Just about every month, one of the investment providers or platforms we work with hosts a dinner in a few cities across New York. The goal? Introduce investment providers and solutions, give us a chance to meet the people behind the strategies, and talk about what makes them different. It’s a pretty eclectic group of people—men and women ranging from their 20s to their 70s—some probably just there for a free meal, others genuinely focused on how they can bring value to the people they serve every day.
This time wasn’t much different. Two investment providers were there, and they did a great job outlining their strategies—where they’ve outperformed, where they see opportunities, and what they believe their core strengths are. We spent time looking in the rearview mirror at what’s happened recently and then looking through the windshield at what might come next.
After 20-plus years of attending events like this, while everyone always thinks this time is different, it’s usually the same. There’s always something—political turmoil, market innovation, domestic issues, global concerns. There’s always good news and bad news, and there’s always someone convinced that this moment in time is somehow unique. We talked about inflation, political policy, tariffs, and interest rates, and yet, the same conclusion stood out as it always does: a disciplined, long-term approach that removes emotion from the decision-making process tends to work best.
Enter My Hotel Booking Meltdown
After the dinner, I got home and had one more thing to check off my list—I needed to book hotel rooms for an upcoming trip. Easy enough. I opened the app I always use, the one my wife and I share, and started searching. For some reason, it wasn’t pulling up hotels in the right area. Then, when I finally found the right spot, it wouldn’t let me book.
I don’t know why it set me off. Maybe it was just a long day. Maybe it was the way the app looked at me. But I was frustrated—instantly. I shut it down in disgust and jumped to another site on my computer, still fuming. As I sat there clicking around, I realized I was being completely irrational.
I’d used this same app a hundred times before without issue, but the minute something didn’t go smoothly, I was done with it. Instead of working through it, I let frustration take over, making decisions fueled entirely by emotion.
Sound familiar?
Emotion and Decision-Making
I see it all the time with investing. People react based on what’s happening in the moment—whether it’s a bad day in the market, a scary headline, or just a gut feeling. They abandon well-thought-out plans because they’re uncomfortable. They chase shiny objects because they feel like they’re missing out. They let emotion steer the ship.
I’m not claiming to be a behavioral expert. I did spend four years as a psychology major in college, which gives me just enough knowledge to be dangerous. After 25 years in this business, I do know this: our best decisions are rarely made in the heat of the moment.
Whether it’s investing, business, or just booking a hotel room, decisions should be made with clarity, perspective, and—if possible—a little help from someone who can see the big picture. Emotion clouds judgment. While we all have emotional reactions, learning to recognize them and set them aside before making major decisions is the key to long-term success.
At the end of the day, I got the hotel rooms booked. We’re all set for our trip. No harm done. But the little meltdown I had was a good reminder: whenever I feel that kind of frustration creeping in, it’s a sign to pause before making a big decision—whether it’s for myself, my family, or my clients.
In our business, we work hard to take emotion out of the equation. We’re not perfect, but we know that sticking to core beliefs, making deliberate decisions, and keeping a steady hand will always lead to better outcomes. If history is any indicator, that’s exactly what will carry us forward.
Mark J Modzeleski, CFS, CLTC, AIF
President, Legacy Wealth Advisors of NY