All things must pass
I really like the popular version of memento mori.
It claims the saying comes from ancient Rome, where victorious generals would be granted the right for a victory parade, and there, at the very moment of their complete triumph they would employ a slave to stand behind them and whisper 'memento mori' in their ear.
Memento mori is latin for 'remember you will die'.
The idea was to not let success get to their heads. It's a kind of stoicism.
Sadly it turns out this probably wasn't a Roman practice, but rather a medieval Christian idea. Good story though.
2017 has been a great year for investors. US stock market is up around 15%, Japan is up 20%, emerging markets are up 30%. Bitcoin and cryptocurrencies rose exponentially. It's very easy to get a bit cocky.
People who have been investing for longer probably remember previous crashes. I've never seen my net worth evaporate, so it will be interesting to see how I feel during the next dip, or the next crash. There will be one at some point.
Are you ready? Perhaps it might be time to start thinking about staying rich?
The investor's version of memento mori right now might be 'remember you are not an investing genius'. Under current conditions, any idiot could have made money this year.
The difficult thing will be holding onto it in the future.
How about you? How did you do in 2017? Are you planning to make any changes next year?