How Bo Jackson's routine can improve our financial sanity
You probably remember that Nike commercial featuring all the sports Bo Jackson played..."Bo knows baseball...Bo knows football...Bo knows basketball" and on the list goes. Bo Jackson was one of the most prolific and powerful athletes of this generation. He was an Olympic caliber sprinter, one of the best college running backs of all-time, and an exceptional professional football AND baseball player. As his fame and fortunes grew, hordes of athletes tried to replicate his success by training just like Bo. However, what they found was astonishing – Bo Jackson never, ever, ever actually touched a weight or visited a weight room growing up. During an interview, Bo unleashed the secret to his athletic training. He grew up in a large family and rather than thriving at sports at a young age, Bo really loved himself……some cartoons. Yep, he loved watching TV, and his parents made a deal with him. He could only watch TV if he did push-ups and sit-ups during the commercials. Turned out that Bo’s affinity for Scooby-Do helped to fuel his spectacular sporting career. To this day, Bo attributes those "mandatory" push-ups and sit-ups as the core of his physical training.
We all should consider adopting the Bo Jackson workout routine when looking at market updates.
Now I’m sure you’re wondering what, if anything, this has to do with Wealth Management? Well, I’m glad you asked! It’s time to be honest with yourself... Since the pandemic began, we've had more than a few bouts of intense market volatility – I’m betting that when things "seemed bad" you looked at how the market and specifically your portfolio was "doing" at least 15 times per day. It’s just so easy to take a quick peak at your phone to "keep an eye" on things. Well, I’m here to tell you that we all need to adopt the Bo Jackson workout routine when looking at market updates. If each of us did 10 push-ups and 10 sit-ups BEFORE we looked at the market, one of two things would happen:
1] We’d all be in incredibly good shape as the pain and suffering of physical activity CANNOT deter us from getting our fix of multiple market inquiries, OR
2] We might actually only look at the market once a day or even once a week as the physical toll is just too much for us to handle. If this is the case, although we might not shed a few pounds, at least we’ll spare ourselves the unnecessary and fruitless anguish of minute-by-minute views of the market!
In all seriousness, we urge clients to "Fight the Narrative", and part of doing so is to un-train ourselves of the ultra-short term habits of market updates that either cause immense discomfort, or worse yet, untimely and emotional portfolio moves.