The google machine has a function when you type a word in the search bar where it will populate the definition of that word. It also gives you a historical chart for the amount of ‘mentions’ in popular writing since 1800 of that word. 200 years of books in 0.2 seconds. I wish I could read that fast. We’ve come a long way. When you type in ‘Recognition’ you get the following chart:
You don’t have to be in this culture long to know that we celebrate success. Social media is exhibit A. The google chart on mentions is exhibit B. The NFL wide receivers dancing this weekend after a first down is exhibit C.
There’s nothing inherently wrong with recognition. Humans have an ingrained desire to be understood and to feel valued. Recognition does both, but we’re also missing something when it’s all we focus on. We were recently recognized on the 2024 Forbes/Shook Research Best-In-State Wealth Management Teams list published 1/9/2024, data as of 3/31/23 (sorry humble brag See the article here) and it reminded me of a video I saw recently of Ed Sheeran talking about success. He talked about how everyone shouts about success. At one point in the interview, he says ‘but there’s nothing in success. Success happens from failing hundreds of times. It doesn’t just happen overnight.’ He couldn’t be more right.
We’re humbled and honored to be on the list. There’s no doubt about that. We like the recognition and will celebrate it a little bit but if that’s all you see, you’re missing the point. That success is a product of a lot of work that Bill, Kate, and I are hungry to do with clients on a daily basis. We’re hungry to keep on doing it. We really value our clients for letting us do that work with them. We love being their most trusted advisor. We don’t get it right every single time. We tweak portfolios. We meet a bunch. We plan. We make some mistakes. We keep talking. We keep grinding. It’s work and there never really is a finish line. We find it far more enjoyable to be in the lab working than looking at a report card on graduation day.
The same thought process can be applied to the markets. Success and recognition that you’ve done a good job has nothing for you. Success happens from failing hundreds of times. Watching the market take some of that success and recognition (your account balance) away from you. You don’t become financially secure overnight. You mess up. The market falls. You keep grinding.
In his book Fortitude, Dan Crenshaw a US Representative and Navy Seal, tells a story about losing a croquet match to his mother when he was 8 years old. He was outraged that he lost. He was outraged that she didn’t let him win. She wondered aloud why he was so outraged by saying ‘You didn’t earn it. Your croquet skills were not good enough to win. You don’t get to win just because you feel entitled to it. Your status as my 8 year old son does not beget privileges that outweigh your merit. Croquet, sports, and life are meritocracies by which you shall be judged on your performance and the content of your character’. Sometimes the market treats us just as harshly as Mrs. Crenshaw did her 8 year old boy. You can either sulk about it, or you can deal with it’s reality.
In the same book, Crenshaw reminds us to not become unaccustomed to adversity or allergic to sacrifice. If you want to be ‘recognized’ with a job well done on your finances the market will require some adversity and sacrifice. Recognition is really good when it embodies the full picture. The struggle and the success.
We’re thrilled to be on the Forbes list. We’re especially thrilled to be on the Forbes Team list. That word team is why we exist. One of the Baird core beliefs is that the best financial advice is the result of expertise, diversity, and teamwork. We have that on our team. We certainly have that on the broader Baird team. The key component of that team is you, our clients, and recognition is simply a byproduct or ‘an acknowledgement of something’s existence or validity’ as google defines it, of the trust our clients place in us to do the work we do.