“Familiarity breeds complacency”. With the best intentions in the world, even an annual review can feel like you’re simply going through the motions year after year. Recognising this means shaking things up when the chance presents itself. In this case, that's when a birthday and the opportunity to record a podcast came around.
One-day corrections of 3% are always painful, especially so when investors have become so accustomed to low volatility after almost a decade-long bull market. We see the move as most likely a technical sell-off (famous last words) and believe it is probably too early to buy the dip.
Understanding how the mind can help or hinder investment success is a cornerstone of fund management and helps me in everyday life too. One of my idols, Daniel Kahneman, said the aim should be to make it part of everyday chats, so we've recorded an episode for our podcast where we try to do just that.