From Kendall Bauer
Dear Investor,
When Magnus Carlsen burst onto the chess scene in the early 2000s, fans expected him to copy the greats: Fischer’s firepower, Kasparov’s depth, Karpov’s precision.
But Carlsen had other plans. He studied them, yes, but didn’t mimic. He leaned into his strengths: Intuition, stamina and a knack for steering games into uncharted waters. By 22, Carlsen was world champion. Soon after, many called him the greatest of all time.
Investing is much like chess. Study and preparation matter, but so does self-awareness.
As a fan of the game myself, and someone who’s been locked in a longstanding rivalry with my younger brother at family gatherings, I remember diving into endless opening theory: The London, the Sicilian, the Queen’s Gambit. I tried to mimic the grandmasters.
Learn more
Knowing yourself can foil fake advice, by Kyle Tetting
The Landaas & Company difference, a Money Talk Video with Art Rothschild
Financial guidance across generations, by Adam Baley
Investment Goals, from the Financial Industry Regulatory Authority
Investor Preparedness Checklist, from Investor.gov
The problem? I wasn’t one. Within 10 moves, I’d be out of position, exposed and struggling against opponents like my brother who weren’t following the textbook. They were playing their own game. Memorizing strategies without understanding fundamentals is a fast path to losing.
Investors fall into the same trap, copying billionaires’ portfolios, chasing Reddit-fueled fads or following that one friend who swears their crypto play is “foolproof.” But their goals, risk tolerance and timeline? Probably nothing like yours.
Just as emotional discipline and a clear plan help you stay the course in volatile markets, your portfolio must reflect you — not someone else’s highlight reel.
Comparison is everywhere. Social media shows curated glimpses of others’ lives and investments. The old trap of “keeping up with the Joneses” now comes with algorithmic precision. That’s why your own “why” — your reason for investing — isn’t optional. It’s essential.
The rules of investing are universal. How you apply them should be personal. Your age, income, goals and temperament all shape your approach. A strategy that looks perfect on paper can still fail if it doesn’t fit the person executing it.
Before choosing stocks, funds or strategies, define your reason for investing. Financial independence? Early retirement? Generational wealth? Flexibility — the freedom to work fewer hours and spend more time with family? Purpose builds resilience. When markets drop, and they will, your “why” keeps you on course.
Pause and reflect on your own portfolio. Does it align with your goals, risk tolerance and timeline? Craft a plan that fits you and stick to it. Starting with clarity today builds a foundation for long-term success.
A plan and portfolio that fit you are far more powerful than a perfect plan you can’t follow. Define your game. Play it your way. Give your money purpose and don’t look sideways.
Until next time,
Kendall
Kendall Bauer is vice president and investment advisor at Landaas & Company, LLC.