STEWARDSHIP 32 january 2026 www.goodnewsfl.org Good news • South Florida Edition Care to know the secret behind massive returns that only savvy investors know about? There is no secret, but FOMO (Fear of Missing Out) is a powerful psychological trigger. It’s epidemic in many modern-day conveniences such as social media, television and radio. Unfortunately, it can also influence our faith and investment decisions too. Stephan Tchividjian recently wrote a terrific article about shiny rocks: “I find that sometimes along the path there are all kinds of little things that catch my eye, my attention. I call these distractions shiny rocks. The shiny rocks beg you to pick them up and put them in your pocket. I do this for no apparent reason except that they are shiny, and I think they may be valuable… in the future. The problem is that as I walk and keep putting these shiny rocks into my pockets the weight gets heavier and heavier, and the journey becomes more and more difficult…” God never intended us to carry shiny rocks, including the Wall Street variety. Jack Bogle of Vanguard fame once said, “the stock market is a giant distraction to the business of investing.” An investor does not bend to FOMO but rather ignores the glitter and stays focused on their plan. Keep it simple A longtime favorite quote from Warren Buffett suggests, “there seems to be some perverse human characteristic that likes to make simple things complicated.” Of course, this observation was about investing. It resonates in matters of faith too. Throughout history, people have toiled in works (“shiny deeds”) in an attempt to reach God. But Romans 10:9 tells us salvation is literally One Name away. It couldn’t be simpler. Much about investing is simple too. When we don’t study history, we are doomed to repeat it. Never chase a tip, something that appears too good to be true or investment fads. An investor first studies risk, while others just jump at tantalizing (“shiny”) rewards. Whether hype comes from strategists, financial media, socalled experts, market technicians, or acquaintances, we should never waver from our defined investment approach. If you sense FOMO, then learn to develop a mindset of JOMO. The Joy of Missing Out focuses us on priorities and well-being over other influences. Since 1971, when the backing of the dollar by gold was eliminated, there has been a significant stock market decline every 7 ½ years on average. Creative destruction is an economic concept that is fundamental to our economy. Recession washes out FOMO, economic inefficiencies, market exuberance and even financial fraud. Meanwhile, many remarkable innovations are birthed during difficult economic periods, ultimately leading to market adaption and economic growth. Welcome and seek investment opportunities in difficult periods. Consider the risk Consider drawdown risk. For every percentage decline in the value of an investment, a subsequent gain that is greater on a percentage basis is required to break even. For example, a 50 percent decline requires a 100 percent gain just to get back to the starting point. During the “Great Recession,” the Federal Reserve undertook a policy of Quantitative Easing; literally creating money from thin air. Nearly 20 years later we were rewarded with inflation and asset bubbles. High asset prices created an intentional wealth effect on the economy that has kept the spending going. A future crisis is sure to be amplified in the reversal. Investor’s grasp the importance of Price and Liquidity; buying mispriced and highly marketable assets is often foundational to long-term investment success. Why is it when shopping, we look for sales, but when it comes to investing, we don’t? Well, Wall Street has long possessed sharply honed skills to tempt us with an abundance of “shiny rocks.” But, if it glitters on Wall Street, it’s usually complex, misunderstood, has liquidity challenges, especially in times of stress, and is expensive. It is our responsibility to comprehend value, what is a quality investment and what liquidity really means, while having an ingrained bias towards creating a Margin-of-Safety in our investment choices. Invest in businesses Invest in businesses, not stocks. Look for companies with sustainable competitive advantages, while focusing on long-term intrinsic value. What matters is how much cash a company can generate for its owners. Future cash flows are by their nature uncertain. To compensate for that uncertainty, always seek to buy companies for less than their intrinsic values. And companies that can successfully fend off competitors have a better chance of increasing intrinsic value over time. Time is an investor’s friend. Investing isn't about instant gratification; it's about long-term success. Avoid Wall Street’s shiny rocks, which often come wrapped in FOMO. Proverbs tell us, the fear of the Lord is the beginning of wisdom. That’s a fear worth possessing. Moreover, the simplicity of faith is that the work has already been done. The Cross has spoken. That’s not just good news; it’s the best news ever! Patrick J. Kelly has spent more than four decades at the most senior levels in the financial services industry. He has held executive leadership positions in banking and securities firms, served numerous profit and nonprofit boards, possesses advanced education in economics, accounting and finance, and has been a featured guest in numerous financial media forums. At present, he endeavors to impart his experience and knowledge to younger generations whenever possible while also offering consultation on securities and banking industry practices for litigation-related expert witness testimony. - Patrick J. Kelly - President, Kelly Advisory Group FOMO
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