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It might sound odd to say this right now, but market volatility comes and goes. Taxes on the other hand are a Then, Now, and Forever problem.

It’s a familiar sound when you have young children. Often times you don’t see what caused the noise, you only hear the thud. Then you wait. You listen for what comes next. The best possible outcomes are laughter or a child saying, “I’m okay.”

There are many things we know. We know these things innately, and then research comes along and confirms our knowledge. Many times, knowing has almost zero impact on what we actually do. Knowing is the easy part. Action is the hard part.

There are only two standing rules for this newsletter. The first is that the video of the month can be a repeat from previous editions, BUT only if it relates to professional wrestling or James Brown.

The year-end newsletter is primarily just a compilation of quotes and a video of my girls. The quotes don’t have to be from 2024. Neither you nor I need to agree with the quotes. These are just statements that stuck in my head for whatever reason. There is a fair amount of nepotism and even a humble brag within the list. Some quotes need some added context, so I’ve provided it.

Recently I’ve become more aware of all the paradoxes I live with. Like many things, it had to be pointed out to me. It started with my children.

Do I want flash and pizazz when I visit the dentist? Do I hope that my latest annual checkup with my GP leads to interesting conversation at my next social gathering? Of course not.

Watching the Olympics last month, you couldn’t help but be impressed. These are the fastest, most skilled, most athletic, most mentally tough people on the planet. They swim faster than I run. They fly through the air in an almost cartoonish fashion.

Did I know five days ago that stocks were about to get immediately punched in the face? No, I did not. Nor did anyone else. That’s the way it goes. The following newsletter on uncertainty was written weeks ago. It just so happens that a big pile of uncertainty showed up as I was planning to send this.

The original Roadhouse movie with Patrick Swayze is cinematic art. If I remember correctly, it won 19 Oscars, the most ever. It also has an important reminder for investors, maybe the most important reminder of all time. When Swayze uttered the following iconic line, I have to think it was put there to secretly remind us about the nature of what we do: