“When you're investing, you become an owner. When you're gambling, you don't have anything. You're just … putting money in the box. The odds are against you, and you don't have any ownership.”

I think the main area where clients get distracted the most is they get concerned about geopolitical risks. They get concerned about inflationary pictures, and they have the right to do that. But a lot of the benefit of long-term investing, it's something that gets overlooked all the time. And again, a lot of that is because of the recency bias that exists today and the availability of information. So this concept of setting up your goals, setting up your investment strategy, setting up your strategic asset allocation, and follow that path, is something that, believe it or not, gets overlooked all the time. And it works no matter what part of the cycle is, as long as you feel comfortable understanding risk. At the same time, the risk budget, and we always talk about this, is so critical for people to understand how to allocate risk. Not to allocate assets, but how to allocate risk. And I think that component gets overlooked all the time. And the way I think about it is that when you go to a dinner, you basically have your main entrance. You also have your salad. You also have your side. And you don't necessarily have the same level of weight to each one of those. That's a risk budget allocation. So you need to understand how much is going to be in your core portfolio. It's going to be long term. And how much is going to be in other parts of the market. Specifically nowadays, which there is a temptation to go into these predictive markets. And I think we try to avoid markets that way because the difference between gambling and investing is huge.

Right, that's just pure speculation.

The house usually wins.

Correct.

All right, so let's jump to our favorite questions that we ask all our guests. Starting with, tell us about your mentors. You mentioned one earlier. Who helped shape your career?