New Year, Old Thoughts - and One Announcement

Happy 2021! 

Although today marks the beginning of a new year, I’m going to return to a thought I’ve talked about frequently before as I was reminded once again about its power this week: habits. 

Or more specifically, focusing on controllable inputs vs uncontrollable outcomes. 

We’re in the season where lots of Americans are setting ambitious new goals and resolutions, and I’d nudge you to join me in focusing on the small habits that can compound into massive results - contrasted to simply focusing on the massive results themselves. 

As I was doing my own year end annual review, it was confirming to see of the 21 different goals I set for 2020, the ones I hit (and sometimes crushed) were all related to setting regular habits. And the ones I missed on (and sometimes embarrassingly so) - well, they had no underlying habit. 

Controllable inputs > uncontrollable outcomes. 

The examples of this are endless, but I’ll share a few of mine. I break down my goals into a 6-F framework (family, faith, fitness, friends, finance, and Fident - maybe you can stick with 5-F). 

Goals: send 52 Fident Fridays, post 26 CalibratingCapital blogs. 
Habits: write 20 minutes uninterrupted every day. 

Goals: bicycle 2,000 miles, maintain current weight
Habits: drink 90 oz of water every day, intermittent fast, get active every day (even if it’s a minute long)

Goals: regular date nights with my wife, 3 family board meetings with each kid
Habits: daily review of Finish Calendar 

Your goals and your habits are your own - I’d just encourage you to break those big goals down into actionable, controllable inputs or habits if you don’t already. For what it's worth, I've shifted from using my modified Google Sheet to using the Way of Life app to tracking my daily habit streaks. 

Happy New Year! 

Interesting Resources

Henry David Thoreau
"The price of anything is the amount of life you exchange for it."

Should You Buy an All-Time High?
7 min read | Of Dollars and Data
As normal, Nick Maggiulli does a really good job answering reasonable questions using great data unpacked in an understandable way. The quick answer to the question is - Yes. The more nuanced answer is really fascinating as he outlines a number of ways to look at it, both domestically and internationally. 

The $540,000 Camera in Your Pocket
3 min read | AEI
A fascinating study that's updated every couple of years, this post looks at what an iPhone would have cost  in 1991 based on its technology ability today. Data storage, computation/processor, bandwidth, and others are factored into the calculation - and the latest iPhone 12 would cost approximately $51.62 million for it's technology capabilities alone. Oh, and it would throw in a $540,000 camera for free. 

Don't Call it a Comeback... 
A few seconds | Factor chart (created with Koyfin)
... I'm not calling it anything other than interesting. But as someone who believes in the smaller company and value premiums of investing - which have NOT outperformed the past few years - the past quarter has been interesting to watch. Below shows a chart of the last quarter (as of 12/30/20) of small companies (yellow), small-value companies (purple), value companies (blue), large-growth companies (light red), and growth companies (red) compared to the S&P 500. 
One last note - I'm shutting Fident down to new clients. I've been working on a longer post to share the specifics of the Why behind this, and I'll share that next week. For existing Fident Family members who just have a tremendously great fit potential referral they want to introduce to me, I'm open to exploring that conversation - but I will be really scaling things back for new growth for the foreseeable future. I'm so, so grateful for each member of the Fident Family, and look forward to lifetime relationships with you.

Not accepting new clients will allow me to double down into these existing relationships, while also relaxing the hours I've put in since launching Fident, and really since I've started my career. Again - more thoughts on this that I will share next week!

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Fident Financial, LLC (FFL) is a registered investment advisor offering services in the state of PA and in other jurisdictions where exempted.  Opinions expressed in this email are solely those of FFL, unless otherwise specifically cited.  Material presented is believed to be from reliable sources but no representations are made by FFL as to another parties' information accuracy or completeness.

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