Years ago, I had the opportunity to attend some self-defense workshops put on by military and law enforcement. One class that changed my outlook on life was a knife course. We were going to learn how law enforcement treats knives and how to work with a knife ourselves. “The thing to keep in mind about knife fights is that YOU ARE GOING TO GET CUT.” Wait, what? This guy was supposed to show us how not to get hurt! It turns out that it is just incredibly difficult to wrestle around with someone that has a knife and avoid the blade. You can train all the disarming techniques you want, but in real life blood is drawn almost 100% of the time. I’ve found that this is a useful way to view conflict in general. In any conflict, expect pushback whether it’s in sports, telling your 8 year old to…Read More
“I thought you guys had some sort of insider’s edge and that’s how you get returns for your clients’ investments…?” My friend was grilling up burgers and dogs for his kid’s birthday party while picking my brain about investing. He was surprised to find out how vanilla our investment philosophy is. No secret sauce. No insider tips. I don’t know a guy who knows a guy. Just control what you can control. A sensible asset allocation and a financial plan puts you ahead of most people. He was right, though. We do have a special investment technique. We say no. We say no to high-cost, low value-add money managers. No to the absurd, overly-complicated, sketchy, and irrelevant. It’s not always an easy no, though. In some cases, we have to work to get to no. In 2012, we were pitched an energy LP. It was a helluva pitch. Polished presentation….