Time Blurs What Once Mattered.

Time doesn’t just heal all wounds; it quietly erases information too. And often, that’s a blessing. Who wants to remember every missed golf putt, every brilliant tennis longline that sailed just wide, or every football shot that missed the goal by a millimeter. Not to mention the truly painful stuff.

Last week, I had Covid. These days, that sounds almost like saying: I had a cold. No one cares. I only mention it because, in the first few days, that little crowned virus reliably scrambles my brain. You start thinking strange thoughts. About time, for example. And what it does to us and to our investments. One night, price and value hovered above my bed. Believe me, I would’ve preferred a different vision.

When perspective shifts

I started thinking about my oldest investment. I bought it in 2008, and on September 15, it will be 17 years. Ask me what I paid for it? Not a chance. Time has wiped that away. I’d have to check Excel. After so many years, it feels almost absurd to worry about today’s price swings – whether the stock is up or down a few percent. Who cares?

What I care about is the annual report. How did the company do last year? How’s the business holding up? What are management’s plans? Admittedly, I usually already know the answers before the report is out. I don’t miss quarterly results. Curiosity gets the better of me.

But you see how the focus shifts over time. Away from the share price. Toward the business. Exactly as it should.

Ideally, I’d approach every new investment that way right from the start. That’s the goal. But when I know I bought at 80 and the stock is at 75 or 85, I still feel it. Hello, dopamine. That said, it doesn’t influence my decisions. That’s where clear rules and discipline come in.

And if you'd rather not impose that discipline on yourself for a lifetime – yes, it’s a lifetime thing – a good asset manager is worth considering. Gutmann stays on the ball for you. Whether you're getting over a cold, playing a round of golf, or out saving the world. 

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