The desk phones never stopped ringing. They wedged our four-foot cubicles into a repurposed JCPenney at South Roads Mall in Bellevue. The website was down again, overwhelmed by a flood of newly empowered retail traders. When the screens froze, they reached for landlines, desperate to place orders.

“I want to buy 100 shares of XYZ,” one caller said.

“I can’t find that ticker. What’s the company name?”

“I don’t know,” he replied. “It’s an internet stock my friend told me about.”....

Today, it's harder than ever to be a diversified investor. As the thrill of artificial intelligence (AI) and the promise of lower rates have driven stocks to new highs, the fear of missing out tightened its grip. Investors chase what feels good now instead of asking, What happens next? A rate cut may lift stocks today, but what does it mean for inflation, liquidity, or earnings six months from now? Beneath the surface, a quieter truth remains: progress takes time. Now is a time to emphasize patience and balance—because in markets like these, discipline compounds faster than excitement...

Howard Marks tells one of my favorite stories about overconfidence and humility. A gambler once heard of a horse race with only one horse—a sure thing if ever there was one. Sensing fortune's nod, he rushed off to the track, rent money in hand. But halfway around, the lone horse veered off course, jumped the fence, and disappeared into the fields. Confidence met reality, and reality won...