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A CPA, an economist, and an investment advisor walk into a bar - 5/10/2024

Many years ago, I was involved as an advisor for an organization that had a large investment account. I would meet with the committee head (an economist) and the investment advisor quarterly to review how well we were meeting the investment goals and requirements of the organization before presenting the data to the larger committee. As 3 different financial professionals, a CPA, an economist, and an investment advisor, we brought in 3 different sets of knowledge and perspective. For clarities sake, we never actually went to a bar, but the title is more engaging that way.

When reviewing the investments we would discuss the risk tolerance and investment categories and ratios as defined by the group, to ensure the investment ratios were within the committee defined standard we had to meet. It was not uncommon to discuss that if we had only known which stock was going to have significant growth and earnings, we could have invested everything in that single stock and not had to try to maintain a continually changing diversified portfolio.

The world and the stock market continually shift. This is to be expected. This is why diversified portfolios make sense. No one can always pick the perfect stock that will beat the market best in any particular time frame. Even the best stocks have periodic poor cycles.

I enjoyed those quarterly meetings, when we discussed reality but played 'what if'. It was educational to have this one-on-one time with these two incredible professionals who were so much more knowledgeable about the stock market than I was.

It is important to surround yourself with people who can improve your knowledge.

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