podcast link including transcript: https://investresolve.com/podcasts/why-financial-professionals-and-their-clients-need-to-get-comfortable-with-being-uncomfortable-in-the-coming-decade-podcast/
The low prospective return environment requires investors to examine what discomfort they prefer. [I wonder how many advisors are being up front with their clients about the challenges we face as investors. I am skeptical that they are framing the discomfort transparently for the same reason that the realtor who shouts the highest price tends to win the listing.]
In 2008, the level of discomfort was massive. So I remember advisors not being able to return the calls for the clients where, advisors were just not coming into work, clients not looking at their statements for months on end. Advisors calling me at 4 am for conversations, about what was going on in Asia. I was a therapist, definitely. Everybody was getting therapy. You, you were gonna get a big whopping dose of discomfort.
The question is, do you wanna kinda dull it out a little bit every year by being regularly uncomfortable via alternative portfolio or do you wanna happen like [Taleb’s] turkey?
[Taleb’s turkey: The turkeys is nurtured by the farmer. He's fed by him every day. The pen is guarded to keep the foxes out so that turkey can reach its full potential. And when the turkey crunches the numbers, he sees that with a higher level of confidence every single day. Every single day there's more data to back up the fact that they are truly loved by their masters.
And then thanksgiving comes.]