Bull & Baird: Perspective

2/3/2025

The older I get, the more I’ve come to realize the importance of perspective. As a Dad, in my career, and especially in the stock market.

Take parenthood for example. There is no way to prepare yourself for how difficult it is to raise a child. Everything from illness to potty training to fighting with teenagers over Starbucks bills (how can my daughter spend $50 a month?).  The process of raising someone from 0 to adulthood was harder than I could’ve imagined because each roadblock along the way felt overwhelming.

But as I sit here and think about how far they have come, and how amazing they are, I realize just how fortunate I am.  Every struggle falls away with perspective.

You may or may not know this but you are living in an extraordinary time to be an investor. The stock market has only been negative twice since 2008. Let me say that again, it’s only been negative twice in 16 years.

Over that 16 year stretch you have been subjected to endless negativity and stories about the decline of everything. Each roadblock you faced, at the time, felt overwhelming. Yet you are living in the second-best bull market of all time (behind the 1980s and 1990s).

What more could you want from the stock market? It’s been up 5 of the last 6 years.

Do me a favor, go online and pull a statement from 2010, 2015, 2020, and 2024. Take a moment to show yourself your own success. If you don’t, you might think your money has been going nowhere.

Even if you aren’t 100% in US equities, you still should have seen your money grow over such an incredible stretch for our economy. Housing, crypto, hard assets, private equity… you name it, it's been growing.

Do we have issues to deal with like inflation, political tension, debts/deficits, and global unease?  Sure, but those have ALWAYS been with us. If you spent the last decade worrying about the national debt or politics, how did that help you grow your money?

Perspective matters in life. If you never savor your victories (I got her down to $25 a month recently) what’s the point of the struggle? 

Honestly, I can’t think of a better time to be alive than right now. Years and years of growth, exciting new technologies like AI and GLP drugs, incredible entertainment, and the ability to share ideas and thoughts anywhere in the world with the push of a button.

Go for a walk, sit in a quiet room, let perspective wash over you about just how great your life has been and how fortunate you are. I bet you’ll smile and be thankful when you’re finished.