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Stock pickers fall into this trap most often. Losses are easy to sell; winners are not. The better an investment performs, the more emotionally difficult it becomes to reduce exposure. Eventually, their portfolios become collections of can’t sell positions – assets that dominate risk not because of analysis, but because of inertia and embedded taxes. The issue is rarely a lack of intelligence or effort, rather, it is the absence of a disciplined process that removes emotion from decisions.

The instinct is to measure your portfolio against whatever is winning. The S&P 500 had a great year, and yours didn’t keep up? A friend’s tech-heavy account doubled? It doesn’t matter. They all follow their own rules.

The conflict with Iran was not a proxy skirmish; it was a direct confrontation that briefly threatened the single most important energy artery in the world, and the move toward a ceasefire this week does not erase the months of disruption that came before it. Oil and gas prices swung violently, toward triple digits at the peak, then sharply lower as the guns quieted. Ukraine continues to absorb enormous human cost for marginal territorial change. These are real events with real consequences for real people, and nothing about an investment philosophy requires pretending otherwise.