03/25/2026
Joe Wiggins recently shared a timely piece, “One Risk After Another,” (linked below) that speaks directly to what many investors may be feeling right now.
Given the current geopolitical backdrop, the core message is simple—and especially timely for client conversations right now:
•Markets are always climbing a “wall of worry” – risks rarely disappear; they simply rotate (inflation → rates → geopolitics → growth), and markets continue to function through that cycle.
•Headline risk ≠ portfolio risk – geopolitical events (like current Middle East tensions) tend to dominate news flow but are often short-lived in terms of long-term market impact.
•Investor behavior is the real risk – reacting to each new risk (selling, de-risking, or timing markets) is far more damaging than the risks themselves. This is a consistent behavioral pattern.
•Uncertainty is permanent, not episodic – successful investing isn’t about waiting for clarity; it’s about staying invested despite a constantly evolving risk environment.
•Portfolio construction matters more than prediction – diversification and discipline are the only reliable tools to navigate overlapping risks and shifting market narratives.
There is always “one more risk.” As a Wealth Advisor and Portfolio Manager, my job isn’t to eliminate risk, but to build portfolios that can withstand it—while helping clients stay disciplined and avoid reacting to noise.
At any given point in time, there is one major investment risk that becomes the focus of everyone’s attention. Sometimes this will be a new and significant event (such as the war in Iran); other ti…
