Change the driver of return - Learn to accept change

 

Changes aren't permanent, but change is. 

-Neil Peart 

This is a simple view, but simple thinking is often a good starting place for any decision making. Any given change will end. Trends will end. Themes will end. Growth cycles will end. Investment factors, styles, and premiums will end. 

Nothing is permanent. We must accept all changes as being inevitable. The only thing that that is universal is change. 

This does not mean that we always must change to the latest fad or fashion. It does mean that we have to accept it. There will be periods when a style is in and out of favor. Investing is about exploiting those periods when you have an edge and cutting or controlling exposure when your style is out of favor or in transition. The only successful investors are those that accept that change is just a part of a natural order. Nothing will last.