First, an important note- as part of the upcoming conversion to LPL’s custodial platform, we will not be able to move money in or out of any accounts on Nov 13 or 16. Please make sure any money requests are communicated no later than Nov 12. This will ensure a smooth transition. Please let us know if you have any questions.
A few weeks ago, while in Utah on business, we visited a friend who works with music festivals. He was in the middle of preparation for RedWest, a multi-day country music event. As I walked around the stages and looked at the effort required to prepare something of that scale, I was reminded of the “hidden” industries we don’t even think about.
It takes about 7 days to physically prepare for a festival the size of RedWest, and 2-3 days to break it down. Dozens of people work on both ends of the process. When thousands of concertgoers show up to enjoy the event, very few will think about the effort needed to make it happen. A similar process will repeat itself again around the world for concerts large and small. And this is just one industry- live musical events.
This week I read an interesting article about the cherry industry. I’d never really thought about what happens between the picking of the fruit and when it arrives at the store. Each cherry is graded and sent to specific sales channels depending on quality and appearance. New technology has helped this process become more efficient, but this hidden process continues, critical to the success of cherry sales.
We can all name industries where the delivery of the result, like live music or fresh fruit, is dependent on significant hidden inputs.
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Our economy is extremely complex, full of people doing work that most of us will never see or fully appreciate. We enjoy the concerts, the cherries, the package on the doorstep, but rarely see the thousands of decisions and actions that make these things possible.
It’s a remarkable thing, depending on people we will never meet, doing jobs we may not even know exist. As investors, we take part in this dynamic and evolving system and participate in the value it creates.
Our mantra is Achieving Simplicity®. This means helping you make meaningful progress by transforming complexity into clear, confident action. When we succeed, you can spend less time managing the complexity and more time using your resources to live the life you want.
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Here are some other things that caught our attention:
- We are saddened by the death of Patrick Stewart. As lifelong fans of Star Trek, especially The Next Generation, we’re grateful for the enjoyment we received from his portrayal of Captain Picard. The Inner Light remains an all-time favorite episode of television.
- Does the 60/40 portfolio continue to be a viable choice for investors? This helpful report shows what recent history teaches us about the strategy.