December 13, 2019
2019 Q3 Market Review & Newsletter
I have learned a lot over the years as a financial advisor. Unfortunately, one of the things I have learned is that noise usually wins. Fortunately, you can control that. Block out the noise and focus on reality, listen to the smart investors. I always try to avoid falling into the noise trap. It can pull you in and keep you down for far too long. Too many advisors in our space are offering generic investment advice. Benchmark Private Wealth Management remains unique by consistently focusing on risk parameters and then building portfolios accordingly.
This quarter, in place of a newsletter, we are going to do something different and have you listen to a podcast I recorded with Larry Redell, co-owner of St. James Investment Company. Larry has a lot of knowledge to offer. He shares some excellent investment and life advice you just won’t find anywhere else. Show notes are included below so you can get a preview of the discussion. Settle in and enjoy the show!
Every week on Simple Talk, host Wayne McCullough talks with his guests about faith, family, friends, fitness, and finances. This week, guest Larry Redell takes a deep dive into the world of personal finances and investments. He’s the co-owner of St. James Investment Company which has been managing equity portfolios for individuals and institutions for two decades. He shares his thoughts on how to be a smart investor and how to start early to build security for your future.
Discipline is more important than mindset, Redell says. You can go into investing with the right frame of mind, but if you can’t establish and sustain good practices, even the best of intentions can go astray. After all, no one can predict the future. It’s impossible to know what peaks or valleys lay ahead, so it’s critical to prepare ahead and be ready for those fluctuations when they come. Being prepared and disciplined, even a first-time investor can build something great.
This Week’s Takeaways:
Discipline is more important than mindset. Partnerships grow through shared values and varied skills. There is a difference between speculating and investing. There are times to be bold and times to be cautious. Build an anti fragile portfolio.
“What money should give people, I would suggest, if things are healthy, it gives you a lot of flexibility, it gives you a lot of freedom, you know you’re going to be able to take care of those you love and those you care about.” -Larry Redell
“If you get yourself in debt … that exponential trap can keep you really mired in a bad situation. It can cause a lot of strife and can affect the other areas of your life really adversely.” –Larry Redell
“If you can be an investor and put away a little money, if you can compound that money and live below your means, to me, you don’t need to hit home runs. You hit singles. That’s the basis of our strategy.” -Larry Redell
“It’s not as hard as everybody thinks. The average person could start with $10,000 and do something.” -Wayne McCullough
“You don’t sit there and try to predict the future. What you try to do is build an antifragile portfolio and economy because you don’t know where this black swan is going to come from. You don’t know what unintended consequences might unwind.” -Larry Redell
On this week’s episode, host Wayne McCullough and guest Larry Redell mentioned the following books and films: Liar’s Poker: Rising Through the Wreckage on Wall Street by Michael Lewis, The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham, The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks, The Black Swan: The Impact of the Highly Improbable by Nassim Taleb, Antifragile: Things that Gain from Disorder by Nassim Taleb, The Big Short: Inside the Doomsday Machine by Michael Lewis, The Big Short (2015), The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley and William Danko.
As always, if you have questions about the quarterly report or if anything piques your interest from the show, please reach out.
I close with this quote, "If you are not sure what to do, do the opposite of what everyone else is doing."- Dan Kennedy
Have a great Holiday Season,
Benchmark Private Wealth Management, LLC (BPWM) products are not FDIC insured, may lose value and are not bank guaranteed. The information contained in, or linked to by, this email is not intended as, and should not be construed or understood as, investment or financial advice. The opinions expressed in this email and in the linked media are those of the individuals giving them. BPWM is a registered investment adviser.
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