“The DOMINANT determinant of long-term, real-life investment returns is the behavior of the investor himself. Note that I did not suggest behavior is the “predominant” determinant, since that would merely mean that it is more important than any other determinant. I said - and now say again - that behavior is the DOMINANT determinant. That is … it is more important than all the other determinants put together.”
Nick Murray on Managing Investor Behavior, 2007
Imagine for a moment that the most successful investors throughout history all collaborated in the design of a portfolio just for you. This portfolio would have academically supported asset allocation, perfect market timing, and world-class quality holdings. All the “traditional” boxes are checked. This would certainly seem like a formula for success.
Then, out of the blue a severe market correction hits your portfolio … and you decide to sell. What difference did it make that you checked all the right boxes? You will NEVER participate in the wonderful returns that portfolio will surely generate BECAUSE YOU DON’T OWN IT ANY MORE. This is not a market issue … it’s a behavior issue, a deliberate decision.
If you adopt the belief that behavior is the dominant factor in investor success, you then will also start to believe that you - not the markets - control your investment destiny.
Thus the name of our practice is “Ray Behavioral Wealth”. We have amazing research and portfolio management resources at our disposal through Raymond James … all designed for you. But in the end, the relationship, trust and candor we enjoy with you is what will allow us to use these resources in a behaviorally wise manner. Our greatest value to our clients has often been the times we’ve motivated them to NOT do what everyone else was doing.
Copyright © 2020 Ray Behavioral Wealth
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