What I have been reading - 2nd September 2019
Re-framing the next downturn: Here is some more rationality from Ben Carlson. "There will always be something to worry about because good news is gradual while bad news is a headline."
Short Investing Beliefs: I love this short piece from Morgan Housel (I love everything from Morgan Housel).
Risky Business: The quiz that could steer you wrong: Jason Zweig from the Wall Street Journal explains everything that is wrong with risk profile questionnaires (which Liberty Wealth does not use). "The notion that anyone can measure your risk tolerance by asking you a few basic questions is ridiculous". "Researchers have shown that how much financial risk people are willing to take on is associated with: how an investment has been described to you; whether you are feeling happy, sad, anxious, angry or disgusted; how much money you had between the ages of 18 and 25; whether, if you are a man, a woman recently touched you on the shoulder; whether, if you are a woman, there are a lot of men in the room; how well the market has done lately; which culture or country you come from; how long ago you ate your last meal; whether you smoke; how much you weigh; whether you put your feet up on a table when you were thinking about the risk; whether at least 75 people have died in an airplane crash in the past three days; whether the sun is shining; how urgently you need to go to the bathroom; where you got the money you are investing; whether you smell a pleasant aroma before your decision; how many positive adjectives were in an article you just read; whether you have recently been embarrassed; whether you consumed a sugared drink in the past 10 minutes; what time of year it is; whether your favourite soccer team won or lost the big game; and so on."
The eternal pursuit of unhappiness: This short article is a summary of the business philosophy handbook of the marketing, advertising and PR firm Olgilvy & Mather. All businesses should have something like this.
It's later than you think: This is an utterly heartbreaking story about a father's loss of his son that will remind you what is important in life.
Writing a letter to your loved ones: A Will tells our loved ones what we leave them. A letter tells our loved ones what we have learned along the way. It's an important part of an estate plan. Here is a lovely article about how by writing a yearly letter to your children you can create a legacy that is about much more than just your money.