Previously I talked about the patience premium.
The idea that investors have sometimes been paid a premium for owning investments that are hard to buy and sell. That premium isn't guaranteed, and these investments carry real risks.
Think about it.
Day trading.
Options.
Crypto.
They can all be bought and sold in seconds.
Now compare that to investments like apartment communities, data centers, energy infrastructure, or private businesses.
Those aren’t traded every minute of every day.
Many are designed to produce income, though that income can fall or stop.
And that’s one reason many of the world’s wealthiest families, foundations, and university endowments invest heavily in them.
It’s also why I invest my own money in them.
Because I don’t believe I should recommend something I’m unwilling to invest in myself.
I think that’s an important distinction.
There’s a big difference between believing something works…
…and trusting it enough to invest your own family’s money in it.
Our interests should be aligned.
When these investments do well, they benefit both my family and yours, and when they don't, we both feel it. One more thing you should know: some clients hold interests in the JFWM Real Estate Access Funds, which are closed to new investment. JFWM, the funds' general partner, receives a management fee from them. Those assets are excluded from JFWM's advisory fee.
I wouldn’t have it any other way.
About the author
Founder of Jones Fiduciary Wealth Management. He spent nearly two decades on the legacy side of the industry before building a fiduciary advisory firm where the tax strategy comes first and the portfolio follows. Author of UnBrainwashed Investing.
