Holiday Message - It's People & Process (Not Predictions) That Matter
Inflation, bear markets, and data are all temporary, but the right people, partners, process, principles, and philosophy (life or investing) are not only timeless but ultimately the real paths to “success” in all its forms – most importantly a life of purpose.
FIVE THINGS YOU SHOULD KNOW
INSIGHTS for INVESTORS
I actually drafted a couple commentaries this week, not that I had the time, but as I woke up this morning, none of them felt quite right. Every week in preparation, first and foremost for my primary job of overseeing almost one billion dollars, but also with the knowledge that I’ve committed the firm to these weekly letters, I “ingest” a ton of different data, analysis, and insights from various commentators. I try to distill it all down to determine a) is there anything we need to do or any way we need to be thinking differently and b) what might you all want/need to know.
I was loaded to bare all the above, when after a few “conversations,” I realized the most important message I wanted to convey during the holiday season of what’s been a challenging year (and in many ways few years), is that it isn’t predictions or analysis that get us through such times, but discipline and most importantly, people.
As many of you know, my family and I have been (and still very much are) traversing a very challenging path after the loss of our third child. My life has been defined in large part by “sucking it up” and being as self-reliant as possible. However, our loss combined with a world spun upside down by the pandemic, this year’s bear market, and even the tremendous success of the firm the last few years has forced me to confront my limits, frailties, and shortcomings in a very real way that I trust will help me to be a better husband, dad, friend, and professional in the years ahead.
It's also been a wonderful reminder of just how much you all mean to me and my family, and of course, that the Lord is always right by our side especially in the toughest of times.
While this had been on my mind a lot of late, the extra nudge to share these vulnerabilities (not my first instinct) came from a conversation with my wife and a holiday message from a dear friend and client.
As I came out to the kitchen this morning, I found my wife working hard (and courageously) on getting out at least a few Christmas cards this season. A simple act for most people most of the time, but one she understandably hasn’t wanted to confront the last few years.
We held hands as I read the letter she had written to include which stated in part, “The Lord has blessed TEN Capital with advisors we call our best friends and clients who treat us like family.”
A little while later I opened my laptop to check my emails only to find the following message awaiting me, “Just wanted to take a minute and wish you both a Merry Christmas and Happy New Year. When I looked for an investment firm a few years back I was looking for a company in Spokane that I could trust to help build my wealth for the future and ultimate goal of retirement. What I didn't intend on was finding a firm that I would become friends with the advisors and whom I'd look forward to visits on a personal and professional level. I sure have enjoyed getting to know you both, your coworkers and families. I appreciate your events and time together as a community. I'm looking forward to 2023 and more events together and continued financial success. Thanks again for the part you both have in my success. Best wishes for the holidays and year ahead! Stay safe, healthy and warm.
Partners and process are important to guide us and keep us on a disciplined path during the inevitable challenges life and markets, will throw out at us. But faith and friends are what sustain and inspire us.
I’ve known these things for some time but have come to understand them much more deeply the last few years.
To all of you that have been so kind and such an inspiration to the team and I the last few years, a very sincere thank you.
In closing, inflation, bear markets, and data are all temporary, but the right people, partners, process, principles, and philosophy (life or investing) are not just timeless but are ultimately the real paths to “success” in all its forms – most importantly a life of purpose. This year has only served to reinforce these founding principles of our firm with an investment process/philosophy that has once again served our clients well and a focus on community that has brightened a dark market year with many moments of fun and joy.
Merry Christmas and Happy Holidays,
Tim and the team at TEN Capital
DATA, JUST THE DATA
Data points this week included: