A few months ago, I went to the AICPA's personal financial planning conference in Las Vegas, and there was an interesting contrast between what was going on at the gaming tables and the investment discussions we were having during the meeting. At the same time, I was participating in an online conversation about macroeconomics on the Financial Planning discussion forums when the discussion veered unpredictably into a heated debate about beating the market, and the pros and cons of market timing.
There's a lot we can learn from the contrasts between gambling and investing. Exploring them might not only inform conversations with clients, but also clarify the profession's role in tending client portfolios.
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