The Capital View With Travis Portwood

The desk phones never stopped ringing. They wedged our four-foot cubicles into a repurposed JCPenney at South Roads Mall in Bellevue. The website was down again, overwhelmed by a flood of newly empowered retail traders. When the screens froze, they reached for landlines, desperate to place orders. “I want to buy 100 shares of XYZ,” one caller said. “I can’t find that ticker. What’s the company name?” “I don’t know,” he replied. “It’s an internet stock my friend told me about.”....

Today, it's harder than ever to be a diversified investor. As the thrill of artificial intelligence (AI) and the promise of lower rates have driven stocks to new highs, the fear of missing out tightened its grip. Investors chase what feels good now instead of asking, What happens next? A rate cut may lift stocks today, but what does it mean for inflation, liquidity, or earnings six months from now? Beneath the surface, a quieter truth remains: progress takes time. Now is a time to emphasize p...

Howard Marks tells one of my favorite stories about overconfidence and humility. A gambler once heard of a horse race with only one horse—a sure thing if ever there was one. Sensing fortune's nod, he rushed off to the track, rent money in hand. But halfway around, the lone horse veered off course, jumped the fence, and disappeared into the fields. Confidence met reality, and reality won...

Your advisor trumpets the shelter of diversification. You Nod. It sounds wise enough. But what does it really mean? It means there is always something in your portfolio you hate.

There's a story about American writers Kurt Vonnegut and Joseph Heller attending a party given by a hedge fund billionaire on the exclusive Shelter Island. Kurt asked Joe, "How does it make you feel to know our host only yesterday may have made more money than your novel 'Catch-22' has earned in its entire history?" Joe responded, "Yes, but I have something he can never have." "What's that?" asked Kurt. "Enough," replied Joe. Comparison is the thief of joy....