We believe great financial stewardship starts with curiosity, discipline, and a drive to grow. I’ll share articles, books, podcasts, and ideas that challenge my thinking and shape how we approach risk, relationships, and opportunity, hopefully sparking conversations that help us all keep learning together.
“Friending” by Scott Galloway – Medium
“As we’re the average of our five closest friends, wouldn’t it make sense that I’d want to keep expanding and upgrading that friend group? The goal isn’t to surround myself with doppelgangers, it’s more about me learning, getting better, thinking differently.”
Recently, a few of my closest friends and I had the opportunity to attend and celebrate one of our best friend’s weddings. Not only was it a beautiful day filled with love and laughter and drinks and dancing, but it was also an opportunity to reflect and be grateful for the many close male friendships I have and cherish. I am lucky to have built and sustained close relationships with many great men throughout various stages of my life. These men make me a better. Period.
Unfortunately, as Scott Galloway, a famous professor, podcast host, and entrepreneur, points out in his article, this is uncommon. He writes, “Too many men are stuck, isolated, unproductive.” He urges men to make more friends, to get out of their comfort zones. If we are the average of our five closest friends, should we constantly be in pursuit of more friendships? At the very least, Galloway argues, is that we will learn from new people and be on our way to a more fulfilling life.
“the jackpot age” by Alex – scimitar capital
Alex, a family office fund portfolio manager, discusses modern culture’s obsession with chasing rare “jackpot returns.” While jackpot-style investing strategies include high expected values, “almost all paths bleed to zero.” While a bit technical and dense, it is an interesting discussion during a time of extended bull market runs and a societal thirst for instant gratification. While we see increases in “risk on” investments across markets (e.g. crypto, meme stocks, options trading), this is a good reminder to not lose focus of median outcomes and survival.
Advisors’ Guide To Today’s Crypto Market Cycle
“Crypto’s time has come.” – SEC Chairman Paul Atkins
No, this is not an endorsement of crypto, but we are paying attention! Cryptocurrency is a rapidly evolving asset class that shifts conversations about investment strategy, risk management, and traditional finance. I am constantly trying to stay informed and build perspective and insight by reading articles and even talking to friends and clients about digital currency. This is an update on the newest developments in the crypto space, including Capitol Hill tailwinds and comparing Bitcoin and Ethereum ETFs.
“On the Value of Hard Focus” by Cal Newport
“Fixed-Schedule Productivity: How I Accomplish a Large Amount of Work in a Small Number of Work Hours” by Cal Newport
“…this deficiency can be remedied in the same way that a runner builds his endurance: you have to try to push yourself, each day, a little farther than is comfortable. Over time, your threshold raises.”
Entering a new career at age 34, I had to play catch up. I still have to catch up. There is always a sense of urgency to learn the most I can in the shortest amount of time possible. But how do I do that? It’s difficult in the age of smart phones, social media, shiny applications, and multiple monitor computer displays!
I enjoy reading Cal Newport’s essays on productivity, context switching, and deep focus. These two essays discuss building up your concentration muscles and a case for fixed scheduling.
“Apple Stock Gains. What Preorders Say About iPhone 17 Demand” – Barron’s
Apple is our most common legacy position within client portfolios. You might need a Wall Street Journal/Barron’s login to read, but this article discusses the launch of the iPhone 17, its unexpected demand, and a bullish case for an uptrend phase. Although it’s been a rough year for the stock due to hardware and AI innovation concern and geopolitical risk, will “Golden Cross” territory predict a near term reversal? What do all of you chartists out there think?!
Wesco International 2024 Annual Report
“Against a persistent mixed and multispeed economic environment, we returned to sales growth in the fourth quarter, sparked by acceleration in our Wesco Data Center Solutions business that was up more than 70% compared to the prior year period. We delivered record free cash flow of more than $1 billion, or 154% of adjusted net income in 2024. We also reduced our net debt by $431 million, repurchased $425 million of shares, and increased our common dividend 10% last year. Positive momentum has carried into 2025, and our opportunity pipeline remains at a record level.”
Linked is the 2024 annual report for one of our most recent buys, Wesco International. Wesco specializes in electrical, data, networking, security, and utility distribution. It supplies offices, data centers, power transmission lines, and power plants with mission critical parts, so we believe that $WCC is positioned to benefit from secular tailwinds in AI data centers, grid modernization, EVs, and industrial automation. Take a look!
About the Author
Kawika Shoji is an investment advisor and portfolio manager at Regency Capital Management. He advises individuals, families, retirement plans, and institutions to assess, develop, and implement their investment and financial goals.
