Fiction Over Fact? The Unexpected Wisdom That Can Reshape Financial Planning
Lessons From Wendell Berry's "Jayber Crow" On A Non-Linear Life
I didn’t read for pleasure until after college—when I could, for the first time, choose what I read. Even then, the work of financial planning required so much compulsory reading, and time is so limited, that for many (many) years, I read no fiction.
Why would I spend time with a made-up story when the world offers so many true ones that are informative, instructive, and, well, real? It was an immature thought, I know. I’ve since concluded that much of what’s presented as fact ought to be questioned, while fiction can offer answers we once believed were beyond our literal—and literary—grasp.
This week, I’m going to share one of my favorite passages from a great work of fiction, Wendell Berry’s Jayber Crow, and suggest that it has some very important to teach us about life and financial planning.
And Tony shares what might be the first weekly market commentary that leaves you with a tear in your eye (no kidding).
Thanks, as always, for spending a part of your weekend with us—and HAPPY FATHER’S DAY, to my dad, Jim Maurer, and all the dads out there reading this week!
Tim
Tim Maurer, CFP®, RLP®
Chief Advisory Officer
In this Net Worthwhile® Weekly you'll find:
Financial LIFE Planning:
Fictional Wisdom That Can Reshape Your Financial Plan
Quote O' The Week:
Wendell Berry
Weekly Market Update:
Remember To Celebrate The Wins
Financial LIFE Planning
As a financial advisor, I’ve had the privilege of hearing—and even entering—scores of stories that could only be labeled as stranger than fiction, not because the characters, themselves, were abnormal, but because life, itself, is so predictably unpredictable. Now I believe that our lives are so uniquely shaped that we sometimes have to step beyond the real to see what is most true.
Life is not linear, so our financial planning shouldn’t be either, I believe.
One of the authors whose fiction first captivated me is writer, poet, and farmer, Wendell Berry; and one of his characters whose journey spoke so deeply to me was Jayber Crow—the young minister who walks away from organized religion and into Port William, Kentucky, where he accepts the vocational commission of town barber.
Jayber’s life is interesting enough to make him the protagonist of what many would suggest is Berry’s finest work, but what makes him such a compelling character is his cultivation of a sub-community—the barber shop—the home of so many of the town’s individual stories that it becomes a major character in Port William’s broader narrative.
Jayber Crow – An Excerpt
And it is as Jayber considers the confluence of these stories, including his own meandering path, that he delivers an observation that is, I believe, as prescient as it is beautifully written:
“If you could do it, I suppose, it would be a good idea to live your life in a straight line—starting, say, in the Dark Wood of Error, and proceeding by logical steps through Hell and Purgatory and into Heaven. Or you could take the King’s Highway past appropriately named dangers, toils, and snares, and finally cross the River of Death and enter the Celestial City. But that is not the way I have done it, so far. I am a pilgrim, but my pilgrimage has been wandering and unmarked. Often what has looked like a straight line to me has been a circle or a doubling back. I have been in the Dark Wood of Error any number of times. I have known something of Hell, Purgatory, and Heaven, but not always in that order. The names of many snares and dangers have been made known to me, but I have seen them only in looking back. Often I have not known where I was going until I was already there. I have had my share of desires and goals, but my life has come to me or I have gone to it mainly by way of mistakes and surprises. Often I have received better than I have deserved. Often my fairest hopes have rested on bad mistakes. I am an ignorant pilgrim, crossing a dark valley. And yet for a long time, looking back, I have been unable to shake off the feeling that I have been led—make of that what you will."
As much as this nonfiction writer is tempted to offer a prescriptive takeaway, I’ll instead invite you to reread Jayber’s musing—and draw whatever meaning you will.
This post was originally published for Forbes.com.
Quote O' The Week
This week’s quote comes from the American novelist, poet, essayist, and farmer featured in the above article, whose work champions community, environmental stewardship, and the sacredness of place in an age of industrialization and disconnection:
Wendell Berry
“It may be that when we no longer know what to do we have come to our real work... and that when we no longer know which way to go we have begun our real journey.’”
Weekly Market Update
A very down Friday sent most indices into negative territory after a mostly positive week:
- 0.39% .SPX (500 U.S. large companies)
- 0.49% IWD (U.S. large value companies)
- 1.42% IWM (U.S. small companies)
- 0.72% IWN (U.S. small value companies)
- 0.44% EFV (International value companies)
- 0.06% SCZ (International small companies)
+ 0.61% VGIT (U.S. intermediate-term Treasury bonds
Remember To Celebrate The Wins
Contributed by Tony Welch, CFA®, CFP®, CMT, Chief Investment Officer, SignatureFD
Today is a tough but important principle for me to write. I had to say goodbye to my dog Chase over the weekend – a loyal companion who never cared whether the market was up or down, just that the family was together. If you’ve ever had a pet, you know they have a way of showing up for the moments that really matter, even when we don’t realize it at the time.
It got me thinking as investors, we spend so much time focusing on risk, volatility, and what could go wrong – and not nearly enough time celebrating what goes right. The wins. The long walks. The compound interest. Those tail wags.
Our pets remind us that life isn’t about timing the perfect entry or exit – it’s about showing up consistently, loving fiercely, and appreciating the journey.
So today, I’m pausing to honor those quiet victories – in life and investing – and to say thank you for the ride, Chase. Here’s to celebrating the good times and our wins along the way.
The Message from Our Indicators
The last week was certainly not short on impact for investors. We got updates on consumer and producer price inflation as well as small business and consumer sentiment. Additionally, Israel attacked Iranian nuclear infrastructure, which reminds us not to be too complacent on inflation. Despite that, the inflation numbers were benign. If the Fed were not concerned with tariff passthrough, its possible that their meeting in the week ahead would be a live one for a rate cut. However, there does appear to be some pipeline inflation pressure building. Companies can do some combination of pass on higher input prices and/or eat some of the added expense to preserve market share. It all just depends on the elasticity of the product being sold. Because of that, we think that elevated earnings expectations may be difficult to achieve in the next 12 months.
That said, there was a notable rebound in small business and consumer confidence, which is a good sign for future sales growth. It remains our belief that stocks should gain only about as much as earnings grow in the next 12 months. Valuations remain elevated and in order for valuations to remain at their current level, fundamentals need to improve at a rate equal or better to the stock market price appreciation.
Because of that, we only recommend a neutral allocation for clients between stocks and bonds. That is despite a strong improvement in the technical indicators. Historically, when stocks surge as much as they have from the April low, the subsequent 12 months have tended to be stronger than average. But given the elevated valuations and impending pressure on profit margins, we are somewhat tempering our expectations. Rather than another 20%+ year, we expect stocks to be up in the high mid-to-high single digits by the time the dust settles this year. So while the weight of the indicator evidence leans bullish, we believe there is enough fundamental risk to remain neutral for now.
But for now, it’s Father’s Day—so call yours if you can, and if you’re a dad, I think you deserve another cup of coffee this morning!
Tim