"Don't forget, people have to chase -- you don't have to do that with your own money -- that's certainly a dynamic of being in the business of running money. A: you have to have money to run, or money to manage, and B: you're chasing performance."
While we at PWA indeed "run, or manage, money", we fundamentally differ in our view of our purpose as a money management firm.
We wholly reject the notion that we exist to beat the market (although, while not our goal, certainly on a risk-adjusted basis [over the long-term], that's our expectation), or to beat "the competition" -- that's a "value" system that can absolutely lead to ruin.
We exist to manage our clients' portfolios in the most prudent manner possible; a manner that reflects our assessment of the risk/reward market environment at any given time.
Me from our latest video commentary:
"As long as we are doing what makes sense based on fundamental reality, I think we can all sleep at night."