Portfolio Best Quotes

I remember Guillermo saying the cracks and breaks were the best and most interesting parts of the work in my portfolio. Perhaps it’s the same with people and their cracks and breaks.

It’s not possible for investors to consistently outperform the market. Therefore you’re best served investing in a diversified portfolio of low-cost index funds [or exchange-traded funds].

Children whose families take them to museums and zoos, who visit historic sites, who travel abroad, or who camp in remote areas accumulate huge chunks of background knowledge without even studying. For the impoverished child lacking the travel portfolio of affluence, the best way to accumulate background knowledge is by either reading or being read to.

As we said, even the best venture investors have a portfolio, but investors who understand the power law make as few investments as possible.

Great work, like a healthy financial portfolio, takes time to mature.

people [who are] thinking about things other than making the best product, never make the best product.

The best and noblest parts of man depend precious little on culture, education, and whatever else it is called. One can never have enough respect for true humanity as it is visible in the persons of the totally uneducated classes, and never enough humility if one sometimes believes one is superior to them.

Dear Mr. Fontenot: Glancing over your portfolio, it struck me that you are not in the best position to take advantage of the dawning age of missiles...

The best long-term results come from buying a big, well-diversified portfolio of financial securities, and trading as little as possible.

the cracks and breaks were the best and most interesting parts of the work in my portfolio. Perhaps it’s the same with people and their cracks and breaks.

Money managers tend to make irrational decisions just to protect their calendar year performances, even if they believe that decision is not in the best interest of investors.

The cracks and breakes were the best and most interesting parts of the work in my portfolio. Perhaps it's the same with people and their cracks and breaks

Another approach is actually to build the job around the person, to create a virtual job portfolio to match what he/she does best. Say you find a highly competent human being. Rather than asking the person to conform, you find appropriate things for that person to do. This permits a great deal of mobility within the organization, breaks up the traditional hierarchy, unlinks the rigid chain-of-command, and uncovers new functional slots. Such an idea is disturbing to First Tier entities, quite natural in Second Tier structures.

While he was president, he kept a quotation of Abraham Lincoln in a leather portfolio on his desk. It read, “I do the very best I know how—the very best I can; and I mean to keep doing so to the end. If the end brings me out all right, what is said against me won’t amount to anything. If the end brings me out wrong, ten angels swearing I was right won’t make any difference.

When the goals of the Self are the only goals a culture makes available, spirited men and women will address them with the energy that they would have applied to the aspirations of the Soul. The result is lives that are massively frustrating and not a little ridiculous. People become heroically dedicated to middle-class ends—getting a promotion, getting a raise, taking immeasurably interesting vacations, getting their children into the right colleges, finding the best retirement spot, fattening their portfolios. Lives without courage, contemplation, compassion, and imagination are lives sapped of significant meaning. In such lives, the Self cannot transcend itself.

like a stormy sea at best. 81. Making Cents of It All With over 1,500 projects under my belt as a freelancer and business owner, saying that I’ve experimented with pricing structures may be the understatement of the year. In my early years, nearly everything was based on a fixed bid. As my client list grew, I began landing some hourly gigs, retainers, and some dedicated resource structures. Each of these pricing structures has pros and cons, for you as a designer as well as for your client. Understanding these pricing structures, explaining them clearly to your clients, and choosing the right one for the job can make the difference between a blissful client experience and your worst nightmare. Fixed Bid Fixed-bid pricing is a set scope of work with a fixed price. You tell

Where to stash your organizational risk? Lately, I’m increasingly hearing folks reference the idea of organizational debt. This is the organizational sibling of technical debt, and it represents things like biased interview processes and inequitable compensation mechanisms. These are systemic problems that are preventing your organization from reaching its potential. Like technical debt, these risks linger because they are never the most pressing problem. Until that one fateful moment when they are. Within organizational debt, there is a volatile subset most likely to come abruptly due, and I call that subset organizational risk. Some good examples might be a toxic team culture, a toilsome fire drill, or a struggling leader. These problems bubble up from your peers, skip-level one-on-ones,16 and organizational health surveys. If you care and are listening, these are hard to miss. But they are slow to fix. And, oh, do they accumulate! The larger and older your organization is, the more you’ll find perched on your capable shoulders. How you respond to this is, in my opinion, the core challenge of leading a large organization. How do you continue to remain emotionally engaged with the challenges faced by individuals you’re responsible to help, when their problem is low in your problems queue? In that moment, do you shrug off the responsibility, either by changing roles or picking powerlessness? Hide in indifference? Become so hard on yourself that you collapse inward? I’ve tried all of these! They weren’t very satisfying. What I’ve found most successful is to identify a few areas to improve, ensure you’re making progress on those, and give yourself permission to do the rest poorly. Work with your manager to write this up as an explicit plan and agree on what reasonable progress looks like. These issues are still stored with your other bags of risk and responsibility, but you’ve agreed on expectations. Now you have a set of organizational risks that you’re pretty confident will get fixed, and then you have all the others: known problems, likely to go sideways, that you don’t believe you’re able to address quickly. What do you do about those? I like to keep them close. Typically, my organizational philosophy is to stabilize team-by-team and organization-by-organization. Ensuring any given area is well on the path to health before moving my focus. I try not to push risks onto teams that are functioning well. You do need to delegate some risks, but generally I think it’s best to only delegate solvable risk. If something simply isn’t likely to go well, I think it’s best to hold the bag yourself. You may be the best suited to manage the risk, but you’re almost certainly the best positioned to take responsibility. As an organizational leader, you’ll always have a portfolio of risk, and you’ll always be doing very badly at some things that are important to you. That’s not only okay, it’s unavoidable.

On the face of it, most people do not think of Jesus as a depressive realist. Yet the Biblical Jesus was clearly anything but a facilely happy consumerist, bureautype or bovine citizen. Rather, he espoused an ascetic lifestyle, nomadic, without possessions, possibly without sex, without career anxieties (‘consider the lilies’) and at best paying lip service to civic authorities and traditional religious institutions. Along with Diogenes, many anarchists, and latter day hip-pies, Jesus has been regarded as a model of the be-here-now philosophy, and hardly a champion of a work ethic and investment portfolio agenda. Jesus and others did not expect to find fulfilment in this world (meaning this civilisation) but looked forward to another world, or another kind of existence. Since that fantasised world has never materialised, we can only wonder about the likeness between early Christian communities and theoretical DR communities. There are certainly some overlaps but one distinctive dissimilarity: the DR has no illusory better world to look forward to, whereas the Christian had (and many Christians still have) illusions of rapture and heaven to look forward to. The key problematic here, however, for Jesus, the early Christians, anarchists, beats, hippies and DRs hoping for a DR-friendly society, is that intentional communities require some sense of overcoming adversity, having purpose, a means of functioning and maintaining morale in the medium to long-term. It is always one thing to gain identity from opposing society at large, and quite another to sustain ongoing commitment.

One executive team I worked with had at one time identified three criteria for deciding what projects to take on. But over time they had become more and more indiscriminate, and eventually the company’s portfolio of projects seemed to share only the criterion that a customer had asked them to do it. As a result, the morale on the team had plummeted, and not simply because team members were overworked and overwhelmed from having taken on too much. It was also because no project ever seemed to justify itself, and there was no greater sense of purpose. Worse, it now became difficult to distinguish themselves in the marketplace because their work, which had previously occupied a unique and profitable niche, had become so general. Only by going through the work of identifying extreme criteria were they able to get rid of the 70 and 80 percents that were draining their time and resources and start focusing on the most interesting work that best distinguished them in the marketplace. Furthermore, this system empowered employees to choose the projects on which they could make their highest contribution; where they had once been at the mercy of what felt like capricious management decisions, they now had a voice. On one occasion I saw the quietest and most junior member of the team push back on the most senior executive. She simply said, “Should we be taking on this account, given the criteria we have?” This had never happened until the criteria were made both selective and explicit. Making our criteria both selective and explicit affords us a systematic tool for discerning what is essential and filtering out the things that are not.

In other words, the best marketing decision you can make is to have a product or business that fulfills a real and compelling need for a real and defined group of people—no matter how much tweaking and refining this takes.

Management and chairman of the Santa Fe Institute: “Buffett’s advice is so good but so hard. The point when there’s a valuation extreme is precisely the point when the emotional pull—in the wrong direction—is strongest.”11 Adds James Montier, portfolio manager at GMO: “People love extrapolation and forget that cycles exist. The good news is that you get paid for doing uncomfortable things, when stocks are at trough earnings and low multiples their implied return is high, in contrast you don’t get paid for

Ben Graham–style bargain equities, we may become quite uncomfortable at times, especially if the market value of the portfolio declined precipitously. We might look at the portfolio and conclude that every investment could be worth zero. After all, we may have a mediocre business run by mediocre management, with assets that could be squandered. Investing in deep value equities therefore requires faith in the law of large numbers—that historical experience of market-beating returns in deep value stocks and the fact that we own a diversified portfolio will combine to yield a satisfactory result over time. This conceptually sound view becomes seriously challenged in times of distress. By contrast, an investor in high-quality businesses that are conservatively financed and run by shareholder-friendly managements may fall back on the well-founded belief that no matter how low the stock prices of those companies fall, the businesses will survive the downturn and recover value over time.

On a daily basis the venture capitalist was not concerned with historical impact; he worked to create wealth for himself and his limited partners. However, among the Benchmark partners there was awareness that framing one’s professional raison d’être in the language of financial return meant that one was hostage to the vagaries of the market—and even when the market is buoyant, there is little that is soul-quenching about mere numbers. “The really big wins are where all the rewards come from,” Bob Kagle once pointed out, before eBay had gone public. The rewards he was referring to were the emotional ones, not the financial ones, and they were rewards derived not from a game of assuming personal risk—the venture guys had a portfolio across which risk could be spread—but from being backers of entrepreneurs, the ones who commercialized new technology and introduced new products and services—and were the ones who really took on risk. “Nine times out of ten they’re taking on some big, established system of some sort.” He dropped his voice for emphasis: If the individual entrepreneur won, even for the venture guys it produced an “exhilarating feeling”—he groped for the right words—“it’s confirmation that one person with courage can make a difference.” This was the minidrama Kagle and his colleagues had seen play out triumphantly again and again. The work itself did not have any neat demarcations of beginning, middle, and end. The funds seemed to be evergreen, fresh capital materializing as soon as the till was exhausted. The calendars of the partners, revolving as they did around looking at new business plans, meeting new entrepreneurs, considering new deals, gave a feeling of perennially beginning afresh. For them, it was the best place in the cosmos to get the first peek at the future.

Rothschild houses had capital in excess of £35 million on the eve of the First World War, all of it family money; it was the job of the partners to manage this huge portfolio. A large part of it they held in the form of European government bonds, the most secure form of investment and also the kind of security the Rothschilds knew best, since they had long been the principal underwriters for new bond issues on the London market. They, more than anyone, stood to lose in the event of a European war, not least because such a war would almost certainly divide the three houses, pitting Paris and perhaps also London against Vienna. Yet the outbreak of war caught them almost entirely by surprise.

While both Agile and CCPM offer ways to aggregate risk, CCPM advocates elevating this risk to the project and portfolio levels whenever beneficial, and whenever acceptable to the customer. In contrast, Agile focuses its risk aggregation on the scrum team, ignoring the benefits of aggregating risk to the highest level feasible. There’s no reason Agile projects can’t also benefit by aggregating the risk beyond the scrum team, to the project level.

Interestingly, Agile’s scrum-team approach has its own way of aggregating some execution risk. For example, in a traditional “single task owner” approach, the risk of execution is not aggregated at all, leaving that task owner to add a lot of task-level buffer to self-insure and deliver on his commitment. In contrast, a 5-person scrum team aggregates the risk that any single individual will make slow progress, as the other four team members can often make up the deficit. But why aggregate only up to the scrum-team level? Taking a lesson from the insurance industry, the more that risk can be aggregated, the easier it is to manage. Applied to projects, this will nearly always mean that it’s better to aggregate risk at the project level. As a result, an Agile project can improve speed by avoiding sprint-level commitments.

the nature of cigar butts implies that success in this area is likely to come with material portfolio turnover, perhaps on the order of 100 percent.

Following the evidence, I concluded that individuals fare best by constructing equity-oriented, broadly diversified portfolios without the active management component. Instead of pursuing ephemeral promises of market-beating strategies, individuals benefit from adopting the ironclad reality of market-mimicking portfolios managed by not-for-profit investment organizations. The

At this point, it’s important to clarify the difference between bonds and stocks. A bond is simply a loan. Most often, bonds have a sharply limited upside: the best that you can do is collect your interest payments and principal at maturity. A share of stock, on the other hand, represents a claim on all of the future earnings of the company. As such, its upside is potentially unlimited. It

Bonds are even worse, since their returns do not mean revert—a series of bad years is likely to be followed by even more bad ones, as happened during the 1970s. This is the point made by Jeremy Siegel in his superb treatise, Stocks For The Long Run. Professor Siegel pointed out that stocks outperformed bonds in only 61% of the years after 1802, but that they bested bonds in 80% of ten-year periods and in 99% of 30-year periods. Looked

Note how small stocks have had higher returns than larger stocks, but that they also have higher risks. In both the Great Depression and the 1970s bear market, small-stocks sustained higher losses than large stocks. In addition, the small stock advantage is extremely tenuous—it’s less than a percent-and-a-half per year, and there have been periods of more than 30 years when large stocks have bested small stocks. For these reasons, the small-stock advantage is controversial.

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The first concerns how an investor should choose among different types of broad-based index funds. The best-known of the broad stock market mutual funds and ETFs in the United States track the S&P 500 index of the largest stocks. We prefer using a broader index that includes more smaller-company stocks, such as the Russell 3000 index or the Dow-Wilshire 5000 index. Funds that track these broader indexes are often referred to as “total stock market” index funds. More than 80 years of stock market history confirm that portfolios of smaller stocks have produced a higher rate of return than the return of the S&P 500 large-company index. While smaller companies are undoubtedly less stable and riskier than large firms, they are likely—on average—to produce somewhat higher future returns. Total stock market index funds are the better way for investors to benefit from the long-run growth of economic activity.

Mixing a broad index fund with small-cap value has produced the best results. U.S. equities are a core position in almost every growth investor’s portfolio.

I would add that I am not persuaded that international funds are a necessary component of an investor’s portfolio. Foreign funds may reduce a portfolio’s volatility, but their economic and currency risks may reduce returns by a still larger amount. The idea that a theoretically optimal portfolio must hold each geographical component at its market weight simply pushes me further than I would dream of being pushed. (I explore the pros and cons of global investing in Chapter 8.) My best judgment is that international holdings should comprise 20 percent of equities at a maximum, and that a zero weight is fully acceptable in most portfolios.

But it is the long-term merits of the index fund—broad diversification, weightings paralleling those of the stocks that comprise the market, minimal portfolio turnover, and low cost—that commend it to wise investors. Consider these words from perhaps the wisest investor of all, Warren E. Buffett, from the 1996 Annual Report of Berkshire Hathaway Corporation: Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.

Humans are great optimizers. We look at everything around us, whether a cow, a house, or a share portfolio, and ask ourselves how we can manage it to get the best return. Our modus operandi is to break the things we’re managing down into its component parts and understand how each part functions and what inputs will yield the greatest outputs . . . [but] the more you optimize elements of a complex system of humans and nature for some specific goal, the more you diminish that system’s resilience. A drive for efficient optimal state outcome has the effect of making the total system more vulnerable to shocks and disturbances.

A portfolio of low-cost index funds is the best approach for a percentage of your investments because we don’t know what stocks will be “best” going forward.

The ideal way to dollar-cost average is into a portfolio of index funds, which own every stock or bond worth having. That way, you renounce not only the guessing game of where the market is going but which sectors of the market—and which particular stocks or bonds within them—will do the best.

The very best salespeople have mastered balanced prospecting in the same manner that wealthy people have mastered balance in their investment portfolios. Balance simply means that to get the best return from your prospecting time investment, there should be a mixture of telephone, in-person, e-mail, social selling, text messaging, referrals, networking, inbound leads, trade shows, and cold calling. The relative distribution of your time investment in each prospecting methodology should be based on your unique situation.

Normally men don't really listen all that well. You can mention that you like apricots, or The Cure, or kittens, and it just goes out of their heads the minute it's out of your mouth. I personally seize on these clues about people. For example, I know that Sasha loves the smell of violets, and that Rose enjoys novels of a bodice-ripping nature and walks for exercise and has a Siamese cat called Dr. Oodles, but if I'd asked Dan what his best friend had studied at college- where they were roommates- he would have no idea. Anyway, Edward was apparently different, because he'd sent me a gorgeous bouquet of roses that filled the room with an intense, sweetly lemony, rosy smell that was mind-blowing. The roses themselves were a rich cream and stuffed with petals that made them look like roses in paintings. Sasha was looking at me. "Well, you must have done something pretty amazing last night. I've been sketching these since I got in. They're the most gorgeous Madame Hardys I've seen in a long time." I could see she had also been getting her shit together; there were open cartons on her desk, and she'd brought her portfolio to the office. "Aren't they roses?" I was bending down, sniffing deeply. I looked for a card. Sasha laughed. "The name of the rose is Madame Hardy. It's a damask rose, and one of the most famous old roses available these days. Someone knows their flowers.

What’s Your Foreign Policy? Investing in foreign stocks may not be mandatory for the intelligent investor, but it is definitely advisable. Why? Let’s try a little thought experiment. It’s the end of 1989, and you’re Japanese. Here are the facts: Over the past 10 years, your stock market has gained an annual average of 21.2%, well ahead of the 17.5% annual gains in the United States. Japanese companies are buying up everything in the United States from the Pebble Beach golf course to Rockefeller Center; meanwhile, American firms like Drexel Burnham Lambert, Financial Corp. of America, and Texaco are going bankrupt. The U.S. high-tech industry is dying. Japan’s is booming. In 1989, in the land of the rising sun, you can only conclude that investing outside of Japan is the dumbest idea since sushi vending machines. Naturally, you put all your money in Japanese stocks. The result? Over the next decade, you lose roughly two-thirds of your money. The lesson? It’s not that you should never invest in foreign markets like Japan; it’s that the Japanese should never have kept all their money at home. And neither should you. If you live in the United States, work in the United States, and get paid in U.S. dollars, you are already making a multilayered bet on the U.S. economy. To be prudent, you should put some of your investment portfolio elsewhere—simply because no one, anywhere, can ever know what the future will bring at home or abroad. Putting up to a third of your stock money in mutual funds that hold foreign stocks (including those in emerging markets) helps insure against the risk that our own backyard may not always be the best place in the world to invest.

The ideal way to dollar-cost average is into a portfolio of index funds, which own every stock or bond worth having. That way, you renounce not only the guessing game of where the market is going but which sectors of the market—and which particular stocks or bonds within them—will do the best. Let’s say you can spare $500 a month. By owning and dollar-cost averaging into just three index funds—$300 into one that holds the total U.S. stock market, $100 into one that holds foreign stocks, and $100 into one that holds U.S. bonds—you can ensure that you own almost every investment on the planet that’s worth owning.7 Every month, like clockwork, you buy more. If the market has dropped, your preset amount goes further, buying you more shares than the month before. If the market has gone up, then your money buys you fewer shares. By putting your portfolio on permanent autopilot this way, you prevent yourself from either flinging money at the market just when it is seems most alluring (and is actually most dangerous) or refusing to buy more after a market crash has made investments truly cheaper (but seemingly more “risky”).

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Although those who wait long enough will eventually recoup losses on a diversified portfolio of stocks, buying stocks at or below their historical valuation is the best way to guarantee superior returns.

So that was the rub. That the best chance for long-term growth and financial freedom is a well balanced portfolio that minimizes fees and taxes but that comes with risk.

Investing (and deciding where to work): Value flows from choosing the right sector, team, and product, in that order. Sector: Embrace risk. Be contrarian, and look for disruptive, not incremental, improvements. Team: At our firm, and at our portfolio companies, it is all about the talent. “A” leaders hire A+ talent; “B” leaders hire C talent. Judge people by the team they build. If you are the smartest person in the room, and remain so for more than a few months, start to worry. Product: The tried-and-true way to judge a product’s value is by the customer’s second purchase. Many products are over-engineered, some are too incremental to displace legacy products, and others solve too narrow a problem. The best solutions offer value through simplicity and target the highest priority needs of buyers. In

The collective value of a typical venture capital portfolio will go down before it goes up—the pattern is called the J curve—because the companies that are not going to survive die before the best performers begin to shine and pull the value of the portfolio up with them. That,

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The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and staying clear of the worst.

The performance of the American stock market is perhaps best measured by comparing the total returns on stocks, assuming the reinvestment of all dividends, with the total returns on other financial assets such as government bonds and commercial or Treasury bills, the last of which can be taken as a proxy for any short-term instrument like a money market fund or a demand deposit at a bank. The start date, 1964, is the year of the author’s birth. It will immediately be apparent that if my parents had been able to invest even a modest sum in the US stock market at that date, and to continue reinvesting the dividends they earned each year, they would have been able to increase their initial investment by a factor of nearly seventy by 2007. For example, $10,000 would have become $700,000. The alternatives of bonds or bills would have done less well. A US bond fund would have gone up by a factor of under 23; a portfolio of bills by a factor of just 12. Needless to say, such figures must be adjusted downwards to take account of the cost of living, which has risen by a factor of nearly seven in my lifetime. In real terms, stocks increased by a factor of 10.3; bonds by a factor of 3.4; bills by a factor of 1.8.

Recently, a large company offered to buy one of our portfolio companies. The deal was lucrative and compelling given the portfolio company’s progress to date and revenue level. The founder/CEO (I’ll call him Hamlet—not his real name) thought that selling did not make sense due to the giant market opportunity that he was pursuing, but he still wanted to make sure that he made the best possible choice for investors and employees. Hamlet wanted to reject the offer, but only marginally. To complicate matters, most of the management team and the board thought the opposite. It did not help that the board and the management team were far more experienced than Hamlet. As a result, Hamlet spent many sleepless nights worrying about whether he was right. He realized that it was impossible to know. This did not help him sleep. In the end, Hamlet made the best and most courageous decision he could and did not sell the company. I believe that will prove to be the defining moment of his career.

Skilled investors can maximize their long-term performance by maximizing the margin of safety of each stock held in the portfolio, which is to say, by concentrating on the best ideas. To be “skilled,” an investor must be able to identify which stocks are more undervalued than others, and then construct a portfolio containing only the most undervalued stocks. In doing so, investors take on the risk that an unforeseeable event leads to an unrecoverable loss in the intrinsic value of any single holding, perhaps through financial distress or fraud. This unrecoverable diminution in intrinsic value is referred to in the value investing literature as a permanent impairment of capital, and it is the most important consideration for value investors. Value investors distinguish the partial or total diminution in the firm’s underlying value, which is a risk to be considered, from a mere drop in the share price, no matter how significant the drop may be, which is an event to be ignored or exploited. The extent to which the portfolio value is impacted by a portfolio holding suffering a permanent impairment of capital will depend on the size of the holding relative to the portfolio value—the bigger the holding, the greater the impact on the portfolio. Thus the more concentrated an investor becomes, the greater the need to understand individual holdings. Says Buffett of the “know-something” investor:28 [If] you are a know-something investor, able to understand business economics and to find five to 10 sensibly priced companies that possess important

Some might say that attempting to gain everything is the best way to lose everything. To the contrary, I would argue that if I’ve spent my life trying to gain everything, I never had anything to lose in the first place.

Everyone’s different and we all have our own portfolio of limiting beliefs. But in all my coaching, I’ve encountered two that many of us share. The first is that we have no power to change our circumstances, and the second is that we lack the resources to do so.

Pat Dorsey, a Chicago-based hedge fund manager, expresses a similar view. “The single best thing any investor can do is to not have a TV and a Bloomberg terminal in their office,” he once told me. “That I have to walk fifty feet down the hall to look at stock prices or check the news on our portfolio is great. It’s so tempting. It’s like checking email obsessively: you get a little dopamine rush. But as we all know logically and rationally, it’s utterly nonproductive.

Test-drive employees Interviews are only worth so much. Some people sound like pros but don’t work like pros. You need to evaluate the work they can do now, not the work they say they did in the past. The best way to do that is to actually see them work. Hire them for a miniproject, even if it’s for just twenty or forty hours. You’ll see how they make decisions. You’ll see if you get along. You’ll see what kind of questions they ask. You’ll get to judge them by their actions instead of just their words. You can even make up a fake project. In a factory in South Carolina, BMW built a simulated assembly line where job candidates get ninety minutes to perform a variety of work-related tasks.* Cessna, the airplane manufacturer, has a role-playing exercise for prospective managers that simulates the day of an executive. Candidates work through memos, deal with (phony) irate customers, and handle other problems. Cessna has hired more than a hundred people using this simulation.† These companies have realized that when you get into a real work environment, the truth comes out. It’s one thing to look at a portfolio, read a resumé, or conduct an interview. It’s another to actually work with someone.

best VCs know that companies are always bought, never sold.

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Your Beliefs When it comes to job seeking, I like what Saint Augustine said: Pray as though everything depended on God. Work as though everything depended on you. Because I follow this strategy, I believe I will be hired. I also believe I'll be hired, since my last employer gave me more chances to learn how to get hired than most people have in their lifetime. Because of those experiences: I realize I must stand out from all of the other candidates. I stand out by clearly communicating my track record of solving complex problems. The best way to communicate how you can solve problems is to include your stories of overcoming obstacles and resolving work issues in: • Your Cover Letter • Your Resume • Your Achievement Stories • Your LinkedIn Recommendations • Your Portfolio.

Here is the key point: Once you have determined how many projects you can support, and what mix of projects you need to support your strategy, similar projects must compete against other similar projects for budget and staff for the resources dedicated to that category of project. Let’s say that you have decided to allocate 20 percent of your available resources to positioning options. Any new candidate for getting resources that is a positioning option should compete for that 20 percent against all the other positioning projects. They shouldn’t compete against other kinds of options or against platform or enhancement launches. This ensures that you will pick only the very best positioning options for your portfolio. What’s more important, it gets you out of the constant tug-of-war between short-term and long-term projects. The strategic choice is how many of your resources you will put into each category. Then within each category, the very best projects should compete against one another for consideration.

who are not is what they know and how they apply that knowledge. Because the world is governed by men, should you not endeavor to learn as much as possible about men? If you study men with the same diligence as you have studied art and the texts with which Master Dichartyn has plied you and examined you, you will gain great knowledge about how best to apply all you know.

The best way to implement this strategy is indeed simple: Buy a fund that holds this all-market portfolio, and hold it forever. Such a fund is called an index fund. The index fund is simply a basket (portfolio) that holds many, many eggs (stocks) designed to mimic the overall performance of the U.S. stock market (or any financial market or market sector).

If you choose to invest in TDFs, I encourage you to “look under the hood” first. (Always a good idea!) Compare the costs of TDFs, and pay attention to their underlying structures. Many TDFs hold actively managed funds as components, whereas others use low-cost index funds. Make sure you know precisely what is in your TDF portfolio and how much you’re paying for it. The major actively managed TDFs have annual expense ratios that average 0.70 percent; index fund TDFs carry average expense ratios of 0.13 percent. It will not surprise you to know that I believe that low-cost, index-based target-date funds are likely to be your best option.

Two of my favorite portfolio analysis tools are Portfolio Visualizer and DIY.Fund. Portfolio Visualizer is a website which offers several of the best analysis tools for index fund investors, without a fee. On the other hand, DIY.Fund is an analysis tool for individual stock investors.

How he enjoyed this preliminary interlocking of words and actions, this cautious and cunning scattering of the first grains of the powder-trail that should lead to some desired explosion, great or small... This moving about of human beings and influencing, if only in small ways, the pattern of their lives, was what he liked doing best next to wandering, in a dream, yet observing and hearing all that was going on about him... he saw the people whose lives he was thus gently fingering not as living beings but as characters, even as he was a character, in a story: and they were linked and mingled , too, in a kind of strongly pleasurable confusion, with the manuscript, growing ever more stained and inter-and-over corrected and crossed, which he carried in the portfolio that hardly ever left its place against his side.

Diversification is the best way to admit you have no idea what's going to happen in the future. It's how you prepare a portfolio for a wide range of future possibilities and admit your own infallibility.

Being forced to quit forces you to start exploring new options and opportunities. But you should start exploring before you’re forced to. Even after you have found a path that you want to stick to, keep doing some exploration. Things change, and whatever you are doing now may not be the best path for you to pursue in the future. Having more options gives you something to switch to when the time is right. Exploration helps you to diversify your portfolio of skills, interests, and opportunities. A diversified portfolio helps to protect you against uncertainty. Backup plans are good to have especially because some backup plans can turn out to be better than what we’re already pursuing.

In other words, when buying, these expert investors were trying to find positions that would be a good bet going forward. When selling, it appears that they were not doing as much, if any, of that work, either in the timing of taking off positions or the future prospects of those positions. The best quitting strategy would be to examine all your holdings, not just the ones at the tails of your portfolio, and decide which were going to generate the least value going forward and sell those. That would maximize the value of the portfolio as a whole. This is, after all, their buying strategy, and they execute it with skill and success, by using amazing data-driven strategies to generate excess returns.

For those in their twenties, a very aggressive investment portfolio is recommended. At this age, there is lots of time to ride out the peaks and valleys of investment cycles, and you have a lifetime of earnings from employment ahead of you. The portfolio is not only heavy in common stocks but also contains a substantial proportion of international stocks, including the higher-risk emerging markets. As mentioned in chapter 8, one important advantage of international diversification is risk reduction. Plus, international diversification enables an investor to gain exposure to other growth areas in the world even as world markets become more closely correlated.

Indefinite attitudes to the future explain what’s most dysfunctional in our world today. Process trumps substance: when people lack concrete plans to carry out, they use formal rules to assemble a portfolio of various options . . . A definite view, by contrast, favors firm convictions. Instead of pursuing many-sided mediocrity and calling it “wellroundedness,” a definite person determines the one best thing to do and then does it.

Pro-risk, aggressive investors, for example, should be expected to make more than the index in good times and lose more in bad times. This is where beta comes in. By the word beta, theory means relative volatility, or the relative responsiveness of the portfolio return to the market return. A portfolio with a beta above 1 is expected to be more volatile than the reference market, and a beta below 1 means it’ll be less volatile. Multiply the market return by the beta and you’ll get the return that a given portfolio should be expected to achieve, omitting nonsystematic sources of risk. If the market is up 15 percent, a portfolio with a beta of 1.2 should return 18 percent (plus or minus alpha). Theory looks at this information and says the increased return is explained by the increase in beta, or systematic risk. It also says returns don’t increase to compensate for risk other than systematic risk. Why don’t they? According to theory, the risk that markets compensate for is the risk that is intrinsic and inescapable in investing: systematic or “non-diversifiable” risk. The rest of risk comes from decisions to hold individual stocks: non-systematic risk. Since that risk can be eliminated by diversifying, why should investors be compensated with additional return for bearing it? According to theory, then, the formula for explaining portfolio performance (y) is as follows: y = α + βx Here α is the symbol for alpha, β stands for beta, and x is the return of the market. The market-related return of the portfolio is equal to its beta times the market return, and alpha (skill-related return) is added to arrive at the total return (of course, theory says there’s no such thing as alpha). Although I dismiss the identity between risk and volatility, I insist on considering a portfolio’s return in the light of its overall riskiness, as discussed earlier. A manager who earned 18 percent with a risky portfolio isn’t necessarily superior to one who earned 15 percent with a lower-risk portfolio. Risk-adjusted return holds the key, even though—since risk other than volatility can’t be quantified—I feel it is best assessed judgmentally, not calculated scientifically.

MATCH STRATEGY TO SITUATION—CHECKLIST What portfolio of STARS situations have you inherited? Which portions of your responsibilities are in start-up, turnaround, accelerated-growth, realignment, and sustaining-success modes? What are the implications for the challenges and opportunities you are likely to confront, and for the way you should approach accelerating your transition? What are the implications for your learning agenda? Do you need to understand only the technical side of the business, or is it critical that you understand culture and politics as well? What is the prevailing climate in your organization? What psychological transformations do you need to make, and how will you bring them about? How can you best lead change given the situations you face? Which of your skills and strengths are likely to be most valuable in your new situation, and which have the potential to get you into trouble? What are the implications for the team you need to build?

For example, Aviva Investors (discussed further in chapter 5) assesses potential external managers based on their ESG integration capacity, including their engagement efforts. It maintains a “buy list” of managers that pass its various criteria for its portfolio managers to choose from. It also surveys asset managers on their ESG practices every two years. It does so in part “to raise awareness and enhance [its] understanding of best practice regarding ESG integration in the industry.

A couple recently came to my office. Let’s call them Mark and Elizabeth Schuler. They came in for a consultation at Elizabeth’s request. Mark’s best friend was a stockbroker who had handled the couple’s investment portfolio for decades. All they wanted from me was a second opinion. If all went well, they planned to stop working within five years. After a quick chat about their goals, I organized the mess of financial paperwork they’d brought and set about assessing their situation. As my team and I prepared their “Retirement Map Review,” it was immediately apparent the Schulers were carrying significant market risk. We scheduled a follow-up appointment for two weeks later. When they returned, I asked them to estimate their comfortable risk tolerance. In other words, how much of their savings could they comfortably afford to have exposed to stock market losses? Elizabeth laughed at the question. “We’re not comfortable losing any of it,” she said. I had to laugh too. Of course, no one wants to lose any of their money. But with assets housed in mutual funds, 401(k)s, and stocks, there’s always going to be some measure of risk, not to mention fees to maintain such accounts. We always stand to lose something. So how much could they tolerate losing and still be okay to retire? The Schulers had to think about that for a while. After some quick calculations and hurried deliberation, they finally came up with a number. “I guess if we’re just roughly estimating,” Mark said, “I could see us subjecting about 10 percent of our retirement savings to the market’s ups and downs and still being all right.” Can you guess what percentage of their assets were at risk? After a careful examination of the Schulers’ portfolio, my team and I discovered 100 percent of their portfolio was actually invested in individual stocks—an investment option with very high risk! In fact, a large chunk of the Schulers’ money was invested in Pacific Gas & Electric Company (PG&E), a utility company that has been around for over one hundred years. Does that name sound familiar? When I met with the Schulers, PG&E stock was soaring. But you may remember the company name from several 2019 news headlines in which the electric and natural gas giant was accused of negligence that contributed to 30 billion dollars’ worth of damage caused by California wild fires. In the wake of that disaster, the company’s stock dropped by more than 60 percent in a matter of months. That’s how volatile individual stocks can be.

Making a decision to own a house that is too expensive in lieu of starting an investment portfolio impacts an individual in at least the following three ways: 1.​Loss of time, during which other assets could have grown in value. 2.​Loss of additional capital, which could have been invested instead of paying high home maintenance expenses. 3.​Loss of education. Too often, people count their house and savings and retirement plans as all they have in their asset column. Because they have no money to invest, they simply don’t invest. This costs them investment experience. Most never become what the investment world calls “a sophisticated investor.” And the best investments are usually first sold to sophisticated investors, who then turn around and sell them to the people playing it safe.

YouTube also contains a treasure trove of lectures by nearly all of finance’s leading lights, strewn throughout its vast wasteland of misinformation. Tread carefully. A few wrong clicks and you’ll wind up with a QAnon conspiracist or a crypto bro. Of the names I’ve mentioned in this book, I’d search for John Bogle, Eugene Fama, Kenneth French, Jonathan Clements, Zvi Bodie, William Sharpe, Burton Malkiel, Charles Ellis, and Jason Zweig. Worthwhile finance podcasts abound. Start with the Economist’s weekly “Money Talks” and NPR’s Planet Money, although most of the latter’s superb coverage revolves around economics and relatively little around investing. Rick Ferri’s Boglehead podcast interviews cover mainly passive investing. Another financial podcast I highly recommend is Barry Ritholtz’s Masters in Business from Bloomberg. Podcasts are a rapidly evolving area. Lest you wear your ears out, you’ll need discretion to curate the burgeoning amount of high-quality audio. Research mutual funds. All the fund companies discussed in this book have sophisticated websites from which basic fund facts, such as fees and expenses, can be obtained, as well as annual and semiannual reports that list and tabulate holdings. If you’re researching a large number of funds, this gets cumbersome. The best way is to visit Morningstar.com. Use the site’s search function to locate the main page for the fund you’re interested in and click the “Expense” and “Portfolio” tabs to find the fund expense ratio and detailed data on the fund holdings. Click the “Performance” tab to see the fund’s return over periods ranging from a single day up to 15 years, and the “Chart” tab to compare the returns of multiple funds over a given interval. ***

What to do to be an Expert in Freelancing? What is Freelancing? We already know that, Now let's see What to do to be an Expert in Freelancing - Things to do for Self Development: Get positive feedback from clients by practicing what you are good at, and finding work that matches your skills. This is the key to your improvement and the first step to success. When you start to succeed, choose the opportunities that work best for you. Use the time appropriately and fully. Some of the processes of Self-Presentation after Self-Development are discussed below - Process of Introducing Yourself: 1. Enhance your profile and build your portfolio with accurate information about yourself. 2. Create your own signature that will identify you in your work. 3. Always use your own photo and signature for original work. 4. Run your own campaign. For example: commenting on others' posts, making full use of social sites, keeping in touch with others, doing service work, teaching others, participating in various seminars, and distributing leaflets or posters. Showing Professionalism: How to express or calculate that you are a professional? There are many ways, by which you can easily express that you are a professional entrepreneur or employee. The ways are: 1. Professionals never work for free, so before starting a job, you must be sure about the remuneration. 2. Professionals don't work on balance, if you want to show professionalism you must pay in cash or promise to pay half in advance and the rest at the end of the job. 3. A professional never lacks any research or communication for his work. Win the Client's Heart: There are thousands of freelancers in front of a client for a job, but only one gets the job. The person who got the job got it because he presented himself in the client's mind. Mistakes to Avoid: Only humans are fallible. It is natural for people to make mistakes, but if people can't learn from those mistakes then it is better not to make such mistakes. The Mistakes are: 1. Failure to identify oneself. 2. Show Engagement. 3. Lack of communication with the client etc. Being Punctual: It is wise to do the work on time. Never leave work. Because if you leave work, the amount of work will increase and not decrease. Therefore, it is better to do the work of time in time and move towards the formation of life by being respectful of time. So, if the above tasks are done or followed correctly, achieving success as a freelancer is just a saying. To make yourself a successful and efficient freelancer, the importance and importance of the above topics is immense.

According to Roger Ibbotson, who has spent a lifetime measuring returns from alternative portfolios, more than 90 percent of an investor’s total return is determined by the asset categories that are selected and their overall proportional representation. Less than 10 percent of investment success is determined by the specific stocks or mutual funds that an individual chooses.

Assets Under Management” Advisors Many people claim that the best advisor is one who is paid as a function of your account size (i.e., your “assets under management” or “AUM”). AUM fees tie the advisor’s interests to yours—or so goes the claim. What they really do is tie the advisor’s interests to your account size, not to your overall financial well-being. For the most part, this is not a problem, but it does present a conflict of interests whenever the most appropriate thing for you to do is liquidate a part of your portfolio (for example, to pay down your mortgage, delay claiming Social Security, or buy a piece of real estate).

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The best student portfolios must feature these attributes, among others, if they are to be of most value: The collections of work will cover years, even decades. Only over time can the threads of passions and other themes be drawn. They will be multimedia, using words, photographs, and video clips. They will include external validation, where appropriate. This may include awards, references in local papers, and letters of thanks from recipients.

The situational diagnosis conversation. In this conversation, you seek to understand how your new boss sees the STARS portfolio you have inherited. Are there elements of start-up, turnaround, accelerated growth, realignment, and sustaining success? How did the organization reach this point? What factors—both soft and hard—make this situation a challenge? What resources within the organization can you draw on? Your view may differ from your boss’s, but it is essential to grasp how she sees the situation. The expectations conversation. Your goal in this conversation is to understand and negotiate expectations. What does your new boss need you to do in the short term and in the medium term? What will constitute success? Critically, how will your performance be measured? When? You might conclude that your boss’s expectations are unrealistic and that you need to work to reset them. Also, as part of your broader campaign to secure early wins, discussed in the next chapter, keep in mind that it’s better to underpromise and overdeliver. The resource conversation. This conversation is essentially a negotiation for critical resources. What do you need to be successful? What do you need your boss to do? The resources need not be limited to funding or personnel. In a realignment, for example, you may need help from your boss to persuade the organization to confront the need for change. Key here is to focus your boss on the benefits and costs of what you can accomplish with different amounts of resources. The style conversation. This conversation is about how you and your new boss can best interact on an ongoing basis. What forms of communication does he prefer, and for what? Face-to-face? Voice, electronic? How often? What kinds of decisions does he want to be consulted on, and when can you make the call on your own? How do your styles differ, and what are the implications for the ways you should interact? The personal development conversation. Once you’re a few months into your new role, you can begin to discuss how you’re doing and what your developmental priorities should be. Where are you doing well? In what areas do you need to improve or do things differently? Are there projects or special assignments you could undertake (without sacrificing focus)? In practice, your

Even the Best Company Will Hurt Your Portfolio If You Pay Too Much for It.

1. The conglomerate movement, “with all its fancy rhetoric about synergism and leverage.” 2. Accountants who played footsie with stock-promoting managements by certifying earnings that weren’t earnings at all. 3. “Modern” corporate treasurers who looked upon their company pension funds as new-found profit centers and pressured their investment advisers into speculating with them. 4. Investment advisers who massacred clients’ portfolios because they were trying to make good on the over-promises that they had made to attract the business. 5. The new breed of investment managers who bought and churned the worst collection of new issues and other junk in history, and the underwriters who made fortunes bringing them out. 6. Elements of the financial press which promoted into new investment geniuses a group of neophytes who didn’t even have the first requisite for managing other people’s money—namely, a sense of responsibility. 7. The securities salesmen who peddle the items with the best stories—or the biggest markups—even though such issues were totally unsuited to the customers’ needs. 8. The sanctimonious partners of major investment houses who wrung their hands over all these shameless happenings while they deployed an army of untrained salesmen to forage among even less trained investors. 9. Mutual fund managers who tried to become millionaires overnight by using every gimmick imaginable to manufacture their own paper performance. 10. Portfolio managers who collected bonanza incentives of the “heads I win, tails you lose” kind, which made them fortunes in the bull market but turned the portfolios they managed into disasters in the bear market. 11. Security analysts who forgot about their professional ethics to become storytellers and let their institutions be taken in by a whole parade of confidence men. This was the “list of horrors that people in our field did to set the stage for the greatest blood bath in forty years,

The best-performing 2,000 stocks—25 percent—accounted for all the gains. The worst performing 6,000—75 percent—collectively had a total return of 0 percent.

Business Owner Planning Business owners have additional and complex Retirement Planning needs. Counting only on the sale of your business requires tremendous luck and success. If business owners consider the business as simply one asset among many, then they should seriously consider additional assets such as: -Executive Bonus Arrangements -Nonqualified deferred compensation plans -Qualified retirement plans -General investment portfolio Motto for Business Owner Planning As I look back on thirteen years of entrepreneurship, I can see that the best and smartest thing to do is to have a plan with the end in mind and you in mind. The time still goes by and time is expensive. That sentence is really a whole book and you should or will understand sooner than later, hopefully. That would have looked like business succession planning. Proper business succession planning requires sound preparation in order to have a smooth and equitable transition. Financial, tax and legal planning are all necessary for a success.

When we become an autonomous organization, we will be one of the largest unadulterated digital security organizations on the planet,” he told the annual Intel Security Focus meeting in Las Vegas. “Not only will we be one of the greatest, however, we will not rest until we achieve our goal of being the best,” said Young. This is the main focus since Intel reported on agreements to deactivate its security business as a free organization in association with the venture company TPG, five years after the acquisition of McAfee. Young focused on his vision of the new company, his roadmap to achieve that, the need for rapid innovation and the importance of collaboration between industries. “One of the things I love about this conference is that we all come together to find ways to win, to work together,” he said. First, Young highlighted the publication of the book The Second Economy: the race for trust, treasure and time in the war of cybersecurity. The main objective of the book is to help the information security officers (CISO) to communicate the battles that everyone faces in front of others in the c-suite. “So we can recruit them into our fight, we need to recruit others on our journey if we want to be successful,” he said. Challenging assumptions The book is also aimed at encouraging information security professionals to challenge their own assumptions. “I plan to send two copies of this book to the winner of the US presidential election, because cybersecurity is going to be one of the most important issues they could face,” said Young. “The book is about giving more people a vision of the dynamism of what we face in cybersecurity, which is why we have to continually challenge our assumptions,” he said. “That’s why we challenge our assumptions in the book, as well as our assumptions about what we do every day.” Young said Intel Security had asked thousands of customers to challenge the company’s assumptions in the last 18 months so that it could improve. “This week, we are going to bring many of those comments to life in delivering a lot of innovation throughout our portfolio,” he said. Then, Young used a video to underscore the message that the McAfee brand is based on the belief that there is power to work together, and that no person, product or organization can provide total security. By allowing protection, detection and correction to work together, the company believes it can react to cyber threats more quickly. By linking products from different suppliers to work together, the company believes that network security improves. By bringing together companies to share intelligence on threats, you can find better ways to protect each other. The company said that cyber crime is the biggest challenge of the digital era, and this can only be overcome by working together. Revealed a new slogan: “Together is power”. The video also revealed the logo of the new independent company, which Young called a symbol of its new beginning and a visual representation of what is essential to the company’s strategy. “The shield means defense, and the two intertwined components are a symbol of the union that we are in the industry,” he said. “The color red is a callback to our legacy in the industry.” Three main reasons for independence According to Young, there are three main reasons behind the decision to become an independent company. First of all, it should focus entirely on enterprise-level cybersecurity, solve customers ‘cybersecurity problems and address clients’ cybersecurity challenges. The second is innovation. “Because we are committed and dedicated to cybersecurity only at the company level, our innovation is focused on that,” said Young. Third is growth. “Our industry is moving faster than any other IT sub-segment, we have t

Many people report that the greatest fear they face today is the fear of not having enough money to maintain their lifestyle throughout retirement. Does this sound like you? Social Security is still a vital role in retirement income. The greatest benefit Social Security provides is regular income that is guaranteed to increase over time and continue as long as you live. Keep in mind, Social Security taxes are just that – taxes. As a result, a worker’s retirement security is entirely dependent upon political decisions. Nevertheless, for now, this benefit makes Social Security one of the most valuable sources of income during one’s retirement. Unfortunately, most Americans do not know much about Social Security. They know even less about how to maximize the benefits that may help sustain them throughout retirement. Whether you are depending upon Social Security to make a significant impact on your retirement income or just a part of your entire financial portfolio, it would be wise to understand which claiming options are available to get the most out of your Social Security income. Even in these tough times and volatile markets, we help our clients take a comprehensive approach to their retirement planning. We offer a complimentary service that we call Social Security Maximization or SSI Max. There are hundreds of ways to claim your Social Security, but which one is right for you and your family? One simple mistake or misjudgment of the program can cost you thousands of dollars that you rightfully deserve. Download our free eBook: 4 Myths about Social Security Income to learn a few common misconceptions about Social Security Income. Find out your SSI Max Strategy Our team of experts use a proprietary system that links to the government’s official Social Security website. It only takes a few minutes to generate your SSI Max Report. Click here to see a sample report and act quickly to get your very own personalized report. Just schedule a call with me to find out your very own, optimal SSI Max Strategy! Click here to schedule now! P.S. – Be sure to ask me about including a “Shortfall Analysis” in your report. Our clients are LOVING this feature! Seriously! What is it? Our Advanced Case Design team builds a comprehensive financial plan best suited for your specific situation by considering all of your retirement vehicles. This is, without a doubt, the best retirement planning offer you will see in a very, very long time!

This is a simple method for investing systematically: Research: Ignore any stocks you do not want to own for any reason. Hold at least twenty stocks for diversification. Buy: It’s best to buy all your stocks at once. But it’s fine to scale in—make regular portfolio purchases over twelve months. One way to do it is to buy two or three stocks each month. Sell: For taxable accounts, hold winners for one year plus one day. Then sell. That maximizes after-tax returns. If a stock is up and still in the screener after one year and one day, hold until it leaves the screener. If a stock is down and in the screener, hold. If a stock is down and leaves the screener, sell. You should check your stocks at least quarterly to see if you need to buy or sell. Rebalance: Once you sell a stock, buy the next best stock in the screener you don’t already hold. The website acquirersmultiple.com has a screener for deep-value stocks listed in the United States and Canada. Sign up with the coupon “ZIG

Power unused is ineffective or held in contempt. Power used is feared. Power abused is hated. The best those with power can do is to obtain respect for their wise use of it.

From peak to trough (June 1998 through March 2000), Warren Buffett's Berkshire Hathaway fell 51% in value! During this time, I estimated that Buffett's net worth fell by more than $10 billion. How much Berkshire did Buffett sell? How much Cisco did he buy? Zero point zero. Not tempted by tech stocks, Buffett remained committed to value investing, and it paid off.1 One of the keys to successfully managing your money is to accept, like Buffett did, that there will be times when your style is out of favor or when your portfolio hits a rough patch. It's when you start to reach for opportunities that you can do serious damage to your financial well‐being.

Creating your own portfolio takes time. First you have to choose the technologies among the overwhelming amount of options we have. Am I going to go for React? Angular? PHP? Ruby? What about SEO? Should I try node? What them, where do I host? Once you decided and set everything up, you’ve got to list all your projects manually, add the descriptions, links, images and decide on a design that shows your very best. Suddenly, the simple task of creating a pretty portfolio is overwhelming.

Saving Saboteurs from Themselves John Henry, a senior management consultant with one of the world’s largest firms, advises a diverse portfolio of senior executive clients and boards. Though he’s found that the social dynamics impeding productive work are often the same wherever he goes, it can be difficult to broach the topic without raising his clients’ hackles. That’s why he keeps a copy of the CIA’s Simple Sabotage Field Manual, a set of guidelines devised by U.S. government officials to sabotage terrorist organizations from the inside, in his briefcase. Originally developed by the OSS during World War II, the Simple Sabotage Field Manual is a guide for, as the CIA puts it, “teaching people how to do their jobs badly.” Here’s a sample of some of the tactics our nation’s best intelligence officers recommend you use to undermine the operations and efficiency of a terrorist cell—or a typical American board meeting: When possible, refer all matters to committees for “further study and consideration.” Attempt to make the committees as large as possible—no fewer than five people. Make speeches. Talk as frequently as possible and at great length. Illustrate your “points” by long anecdotes and accounts of personal experiences. Haggle over the precise wording of communications, minutes, resolutions. Bring up irrelevant issues as frequently as possible. Refer back to matters decided upon at the last meeting and attempt to reopen the question of the advisability of that decision.

One of the best ways, then, to cure portfolio paralysis is to talk the situation over with someone you trust. A friend or parent, spouse or partner, can help you push aside your shame and blame. You should never sell an investment purely because it has gone down, but if a sudden drop makes you aware that you never knew what you were doing, then talking it over can help. In order to learn from a mistake, you must first admit you made a mistake. It’s much healthier to do that out loud than to kick yourself in private shame.

In a study of mutual funds that got new managers, researchers ranked the funds’ stock holdings from best to worst return. On average, the new managers sold 100% of the stocks ranked at the bottom—implying that their predecessors must have been so paralyzed by their own mistakes that only a new broom could sweep the portfolio clean. The funds that cling most desperately to their losers underperform by up to five percentage points annually.

Just as sensible gamblers take, say, $100 down to the casino floor and leave the rest of their money locked in the safe in their hotel room, the intelligent investor designates a tiny portion of her total portfolio as a “mad money” account. For most of us, 10% of our overall wealth is the maximum permissible amount to put at speculative risk. Never mingle the money in your speculative account with what’s in your investment accounts; never allow your speculative thinking to spill over into your investing activities; and never put more than 10% of your assets into your mad money account, no matter what happens. For better or worse, the gambling instinct is part of human nature—so it’s futile for most people even to try suppressing it. But you must confine and restrain it. That’s the single best way to make sure you will never fool yourself into confusing speculation with investment.