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Coaching is unlocking people’s potential to maximize their own performance.

Coaching focuses on future possibilities, not past mistakes

As with any new skill, attitude, style, or belief, adopting a coaching ethos requires commitment, practice, and some time before it flows naturally and its effectiveness is optimized.

Whether we coach, advise, counsel, facilitate, or mentor, the effectiveness of what we do depends in large measure on our beliefs about human potential. The expressions “to get the best out of someone” and “your hidden potential” imply that more lies within the person waiting to be released.

The blame culture that still prevails in the majority of businesses works against this, as it causes “false reality syndrome” or “I will tell you what I think you want to hear, or what will keep me out of trouble.

The index fund is a most unlikely hero for the typical investor. It is no more (nor less) than a broadly diversified portfolio, typically run at rock-bottom costs, without the putative benefit of a brilliant, resourceful, and highly skilled portfolio manager. The index fund simply buys and holds the securities in a particular index, in proportion to their weight in the index. The concept is simplicity writ large.

A manager must be experienced as a support, not as a threat Here

Coaching is unlocking people’s potential to maximize their own performance. It is helping them to learn rather than teaching them.

To get the best out of people, we have to believe the best is in there – but how do we know it is, how much is there, and how do we get it out?

The capacity is there, the crisis is the catalyst. But is crisis the only catalyst? And how long are we able to sustain extraordinary levels of performance? Some of this potential can be accessed by coaching, and performance can be sustainable, perhaps not at superhuman levels but certainly at levels far higher than we generally accept.

MENTORING Finally, since I am defining coaching, I should perhaps mention mentoring, another word that has crept into business parlance. The word originates from Greek mythology, in which it is reported that Odysseus, when setting out for Troy, entrusted his house and the education of his son Telemachus to his friend, Mentor. “Tell him all you know,” Odysseus said, and thus unwittingly set some limits to mentoring.

Unless the manager or coach believes that people possess more capability than they are currently expressing, he will not be able to help them express it. He must think of his people in terms of their potential, not their performance. The majority of appraisal systems are seriously flawed for this reason. People are put in performance boxes from which it is hard for them to escape, either in their own eyes or their manager’s.

Mike Sprecklen was the coach and mentor to the famous all-conquering rowing pair Andy Holmes and Steve Redgrave. “I was stuck, I had taught them all I knew technically,” Sprecklen said on completion of a Performance Coaching course many years ago, “but this opens up the possibility of going further, for they can feel things that I can’t even see.” He had discovered a new way forward with them, working from their experience and perceptions rather than from his own. Good coaching, and good mentoring for that matter, can and should take a performer beyond the limitations of the coach or mentor’s own knowledge.

you shouldn’t make decisions based on the internal state of an object and then update that object.

The healthiest fats are mono- and polyunsaturated fats, mainly found in plant and fish oils.

If there was only the “right” way to do something, Fosbury would never have flopped

When Adam Smith described the concept of the “invisible hand,” he concluded that the individual businessman “generally neither intends to promote public interest, nor knows how much he is promoting it.” Hence, Smith argued that “it is not from the benevolence of the butcher, the baker, or the brewer that we expect our dinner, but from their regard to their own interest . . . their self-love.” So it is in the traditional mutual fund industry. We cannot expect management companies to operate in the public interest. We must recognize the reality that they are in the business of investing other people’s money in order to maximize their own profits, even though those profits come at the expense of their fund shareholders.

Traditional silo or linear thinking is no longer sufficient to cope with unpredictable emergencies. We need the capacity to take a whole-system approach that is a product of personal development, of moving from the old fear paradigm to one of trust and of recognizing that humankind is evolving both socially and spiritually. Individuals can evolve far faster than the collective if they decide to embark on a personal developmental journey. Given the leadership failures that are so apparent today, a little compulsory evolution would do our leaders no harm at all. In practice the coaching process fosters evolution at every stage, for evolution emerges from within and can never be taught in prescriptive ways.

The Concise Oxford Dictionary defines the verb to coach as to “tutor, train, give hints to, prime with facts.” This does not help us much, for those things can be done in many ways, some of which bear no relationship to coaching. Coaching is as much about the way these things are done as about what is done. Coaching delivers results in large measure because of the supportive relationship between the coach and the coachee, and the means and style of communication used. The coachee does acquire the facts, not from the coach but from within himself, stimulated by the coach. Of course, the objective of improving performance is paramount, but how that is best achieved is what is in question.

In spite of the variety of definitions of mentoring (and the variety of names it is given, from coaching or counselling to sponsorship) all the experts and communicators appear to agree that it has its origins in the concept of apprenticeship, when an older, more experienced individual passed down his knowledge of how the task was done and how to operate in the commercial world. I’m afraid I disagree. The effect of coaching is not dependent on “an older, more experienced individual passing down his knowledge.” Coaching requires expertise in coaching but not in the subject at hand. That is one of its great strengths.

To use coaching successfully we have to adopt a far more optimistic view than usual of the dormant capability of all people. Pretending we are optimistic is insufficient because our genuine beliefs are conveyed in many subtle ways of which we are not aware.

EXPERIMENT That our beliefs about the capability of others have a direct impact on their performance has been adequately demonstrated in a number of experiments from the field of education. In these tests teachers are told, wrongly, that a group of average pupils are either scholarship candidates or have learning difficulties. They teach a set curriculum to the group for a period of time. Subsequent academic tests show that the pupils’ results invariably reflect the false beliefs of their teachers about their ability. It is equally true that the performance of employees will reflect the beliefs of their managers. For example, Fred sees himself as having limited potential. He feels safe only when he operates well within his prescribed limit. This is like his shell. His manager will only trust him with tasks within that shell. The manager will give him task A, because he trusts Fred to do it and Fred is able to do it. The manager will not give him task B, because he sees this as beyond Fred’s capability. He sees only Fred’s performance, not his potential. If he gives the task to the more experienced Jane instead, which is expedient and understandable, the manager reinforces or validates Fred’s shell and increases its strength and thickness. He needs to do the opposite, to help Fred venture outside his shell, to support or coach him to success with task B. To use coaching successfully we have to adopt a far more optimistic view than usual of the dormant capability of all people. Pretending we are optimistic is insufficient because our genuine beliefs are conveyed in many subtle ways of which we are not aware.

Peter Bernstein and Robert Arnott reflected on this question in a recent article in the Journal of Portfolio Management: “Bull Market? Bear Market? Should You Really Care?” They concluded that “for most long-term investors, bull markets are not nearly as beneficial, and bear markets not nearly as damaging as most investors seem to think.” They noted, correctly, that “a bull market raises the asset value, but delivers a proportionate reduction in the prospective real yields that the portfolio can deliver from that point forward, while a bear market does the reverse, reducing portfolio value, which is largely offset by an increase in prospective yields, other things being equal.

The longer the time horizon, the less the variability in average annual returns. Investors should not underestimate their time horizons. An investor who begins contributing to a retirement plan at age 25, and then, in retirement, draws on the accumulated capital until age 75 and beyond, would have an investment lifetime of 50 years or more. Our colleges, universities, and many other durable institutions have essentially unlimited time horizons.

Gold is often sought as a refuge during times of financial travail. True to form, the price of the precious metal more than tripled in the 1999-2009 decade. But gold is largely a rank speculation, for its price is based solely on market expectations. Gold provides no internal rate of return. Unlike stocks and bonds, gold provides none of the intrinsic value that is created for stocks by earnings growth and dividend yields, and for bonds by interest payments. So in the two centuries plus shown in the chart, the initial $10,000 investment in gold grew to barely $26,000 in realterms. In fact, since the peak reached during its earlier boom in 1980, the price of gold has lost nearly 40 percent of its real value.

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.

When you have identified your long-term objectives, defined your tolerance for risk, and carefully selected an index fund or a small number of actively managed funds that meet your goals, stay the course. Hold tight. Complicating the investment process merely clutters the mind, too often bringing emotion into a financial plan that cries out for rationality. I am absolutely persuaded that investors’ emotions, such as greed and fear, exuberance and hope—if translated into rash actions—can be every bit as destructive to investment performance as inferior market returns. To reiterate what the estimable Mr. Buffett said earlier: “Inactivity strikes us as intelligent behavior.” Never forget it.

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.

Another huge toll has been taken by taxes. Passively managed index funds are tax-efficient, given the low turnover implicit in the structure of the Standard & Poor’s 500 Index (and, to an even greater extent, the all-market Wilshire 5000 Index).

A recent study by Morningstar Mutual Funds—to its credit, one of the few publications that systematically tackles issues like this one—concluded essentially that owning more than four randomly chosen equity funds didn’t reduce risk appreciably. Around that number, risk remains fairly constant, all the way out to 30 funds (an unbelievable number!), at which point Morningstar apparently stopped counting.

In these uncertain days, bond funds are an especially important option for investors. Unlike stock funds, they have high predictability in at least these five ways: (1) The current yields (on longer-term issues) are an excellent—if imperfect—predictor of future returns. (2) The range of gross returns earned by bond managers clusters in an inevitably narrow range that is established by the current level of interest rates in each sector of the market. (3) The choices are wide. As the maturity date lengthens, volatility of principal increases, but volatility of income declines. (4) Whether taxable or municipal, bond fund returns are highly correlated with one another. Municipal bond funds are fine choices for investors in high tax brackets, and inflation-protected bond funds are a sound option for those who believe that much higher living costs will result from the huge federal government deficits of this era. (5) The greatest constant of all is that—given equivalent portfolio quality and maturity—lower costs mean higher returns. (Don’t forget that index bond funds—or their equivalent—carry the lowest costs of all.)

for the stock market, corporate earnings and dividends; for the bond market, interest payments. Market returns, however, are calculated before the deduction of the costs of investing, and are most assuredly not based on speculation and rapid trading, which do nothing but shift returns from one investor to another. For the long-term investor, returns have everything to do with the underlying economics of corporate America and very little to do with the mechanical process of buying and selling pieces of paper. The art of investing in mutual funds, I would argue, rests on simplicity and common sense.

You tend to get what you focus on. If you fear failure, you are focused on failure and that is what you get.

Today, in 2020, I cannot see the future, but my instincts tell me that we are going to experience a replay of the first Great American Depression of the 1930’s, and that it will happen before the 100 year anniversary of that last one. (Keep in mind the uselessness of such personal premonitions) (Update September 2020 in light of record setting stock market valuations (for some companies) while economies were still under water) The above made so little sense, it became possible to imagine that certain companies had a pipeline to free Federal reserve cash.

At the outset, investing is an act of faith, a willingness to postpone present consumption and save for the future.

The best-known stars are, of course, those funds awarded top five-star billing by Morningstar Mutual Funds.

The most popular form is based on: • Using a market index strategy, but emphasizing growth stocks and holding lower-yielding equities, in order to minimize the tax burden on income. • Realizing, to the maximum possible extent, losses on the sale of portfolio holdings that have declined (a practice known as “harvesting losses”), and thereby offsetting realized gains when they occur. • Replacing the holdings sold at a loss after 30 days. (During the interim, their absence from the portfolio could engender a small lack of precision in matching the index.) • Limiting its shareholder base to investors with a long-term focus by charging a penalty—a transaction fee, payable to the fund and its remaining shareholders—if shares are redeemed within five years of purchase. Such a penalty is designed to minimize the possibility of abrupt share redemptions. • Maintaining the same rock-bottom costs that characterize the lowest-cost index funds.

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