“Who knows what is good and what is bad?” What an ancient parable has to teach us about getting a “luck-proof” approach to investing: a message from Caitie this week.
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A Luck-Proof Mindset
“Who knows what is good and what is bad?” What an ancient parable has to teach us about getting a “luck-proof” approach to investing: a message from Caitie this week.
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The Puck and the Luck: How to Make Things Happen
Caitie Leibman, CEO
The best-known wisdom of Wayne Gretsky is probably the hockey player’s line about missing 100% of the shots you don’t take. Sure, sure. But let’s say we’re already off the bench, we’re flying around.
Then how do we change our odds?
Gretsky had this to say about his scoring records: “I skate to where the puck is going, not where it’s been.”
“Luck” might sound like a flimsy or woo-woo idea. But what Gretsky is getting at is opportunity, putting himself in position just in case things line up. He makes himself ready to be lucky.
Janice Kaplan writes about Gretsky and other famous examples in her book How Luck Happens. Consider Mother Teresa’s efforts as a fundraiser for her charities. It might surprise people to find out that Mother Teresa often flew first class, given her work among the poor.
But where would Mother Teresa be likely to find her biggest potential donors? The first class cabin on an international flight isn’t a bad place to start. By putting herself in a position where the right opportunities became more likely, she was ready to be lucky.
Have there been times in your life when it felt like you found yourself in just the right place at the right time? (Or, maybe, the wrong place at the wrong time?) There will always be some elements of chance or serendipity in life—and goodness knows none of us has a crystal ball.
Even still, we believe we can make it more likely for the best things to happen in life. We don’t have to be right every time. We just have to be ready.
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Play the audio version of this post below:
The Puck and the Luck: How to Make Things Happen – 228Main.com Presents: The Best of Leibman Financial Services
This text is available at https://www.228Main.com/.
A Luck-Proof Mindset
by Caitie Leibman, Director of Communications
Once there was a farmer. Their horse ran away, and the neighbors cried, “What bad luck!”
“Maybe,” said the farmer.
The next day, the horse returned and brought with it some wild horses. The neighbors cried, “What good luck!”
“Maybe,” said the farmer.
The next day, the farmer’s grown child was thrown from one of the wild horses and broke their leg. “How unfortunate!” the neighbors cried.
“Maybe,” said the farmer.
The next day, the army came to the village to conscript all eligible individuals. The farmer’s child was passed over for their broken leg. “How fortunate!” cried the neighbors.
“Maybe,” said the farmer.
• • •
The Taoist parable of the farmer, relayed above, may have lessons for our experience in the market. Of course we’re interested in improving your positions over the long haul, but those twists, turns, and rumbles along the way… We don’t sweat day-to-day analysis. What we call things isn’t so important at that level, and the labels only matter when we zoom out.
Let’s consider an example. A downturn may bring some immediate and seemingly negative impacts, right? But downturns also end up tilling the soil for future bargains. And a dip in one area inevitably sows the seeds of the next burst of progress.
Would we ever characterize that cycle as all good or all bad? No way. Things become more relative in the long view.
We’re certainly not suggesting that the best we hope for is a toss-up. But there’s no percentage trying to factor “good luck” or “bad luck” into our strategies and tactics.
Instead, we can make a plan that keeps the seasons, the cycles, and the nature of change in perspective. Do we think this mindset will continue to serve us well?
“Maybe.”
Investing involves risk including loss of principal.
No strategy assures success or protects against loss.
Want content like this in your inbox each week? Leave your email here.
Play the audio version of this post below:
A Luck-Proof Mindset – 228Main.com Presents: The Best of Leibman Financial Services
This text is available at https://www.228Main.com/.
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