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Every two weeks, I share thoughts and curated links on investing, career transitions, meaningful work, parenting, living intentionally, and other topics that interest me.

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She Was Both

On the first of April, I’ll be starting a new job at a different firm.

I’m fired up.

I'll be working with former colleagues I've known for decades. The role couldn’t be a better fit for my background, experience, and temperament. I'll be back in the world of institutional equities, which I’ve missed more than I expected. And, I'll be in Boston a few days a week, which feels energizing.

Accepting the offer wasn't a difficult decision. I want to be clear about that.

But knowing you're making the right move doesn't mean you get to skip the honestly difficult part of leaving.

I've only been in my current role at the bank for sixteen months. I expected to be there for much longer. Still, it was long enough to get to know people, build trust, and feel responsible for relationships that were still in the early stages.

There’s a lot about my experience at Bath Savings Trust Company that was genuinely and emphatically positive. The people care deeply about their work and their community. They're good people.

So the hard part isn't the decision. It’s the conversations.

When I told M, a client, I was leaving, she didn't sugarcoat it. She told me she was upset. And I understood why.

It had taken her time to trust me.

I replaced my predecessor soon after her mother’s estate was settled. While she was still grieving, we developed an investment plan for the assets together. Throughout the process, she asked question after question.

She wasn’t trying to be difficult. She felt a real responsibility to understand what she had been given and to handle it well.

I respected her earnestness and always looked forward to our meetings.

At one point, she said, almost apologetically, that she knew she could be needy. But that wasn't how I experienced her at all. She cared. She wanted to learn. She wanted to do right by her mother.

What stayed with me was what came next.

After telling me she was upset, she said she was also happy for me. She wished me luck. She told me she knew I wouldn't make a decision like this lightly.

She was upset and supportive.

She was both.

That meant a lot to me. Not because I needed permission, but because she reflected something that I'd been trying to name.

You can be fully certain about where you're going and still feel the weight of what you're leaving behind.

I'm not conflicted about this move. I'm excited about it.

But I also want to leave on good terms.

I want the people I worked with, my colleagues and clients, to know that the relationships were real, that the time mattered, and that my leaving takes nothing away from that.

Onward.

Stuff To Share

• Bobby Jain on Capital Allocators: Bobby Jain has had an extraordinary Wall Street career, including at Credit Suisse, Millennium, and Jain Global, but he rarely gives interviews. In this insightful conversation on Capital Allocators with Ted Seides, Jain describes his career path and approach to building a modern multi-strategy hedge fund, from talent and culture to portfolio construction and risk management. He frames the business as a set of tradeoffs, especially around how large multi-manager firms balance diversification, speed, autonomy, and control. LINK​

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• The Scoreboard and the Supercycle People often focus too much on simple scores and forget what really matters. In global markets, the old focus on digital, asset-light companies appears to be fading, as the world needs physical, heavy industries such as copper and energy. In the latest essay, The Curious Mind reminds us that success requires us to use metrics wisely, remain flexible, and invest in what the future truly requires. LINK​

• The High Agency Mindset This post is a helpful framework from Nick Wignall on how to reassert agency. When beset by toxic social media, AI doomerism, and genuinely depressing news headlines, it's easy to give in and become passive. We have choices. To build a "High Agency Mindset," Wignall recommends 1) More creation, less consumption, 2) Practice assertive communication, 3) Spend more time around high agency people, and 4) Get clarity on your personal values. LINK​

And a Farewell Photo...