David B. Armstong, CFA® is Co-founder and CEO at Monument. He is an entrepreneur, portfolio manager, philanthropist, board member, and frequent conference and podcast speaker. He is also a combat veteran and served as an officer in the United States Marines Corps on both active duty and in the reserves, retiring at the rank of Lieutenant Colonel.
One of the biggest misconceptions in investing is that great outcomes come from rigid systems or bold predictions. But that’s not how we see it.
At Monument, we believe it’s critical to stay committed to your goals. That’s the entire purpose of having an investment strategy — it sets the direction. But the path you take to get there? That’s where flexibility matters most.
Our investment models are built to adapt. They don’t try to predict where markets are going — they respond to what the data is saying right now. As that data changes, the models guide us in making evidence-based adjustments.
This month’s market volatility has naturally raised concerns, but it hasn’t changed our discipline. We don’t guess. We follow the trends.
Right now, the trend data continues to favor a defensive posture — and we’re listening to it.
What does that mean?
Instead of reinvesting just because markets are lower, we’re patiently holding cash where the model says “wait.” As always, we’ll redeploy capital once the data clearly signals a shift from defense to offense. That’s not market timing — that’s disciplined, process-driven risk management.
Sometimes, that discipline gets mistaken for indecision. But sticking to a rules-based strategy when the headlines are loud is exactly how we help our clients stay on track with their wealth goals. It’s about having the flexibility to respond to what matters.
I’ve written extensively about possibility vs. probability. (Like in this post, Why Risk Makes You Wealthy) The media loves focusing on what could happen — a crash, a recession, or inflation. Sure, all of that is technically possible. But building an investment strategy around what’s merely possible leads to anxiety, not results.
We focus on what’s probable — not just what’s possible. That means staying informed, checking assumptions, and adjusting as the data changes. Investing isn’t a one-time decision. It’s a series of thoughtful, long-term moves based on evidence, not emotion.
So, when the market feels uncertain, here’s how you can respond:
Be firm about your goals. Stay flexible in how you reach them.
Think in probabilities, not possibilities.
And always remember — strategy isn’t about reacting to everything. It’s about knowing what deserves a reaction. Discipline isn’t indecision; it’s having the confidence and courage to follow the data instead of your gut.
IF you are limited in space: Create a dedicated link that will take a reader directly to the dedicated disclosure. This is ok when it is an electronic posting. Make sure it is conspicuous at the end of the post: PLEASE SEE IMPORTANT DISCLOSURE INFORMATION at www.monumentwealthmanagement.com/disclosure
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Monument Capital Management, LLC [“Monument”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, no portion of this discussion or information serves as the receipt of, or a substitute for, personalized investment advice from Monument. contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Monument. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Neither Monument’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Monument is engaged, or continues to be engaged, to provide investment advisory services. Monument is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Monument’s current written disclosure Brochure and Form CRS discussing our advisory services and fees is available for review upon request or at www.monumentwealthmanagement.com. Please Note: Monument does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Monument’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Monument client, please contact Monument, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify anyreasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
Market Commentary
When Discipline Gets Mistaken for Indecision
David B. Armstrong, CFA
David B. Armstrong, CFA®
David B. Armstong, CFA® is Co-founder and CEO at Monument. He is an entrepreneur, portfolio manager, philanthropist, board member, and frequent conference and podcast speaker. He is also a combat veteran and served as an officer in the United States Marines Corps on both active duty and in the reserves, retiring at the rank of Lieutenant Colonel.
One of the biggest misconceptions in investing is that great outcomes come from rigid systems or bold predictions. But that’s not how we see it.
At Monument, we believe it’s critical to stay committed to your goals. That’s the entire purpose of having an investment strategy — it sets the direction. But the path you take to get there? That’s where flexibility matters most.
Our investment models are built to adapt. They don’t try to predict where markets are going — they respond to what the data is saying right now. As that data changes, the models guide us in making evidence-based adjustments.
This month’s market volatility has naturally raised concerns, but it hasn’t changed our discipline. We don’t guess. We follow the trends.
Right now, the trend data continues to favor a defensive posture — and we’re listening to it.
What does that mean?
Instead of reinvesting just because markets are lower, we’re patiently holding cash where the model says “wait.” As always, we’ll redeploy capital once the data clearly signals a shift from defense to offense. That’s not market timing — that’s disciplined, process-driven risk management.
Sometimes, that discipline gets mistaken for indecision. But sticking to a rules-based strategy when the headlines are loud is exactly how we help our clients stay on track with their wealth goals. It’s about having the flexibility to respond to what matters.
I’ve written extensively about possibility vs. probability. (Like in this post, Why Risk Makes You Wealthy) The media loves focusing on what could happen — a crash, a recession, or inflation. Sure, all of that is technically possible. But building an investment strategy around what’s merely possible leads to anxiety, not results.
We focus on what’s probable — not just what’s possible. That means staying informed, checking assumptions, and adjusting as the data changes. Investing isn’t a one-time decision. It’s a series of thoughtful, long-term moves based on evidence, not emotion.
So, when the market feels uncertain, here’s how you can respond:
Keep looking forward.
Make life option rich.
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BLOG DISCLOSURE
IF you are limited in space: Create a dedicated link that will take a reader directly to the dedicated disclosure. This is ok when it is an electronic posting. Make sure it is conspicuous at the end of the post:
PLEASE SEE IMPORTANT DISCLOSURE INFORMATION at www.monumentwealthmanagement.com/disclosure
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Monument Capital Management, LLC [“Monument”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, no portion of this discussion or information serves as the receipt of, or a substitute for, personalized investment advice from Monument. contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Monument. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Neither Monument’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Monument is engaged, or continues to be engaged, to provide investment advisory services. Monument is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Monument’s current written disclosure Brochure and Form CRS discussing our advisory services and fees is available for review upon request or at www.monumentwealthmanagement.com. Please Note: Monument does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Monument’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Monument client, please contact Monument, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify anyreasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.