By Nancy Tengler, CEO & Chief Investment Officer
Every school-age child in California studies the desperate and tragic story of the Donner Party. Death, cannibalism, and a risk-taking gambit to take a previously unknown and un-traveled cutoff known as the Hastings Cutoff to ostensibly reach California sooner marks the deadly and disastrous trip.
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By Nancy Tengler, CEO & Chief Investment Officer
An undergraduate degree in psychology comes in handy when investing in the markets. Think of the stock market as an interminable struggle between fear and greed. Keeping one’s wits, understanding the effects of crowds moving into and out of ideas, the treachery of group think, and the erosive impact greed can have on total return is imperative to survival. Of all the attributes that can impact an investor’s total return, however, greed is by far the worst.
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By Nancy Tengler, CEO & Chief Investment Officer
My mentor in this business was a brilliant, if somewhat quirky man. His office was a storage room for unread research and old copies of The Wall Street Journal. When the clutter became overwhelming, he moved out of his office—the only private one on the floor—to a desk in the bullpen. Usually, mine. This clearly seemed easier to him than sorting through the rubble.
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The Tengler Report – Sept. 21, 2021. From the desk of Nancy Tengler, Portfolio Manager and Chief Investment Officer.
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Posted on September 1, 2021
Commentary by:
Nancy Tengler, Portfolio Manager and Chief Investment Officer
“God has a special providence for fools, drunks, and the United States of America.” – Otto von Bismarck
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Originally posted on July 14, 2021
Commentary by:
Nancy Tengler, Portfolio Manager and Chief Investment Officer
If I were pressed to come up with a suitable analogy for DC and the bureaucrats who dwell there, it wouldn’t be “Top Gun” or even “Mr. Smith Goes to Washington,” rather, it would be Mr. Magoo of 1950’s cartoon fame.
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“Ah, but I was so much older then, I’m younger than that now.”
Bob Dylan, My Back Pages
Commentary by Nancy Tengler, Chief Investment Officer
Maybe it’s just nostalgia, but the older I get, the more I turn to the wisdom of the rock and roll lyrics of my youth. Those of us who came of age during that long and dreary period of stagflation in the 1970s, grew up fast. Rock and roll lyrics reflected the melancholy of the times. In the home of a single mother who worked two jobs to keep the lights on and keep food on the table, it wasn’t a question of whether to work, the question was how to work as much as possible. By the time I was sixteen I had a handful of regular jobs.
One Christmas, I was hired by two competing retail stores in my hometown of Walnut Creek, Calif., – “didn’t I just see you across the street?” asked one observant patron. Those jobs were a bonus, so I accepted both and kept my fingers crossed the scheduling would work out (it didn’t). I returned to cleaning houses, babysitting and pet sitting with a waitress gig on Saturday mornings. There was no college fund, no clothing allowance, no car filled with gas.
Ah, but I was so much older then.
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