cash in mid-July.
- The market continued to go down.
I felt like I was an idiot.
But what I kept telling myself is at some point, the market will stop going down,
and it will go up.
Andrew Ryder, who wrote about this scene in Suits, in his book, Entrepreneurship Ruined My Life, also wrote about the #StockdaleParadox.
Retain faith that you will prevail in the end, regardless of the difficulties.
And at the same time, confront the most brutal facts of current reality,
whatever they might be.
At the time, during the summer, I had no idea when the Fed might stop tightening.
No one knows.
Everything sucked this summer, but at some point, #thefed will stop tightening.
We will get through this. Just like we did COVID.
Investing when everyone else is selling is painful, but to be a successful investor, you have to buy when there is pain, or just don’t sell when everyone else is selling.
This is a photo of me at Beverly Hills High School.
Sadly, I don't have a photo with Gabe Macht. ;-(
Your Friendly Wealth Engagement Guide,
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