50. Pressing pause
473 words (2-minute read)
Prevailing Winds will be pausing for now.
This will be the last post for some time.
Here’s what I don’t know:
If/when posts will resume
Whether or not the structure (i.e. frequency, format, etc.) will remain the same if/when posts do resume
Here’s what I do know:
I intend to continue writing (in some form) and sharing it
I deeply appreciate everyone who has taken the time to read any Prevailing Winds content to date
If/when I resume writing, I will communicate the update at that time via this newsletter
If you’re currently a subscriber, expect not to receive an email on Sunday mornings (per the usual rhythm). If you’d like to receive the email update next time I post, you don’t have to do anything—you will remain on my email list and will be included the next time I write.
It’s been a year.
Next week will mark the anniversary of the first Prevailing Winds post. Here are three reflections from writing this newsletter over the past year:
There is an increasing abundance of tools for personal investors. These tools sometimes (intentionally or not) prey on our behavioral biases—we need to be careful of them. At the same time, they are expanding avenues through which we can access, create, and understand wealth—we need to study and embrace them. We are not stuck with stocks and bonds. We have art, shoes, and collectibles. We have real estate. We have cryptocurrencies. We have NFTs. We have fractional ownership, zero commission investing, new platforms, and SEC rule changes—all trending in our favor if we use them appropriately.
The majority of investment content we consume looks in the rearview mirror. Everything is obvious in hindsight. Backward-looking content is valuable because history tends to repeat itself, but it can trick us into thinking we knew what was coming (we didn’t). Forward-looking content is unsafe because no one can predict the future. Be wary of content that asserts what the future will look like. Even those who correctly predict the future are not likely to continue to be right over time. Seek content that approaches investment decisions with a healthy understanding and articulation of risk.
Equity is powerful. Our country has a discriminatory history of stealing and restricting access to equity based on race. These practices have compounded to accelerate inequalities in wealth accumulation. The median Black family owned $0.12 per $1 of white wealth in 2019; the median Hispanic family owned $0.21 per $1 (per the St. Louis Fed). The market can deviate significantly from the real economy—unemployment can soar right along with market prices. The Fed should continue to take a hard look at a “third mandate”—racial equality.
Wishing you all the best on your investing journey.
Feel free to reach out any time.
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I’d love to hear your thoughts and stories. If you have anything to share, or if there are any topics you’d like to hear more about, please email me at tucker@prevailingwinds.co.
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