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A Thoughtful Simplicity

by Fred Snitzer

“Life is the sum of all of your choices” – Albert Camus
“Everything should be as simple as it can be, but not simpler” – Albert Einstein

Beginning with quotes from Albert Einstein and Albert Camus may seem like a pretentious way to start this month’s cover letter, but the wisdom contained in these phrases truly and concisely sums up what we do at PMA.

Let’s start with the quotation from Camus. Investing requires making a lot of decisions. Should you buy individual stocks or mutual funds? If you buy mutual funds, should you buy index funds or actively managed funds? If you buy equities, should you buy international or U.S. equities? If you buy both, what percentage should you buy of each? If you are investing in bonds, should you buy government bonds, corporate bonds, high-yield bonds, or a combination of all?

The sum of all of these decisions will have an enormous effect on the overall risk and return of your portfolio.

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