First Quarter 2015 – “The Path to Success”

First Quarter 2015 – “The Path to Success”

Thirty five years – in May, Colonial Consulting will have reached this age. While some on our staff were not yet born in 1980, quite a few of us are now in our third decade with the firm and quite proudly state that we remain consumed with almost child-like levels of curiosity, alongside the more mature recognition, of how much more there is to learn.

Amongst the fascinating aspects of the work of any investor is the need to contend with near constant change in markets and investor attitudes while at the same time seeking to remain grounded in simple but timeless principles that rarely if ever fail when given time to succeed. At some moments, we enjoy the highly probable and frequently outsized levels of client success that accompany decisions which were originally controversial and even a bit frightening. At other times we suffer in the knowledge that we had to learn, or re-learn, basic lessons. Successful investing is ultimately an exercise in assuming calculated risk, and as such, outcomes cannot be universally positive. While we dislike all disappointing results, those where we forgot basic rules of investing are the ones that trouble us the most…