Why Diversification Works in Life and Market (Tadas with Dr. Brett)
The Compound and Friends
Josh Brown
4.7 • 2.2K Ratings
🗓️ 5 June 2019
⏱️ 10 minutes
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| 0:00.0 | Hi Thomas. |
| 0:02.4 | Hey, I'm on the line with Dr. Brettstein-Barger who is a trained psychologist trading coach, |
| 0:07.1 | author and blogger at the Trader Feed blog. I asked Dr. Brett-ante to discuss a recent |
| 0:12.2 | post of his entitled Why Diverse Vacation Works in Life and Markets. |
| 0:16.4 | So we are all familiar with the concept of portfolio diversification, but what about life diversification? |
| 0:22.0 | And Dr. Brett's professional, he has worked with doctors, medical students, and hedge fund |
| 0:27.1 | traders, none of which are particularly well known to have well-balanced lives. |
| 0:31.7 | So I figured that was a good place to start. Dr. Brett what prompted |
| 0:35.2 | you to apply the idea of diversification to our broader lives? Well by seeing |
| 0:40.3 | so many traders and so many investors who are not diversified in their personal lives. |
| 0:47.5 | You know, taught us all of life is a portfolio. |
| 0:50.7 | We hold many different assets in our lives, relationship assets, career assets, |
| 0:58.0 | personal interests, and the goal of diversification is to have enough of a balance among those so that we can maximize our overall well-being. |
| 1:08.6 | Well, I think that, I think one of the important aspects of that is that it recognizes that life is a challenge for all of us and whether we all undergo difficult periods like you said whether whether it be professional, personal, emotional, physical, and having, like you said, some balance between those gives you some opportunity to, you know, kind of ride those waves as it were. |
| 1:33.2 | That's right. |
| 1:34.0 | And you know, Thomas, it's interesting. |
| 1:36.6 | There's a romantic notion that the successful person |
| 1:40.9 | is someone who is, quote unquote all in in what they do. They have a passion for what |
| 1:47.2 | they do and it means everything to them and they pour themselves into it and that's all well and good but I've seen the downside of that |
| 1:56.7 | where being so concentrated in one with have very troubled relationship lives. |
| 2:13.0 | No, I think that's, you know, I think that's absolutely the case and I think, you know, certainly from the perspective of, |
| 2:19.0 | and you can see that why that might be the case, if you are managing somebody else's money and have |
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