Be honest. We all have opinions that affect the way we view approach decisions or circumstances. Our preconceived notions can be entirely correct or grossly wrong. You know exactly what I mean. That time when you thought that a person was evil and also when kindness and humility unexpectedly arrived. Or when you were convinced there was only one way to accomplish a task and someone showed you a route that reduced the time required and increased quality. I bet you were surprised and learned something new.
I’ll be the first to admit it’s difficult to be open to new ideas or perspectives that are not the same as mine. My pride gets in the way more that I usually admit (case in point). As many can attest to, your ability to listen and empathize with different perspectives, while hard to do is vital to your personal growth. The ability to challenge your opinions, assumptions and perspectives are equally important as an investor as in your personal interactions.
My belief - and our firm's belief - is founded upon core investment principles of diversification, asset allocation and controlling costs and taxes. These core beliefs are unwavering and applied to each clients’ unique situation.
However, topics such as the measure of value tilt within a portfolio, commodities or TIPs for an inflation hedge, or how much small cap or low quality bonds to hold in a portfolio, can be debated and are discussed during our monthly Investment Committee Meetings.
The ability to be open to different perspectives should lead to more informed and hopefully improved decisions. We pride ourselves on not deviating from our core beliefs, but feel an appropriate amount of humility and criticalness of our core beliefs is necessary. We are grateful for our clients’ assets entrusted to us and continue use methodical and collaborative approach to navigate the ever-changing investment landscape.
Any opinions are those of Mark Smith and not necessarily those of Raymond James. Diversification and asset allocation do not ensure a profit or protect against a loss. You should discuss any tax or legal matters with the appropriate professional.