Mercenaries vs Missionaries

I work in a ruthless industry full of highly intelligent people, but many unscrupulous?operators.?

It is just a fact.

This week Ritholtz Wealth Management 's Joshua Brown had a viral post on LinkedIn. (link)

In the comments section I found this gem from Dynasty Financial Partners 's Shirl Penney :

"The interesting thing about looking at missionaries vs mercenaries is that mercenaries win in the short term but it fades quick while the missionaries win disproportionately over time." Shirl Penny

I have never met Shirl, but that mindset tells me a great deal about how his company operates.

An absurd bull market in cap weighted indexes has masked a lot of problems in our industry and economy.?

When the market turns you will learn quickly if you are partnered with missionaries or mercenaries.

The lesson I learned from the pain of 2000-02 (post internet bubble) and 2008-09 (post financial crisis) is simple and Josh said it best.?

"Great opportunities?abound for those playing offense in 2025."

But you need partners who are missionaries, not mercenaries.

Buckle Up.