I believe that knowing exactly what you own builds confidence.
That’s why I work with fully transparent portfolios of individual securities, rather than costly mutual funds or sometimes illiquid and frequently over diversified ETF’s.
Conviction based portfolios provide the basis for a deeper understanding of investment fundamentals.
A financial plan is only as good as the investment behavior of the client.
I’ve learned that unless a client has an intellectual connection with the specific components of the investment portfolio which primarily implements that Plan, they are likely to do exactly the wrong thing at the wrong time.