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I’ve written a lot about how having a solid wealth plan in place is the key to coming out of a bear market in the best possible condition. But having a wealth plan isn’t enough if you don’t also have the patience and discipline to execute on the plan – especially when your survival instincts are being bombarded by the media.

In case you missed it, there was a…how do I put this…kerfuffle between Andrew Ross Sorkin and Joe Kernen on CNBC this morning. I had to watch it like three times.

But it really caught my attention starting at the 2:35 mark, where Joe starts to defend himself by saying he was trying to help investors not panic. It was one of the very few times I felt like CNBC (really Joe) was trying to articulate the benefits of investors “keep[ing] their cool, keep[ing] their heads” and then said, “as it turns out, that’s what they should have done.”

Sad…someone was trying to make a lucid point about the benefits of patience and discipline, and it was drowned out by divisive banter that reminded me of a “I know you are, but what am I?” exchange. Two guys making two different points yelling at each other until one calls the other a shill for the President.

Awful…

But people still listen.

Well, they selectively listen…usually for the sound bites that validate their biases one way or the other (for example a bull or bear market case).

I’m biased, too, though. I’m biased by my optimism and by history. In the absence of a crystal ball, history and some general probabilities are the best guides for looking forward…and they drive a big part of my optimism.

But rather than try to keep writing or talking about the history of bear markets and recoveries…I’m just gonna show you. Thanks to Invesco (@InvescoUS). Green = GOOD…Red = BAD

S&P 500 Historical Performance During Bull and Bear Markets

As a sign-off, thank you for reading—I really mean that. And thank you for thinking enough of our work to be subscribed. At a Team meeting today, I learned that our “Off the Wall” Blog subscription rate is up over 100% year-to-date versus the same period in 2019. Wow. That’s happening because people like you are sharing our work and encouraging others to tune in.

Thank you.

But also, a huge thanks to the Monument Team that works behind the scenes to make this blog work–I appreciate it. I feel a tiny bit asshole-y for taking this long to thank them here, but our digital presence wouldn’t exist without “The Brittanys”. Brittany Dewberry and Brittany Gabel do all the work after I save a basic Word doc in SharePoint. Love you guys in a completely HR-appropriate way—for a ton of reasons, but particularly because you never reply to me with #OKGenXer.

If you haven’t visited our social media pages, be sure to do that. There has been a complete “step up” in our game there and you’ll find some fun personality there too. Links here:

Keep looking forward,

Dave

 

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I’m biased by my optimism and by history

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