BBRG: Why the 401(k) Millionaires Club Got Smaller Last Year

Why the 401(k) Millionaires Club Got Smaller Last Year
For those who thought markets only go up, 2018 was an unwelcome surprise.
Bloomberg, February 4, 2019



The debate in the office was whether or not Superbowl LIII was an extraordinary defensive battle or simply a bore.

I am on the side of good D. I credit Michael Lombardi for this; his book Gridiron Genius: A Master Class in Winning Championships and Building Dynasties in the NFL gave me a finer appreciation of the the chess game as played so well by New England Patriot’s coach Bill Belichick, as well as Oakland Raider’s principal owner and general manager Al Davis, and San Francisco Forty Niners coach Bill Walsh.

Instead of the usual high-flying, big-scoring game, it was a masterpiece of brilliant coaching, disruptive defense, and opportunistic adjustments. Those complaining it was dull fail to fully appreciate the nuances of the sport. Lots of quarterback pressure, a few sacks, plenty of strategics adjustments, and it was a battle of coaches. Having the more effective game plan, not making (too many) mistakes, forcing the other team out of their comfort zone, all are an effective strategy.

Sometimes, it’s as simple as “Good defense wins.”

There are parallels to investing. Having a viable financial plan, avoiding the usual tactical errors, being strategic in approach, are the keys to success  . . .


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I originally published this at Bloomberg, February 4, 2019. All of my Bloomberg columns can be found here and here



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