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This Element is an excerpt from It's About More Than the Money: Investment Wisdom for Building a Better Life (9780137050321) by Saly A. Glassman. Available in print and digital formats.
Why the best investment advice you ever get might be what not to do.
Shortly after 9/11, a terrible period for all investors and advisors–for all Americans–Edward called to thank his advisor. “Thank me?” the advisor exclaimed. “Why? I feel terrible about our losses over the last year.” Edward said, “No, you don’t understand. You told me not to invest $600,000 in a private equity partnership I was seriously considering. I’ve just learned that investment was a total failure.”