Ben Carlson

Maybe my returns will be lower in the future.

But does it mean that you should all of a sudden turn off your contributions and sell stocks?

And I think that's a harder proposition to get to for me.

Well, it's interesting.

I feel like this decade has sort of replaced the great financial crisis, which is music to my ears because I worked in the institutional nonprofit space, and after 2008, everyone wanted to sell a black swan fund or a hedge fund or something that would hedge your downside risk.

And it was fun.

Everyone, all these big, huge institutions controlling billions and billions of dollars, that's all they wanted to invest in is these things that were take all the volatility away, hedge my downside, and they weren't concerned at all with the upside, right?

There was no like, okay...

What happens if things keep going up and working?

He's like, no, this is career risk.

I lost a lot of money.

I'm not going to do that again.

And that's when I learned about Fighting the Last War.

I'm like, oh, I'm going to invest in what I wish I would have invested before this happened.

If we could do it all over again, here's what I would have done.

Now I'm going to do it again.

And the last risk is rarely the next risk, right?

So I actually think it's interesting because

I think what investors have been conditioned to do now is the opposite of that.

It's, no, we buy every dip.