STEWARDSHIP 22 MAY 2026 www.goodnewsfl.org Good News • South Florida Edition According to Sikorsky, the UH-60 Black Hawk is a four-blade, twin-engine medium-lift utility helicopter. Its development began in the 1960s when the U.S. Army recognized the need for a more capable helicopter following experiences in Vietnam. It was officially introduced into service in 1979. The Black Hawk is known for its robust design, featuring dual engines, advanced avionics, and a spacious cabin that can carry up to 20 personnel or significant cargo. It can achieve speeds of over 200 mph. The helicopter's design enables troop transport, medical evacuation and special operations. The Black Hawk has accumulated millions of flight hours and has been modified for various roles, including electronic warfare and search and rescue. Over the years, several variants of the Black Hawk have been developed, including the UH-60L and UH-60M, which feature enhanced capabilities and improved performance. The helicopter has been exported to numerous countries and presently serves in various capacities, including law enforcement and search and rescue missions. One key to its success is the built-in redundancy throughout the aircraft, ensuring safety and endurance. The Bible tells of many people groups, nations and individuals who sought to persecute, oppress, attack or destroy Israel. Modern-day Iran is just the latest in a long lineage, and a significant one at that. As another recently wrote in the Good News, “Did you know that in the year following Hamas’ evil attack on Israel on Oct. 7, 2023, more than 10,000 antisemitic incidents were documented in the U.S.? Now, more than ever, Christians should stand with Israel and the Jewish people.” This brought Hillel the Elder’s thoughtful questions to mind: If not this, what? If not now, when? Safety and endurance Similar to the Black Hawk, safety and endurance are important focal points when investing. The Iran conflict showed many of us this in real-time, as most assets, except for energy-related ones, immediately came under significant pressure. That pressure is often where human emotion trips up a speculator, while an investor is better able to keep emotion in check. Well-researched investments with a margin-of-safety, low debt and wide business moats give investors the confidence to hold their positions during volatility or even increase exposure. On the other hand, a speculator often panics and sells when asset values drop, frequently at the worst possible time. Moreover, those exposed to illiquid assets realize the previously unnoticed peril their capital may be facing. Stress in the market allows us to draw upon the investing wisdom of Warren Buffett. Insurance underwriting has long been a major part of Berkshire Hathaway’s business, so it’s no wonder that risk has captured much of Buffett’s attention. And he possesses a very different observation on risk than what we typically hear from most financial commentators who emphasize metrics like beta or standard deviation. In finance, volatility is often used as the benchmark for risk, but this creates the false impression that an asset becomes riskier simply because its price drops — the complete opposite of how an investor views a lower price. According to Buffett, risk is the chance we will suffer a permanent loss of capital. Thus, a lower price doesn’t define risk, and it often presents opportunity. Experiences Experiences shape our thinking. If we’re young, we know stocks can drop quickly. But experience also tells us they rebound to new highs. If we’re older bond investors, we know almost nothing but decades of falling interest rates and equitylike returns. Those who lived through the 1929 market crash were deeply scarred, and many avoided investing in stocks for decades afterward. The same could be said about those who experienced the 2007-09 financial crisis. Our recollection of the past can mislead us. Experiences can help point us toward the future, but only if that future looks like the parts of the past we’ve already lived. And often, it doesn’t. Given recent market oscillations, it’s worth examining our market beliefs—asking ourselves whether they’re actually valid. As we do so, we should consult the longest-term data available, to capture periods we didn’t experience personally. Having a fuller grasp of market history can help tame our emotions when facing falling asset prices. Importantly, we should also take an honest look at whether we’ve been involved in speculation or actual investment. We have a personal stake when it comes to military conflict. Our son is a U.S. Army Captain, Medevac Company Executive Officer and pilot. He flies Black Hawk helicopters on life-saving rescue missions. Through occasional near-death experiences, every Black Hawk pilot and crewmember grows to value the safety and endurance features built into their aircraft. Likewise, successful investors value safety and endurance in their investment decisions, with a clear-eyed understanding that risk is the chance of suffering a permanent loss of capital, not daily swings in prices. 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 Risk Captain Patick Kelly in a Black Hawk helicopter on a search and rescue training mission in Alaska.
RkJQdWJsaXNoZXIy MjE2MjU=