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Every two weeks, I share my writing on investing, career transitions, meaningful work, parenting, living intentionally, and other topics that engage me.

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Next Chapter

After more than twenty-five years in the world of institutional equities, I'm making what might seem like an unusual career move.

I'm joining Bath Savings Trust Company (BSTC). At this investment firm, success isn't measured by relative performance, Sharpe ratios, or quarterly earnings but by the financial well-being of local fishermen, shopkeepers, and families.

As I prepare for this transition, I've found myself increasingly drawn to the remarkable story and values of its parent, Bath Savings.

In 1852, when Bath Savings first opened its doors, Midcoast Maine was a landscape of makers and dreamers. Shipbuilders along the Kennebec, merchants threading together local economies, families building futures one careful deposit at a time.

At the time, mutual banks like Bath Savings emerged from a fundamental belief that money could be a tool for community transformation. The business model was simple. Deposits from local customers funded lending to support business development and home ownership in the area.

Unlike traditional banks that served shareholders “from away,” these institutions were owned by the very people who walked through their doors — fishermen, shipwrights, local farmers, and small business owners.

The contrast with the world of institutional finance couldn’t be more stark. In modern banking, massive pools of capital whiz around the globe, separated from borrowers by exchanges, brokers, and abstract derivative securities.

In the decades since its founding, Bath Savings has grown considerably, yet its loan book tells a story of unwavering commitment to its original mission. Today's annual reports still feature primarily local residential mortgages and commercial loans, which are the financial building blocks of community prosperity.

This commitment to local impact drew me to Bath Savings Trust Company (BSTC). After years in institutional equities, where success was measured in basis points and benchmark comparisons, I've been ready for a different kind of investment work.

Here, success means helping real people in our community achieve their financial goals.

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The bank's mutual ownership structure makes this possible. Because BSTC is fully owned by Bath Savings, which operates for its depositors rather than shareholders, it’s free from the pressure of artificial growth targets.

Growth matters only insofar as it enables more community lending and better service to our neighbors.

This view isn't a rejection of traditional capitalism or sophisticated institutional finance, far from it. Market-driven innovation and risk-taking are essential engines of progress. But, as our financial system grows increasingly complex and automated, we also need institutions that maintain a human touch and local focus.

BSTC represents at least one vital alternative.

During my interviews, I heard examples of this philosophy in action. The president, Tom Whelan, shared a story about a customer who came in with less than $1,000 in savings, seeking investment guidance for retirement.

While most firms would turn away such a small account, Tom's response was immediate: "Of course, we helped her. That's what we do."

This isn't just feel-good philanthropy. It's an entirely different business model, one where serving depositors and strengthening the community are the measures of success. As long as the bank maintains healthy profitability, which it does, these small accounts are welcomed and treated like any other. They also represent the very purpose of a mutual bank.

Not all of BTSC's customers are small. Some clients are quite large and are regularly courted by larger firms. Yet, client retention remains high at BSTC because their clients appreciate working with a local firm, the human scale of the business, and their trust in the fiduciaries who serve them.

Founded in 1989, BSTC currently manages roughly $1.8 billion. Referrals and retention have driven the firm's growth. You won't see a lot of slick ads. There's no discernible social media strategy.

Business growth is not an objective but a function of consistently doing good work over time.

BSTC isn't just offering me a position. They're offering a different relationship with money in which financial growth and community well-being aren't competing priorities but complementary ones.

Today, I'll step into this new role carrying two perspectives: the rigorous analytical toolkit built over decades in institutional equities and an appreciation for what wealth management looks like when prioritizing relationships over algorithms.

In my institutional days, success was measured in basis points of relative performance. Now, it will be measured by helping a retiring teacher feel confident about their income strategy or working with a business owner to build a legacy for the next generation.

These outcomes won't appear in any performance composite, but they're the true measure of an advisor's impact.

I'm not just changing jobs. I'm joining a centuries-old tradition of putting clients first, where investment success isn't just about beating a benchmark, but about helping neighbors achieve their most important goals.

And that's an investment philosophy I'm ready to embrace.

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David Whyte on The Tim Ferriss Show I've been an enormous David Whyte fan for years and have referenced him in this newsletter more than once. So, armed with high expectations, I was eager to listen to this interview with Tim Ferriss. Whyte delivered in spades. Whyte's talented takes on topics close to my heart hit home. But when Whyte reads his work in his native Yorkshire accent, the combination is powerful. Enjoy! When you're done, you'll be ready to read one of my favorite Whyte books, The Three Marriages.

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What Makes Us Human In this essay, Bob Ewing shares a personal story about his wife's life-threatening childbirth experience. Through the process, he was reminded that humans excel at working together to make progress and solve problems peacefully. This unique skill as a species should ground us in optimism despite the torrent of negativity we may experience online.

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And a Farewell Photo...