Talking Billions with Bogumil Baranowski John M. Jennings: The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown
John M. Jennings is president and chief strategist of St. Louis Trust & Family Office, a $15 billion wealth management firm. As an author and speaker, he is a leading voice in the space of wealth management and leadership. His book, The Uncertainty Solution, is an engaging dive into investing philosophy and best practices as well as an authorita¬tive, accessible guide for anyone who feels inundated with financial news and data.
Jennings is also the author of the highly acclaimed IFOD Interesting Fact of the Day blog, is an adjunct professor at Washington University’s Olin Business School, and frequently writes on wealth management topics for Forbes. He has finance and law degrees from the University of Missouri and a professional certificate in Decision Making and Behavioral Finance from Harvard.
Today:
1. We touched on John's professional turning point, the Financial Crisis of 2008, and how it reshaped his identity and approach towards honesty with his clients.
2. John shared a fascinating study about human behavior.
3. We delved into the topic of information overload in investing. John explained his evolution from an exhausting need-to-know-everything approach to a more balanced, big-picture perspective.
4. We explored the concepts of past performance, regression to the mean, and the roles of luck and randomness in investing, as highlighted in John's book.
5. John unpacked the difference between the unknowable and the unknown in the world of investing, emphasizing the pursuit of knowledge and the struggle for perfection.
6. We discussed the human tendency to simplify complex situations into single-cause explanations and how this often contradicts the intricate nature of the world.
7. John shared an intriguing anecdote about diet choices and health, underscoring the importance of sample size in decision-making processes.
8. John elaborated on his viewpoint that "The stock market is not the economy,"
9. John shared his belief that waiting for perceived safety and economic health is not a profitable strategy, offering a contrarian perspective.
10. We discussed the perils of predictions through stories of Alan Greenspan and a New York hedge fund manager, reinforcing the idea that predictions often fall short.
11. John walked us through the eight best behavior practices he outlines in his book: inactivity, simplicity, investment policy need, margin of safety, long-term focus, avoiding portfolio checks, maintaining a play account, and choosing the right advisor.
https://johnmjennings.com/john-m-jennings-author-speaker-chief-strategist/
His website: https://johnmjennings.com/
His blog "The Interesting Fact of the Day": https://johnmjennings.com/the-ifod/
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