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Articles by Blair H. duQuesnay
Observations on the Day
People under the age of 40 have never experienced a prolonged bear market. That’s an entire generation of investors for whom Buy the Dip has always worked, and they never had to wait long for it. They don’t know what it’s like to wait 2, 3, 4 or more years to breakeven. After the financial crisis, I spent a decade convincing investors they needed to take more risk. Now I have to convince people to take less risk. I’m not very good at it, yet. It’s a new skillset.
Listen to My Appearance on the Money Unplugged Podcast
One of the joys of writing and sharing my opinions with the world is that every now and then, I get a fun invitation to appear in the media or one someone else’s blog or podcast. That happened a few weeks ago, when Chris Hill, host of the Money Unplugged podcast, emailed me with a request to appear on the pod. His email noted that Morgan Housel recommended me as a guest. I had to say yes. In preparation for my conversation with Chris, I listened to several of his past episodes.
How Do You Know if You're in a Cult?
A quick internet search will give you the top warning signs that you are in a cult. Here are three of the top signs: Absolute authoritarianism without accountability Zero tolerance for criticisms or questions A belief that the leader is right at all times I find many cultish threads when I look at the preferred stock offered by Michael Saylor’s Strategy, Inc (formerly Microstrategy). STRC, is affectionately referred to as “Stretch”.
JOIN ME LIVE with George Kinder to Discuss the Future of AI
I am excited to continue my LIVE series with the legendary father of Life Planning, George Kinder, on Monday, May 18th at 12:00 pm ET. George and I will discuss the future for AI both with and without applying a fiduciary standard. JOIN HERE We filmed a little preview for you ….
Ode to My 2009 Honda Accord
I know the market is jittery and the world feels like it’s on fire. But I can’t quite seem to write anything about why you should stay the course, stick to your plan, or avoid panicking. You should do all three. Perhaps I’ve lived through too many market selloffs by now. Besides, there is plenty of market commentary for the anxious reader to feast on. Instead, I hope you’ll enjoy a little brevity with my goodbye post to my 2009 Honda Accord.
Repost: Life Insurance is Not for Saving
Welcome, new readers. It has been almost a year since I moved The Belle Curve to Substack, and my audience has grown tremendously. Some of you joined when I posted my tribute to my brother, Bill. You have no idea how much your messages of support have carried me through these past few days. I am not really sure how to proceed with this next chapter in life, but proceed I must, holding my memories of Bill with me always.
The Greatest Loss Imaginable
There are no words. But there must be words. My little brother, my only sibling, my beautiful little brother, Bill Hodgson, Jr., died last week. He lost his long battle with alcoholism. It was a battle he fought hard and desperately wanted to overcome. That’s the only thing I will write about his disease. He fought it with every fiber of his being to the bitter end. He wanted to win. Bill was born when I was three. He arrived two days before Easter that year.
FIAT vs Capitalism, Part 3: The Truth
I am thrilled to present Part 3 of a series of debates I’ve had with George Kinder on the topic of FIAT (a global fiduciary standard) versus Capitalism. In this debate, we covered the topic of The Truth, or rather, the prevalence of so many UNtruths today. This was a fascinating topic, and I hope you will enjoy the replay. Stay tuned for future debates in 2026.
Pot of Gold
Lucky Charms was my favorite breakfast cereal as a child. I ate a bowl of Lucky Charms almost every day. Those sweet marshmallow bits and pulverized oats powered my brain on the mornings I learned to read, write, add, and subtract. I wasn’t one of those kids who ate only the marshmallows and left the oats behind. But I did wait for everything to become soft in the skim milk before devouring it. The legend of the Leprechaun was burned into my brain as the box stared at me from across the counter.
Pot of Gold
Lucky Charms was my favorite breakfast cereal as a child. I ate a bowl of Lucky Charms almost every day. Those sweet marshmallow bits and pulverized oats powered my brain on the mornings I learned to read, write, add, and subtract. I wasn’t one of those kids who ate only the marshmallows and left the oats behind. But I did wait for everything to become soft in the skim milk before devouring it. The legend of the Leprechaun was burned into my brain as the box stared at me from across the counter.
Wearing Many Hats
The role of a financial advisor can vary greatly depending on each client’s needs. I often joke to my office neighbors, many of whom are therapists, that I am an “untrained therapist.” While the joke is entirely unfair to their post-graduate education and profession, I have been surprised by how much of my work requires similar skills to those of a therapist. Here are some of the many hats I wear in my day-to-day work as a financial advisor.
Wearing Many Hats
The role of a financial advisor can vary greatly depending on each client’s needs. I often joke to my office neighbors, many of whom are therapists, that I am an “untrained therapist.” While the joke is entirely unfair to their post-graduate education and profession, I have been surprised by how much of my work requires similar skills to those of a therapist. Here are some of the many hats I wear in my day-to-day work as a financial advisor.
How To Sell a Winner
Today, more than at any other time in my career, I encounter investors with huge, life-changing returns in single stock positions. This comes as no surprise to anyone who has been paying attention to the US stock market over the past 15 years. Stock market returns are trending well above long-term averages. Further, the concentration of outsized returns among a small, well-known group of stocks is mind-blowing. I have characterized the post-GFC US stock market as the easiest DIY market of all time.
How To Sell a Winner
Today, more than at any other time in my career, I encounter investors with huge, life-changing returns in single stock positions. This comes as no surprise to anyone who has been paying attention to the US stock market over the past 15 years. Stock market returns are trending well above long-term averages. Further, the concentration of outsized returns among a small, well-known group of stocks is mind-blowing. I have characterized the post-GFC US stock market as the easiest DIY market of all time.
FIAT vs Capitalism Debate, Part 2: Scaling Globally
In Part II of our grand debate on shareholder-centric capitalism versus FIAT, a global fiduciary standard, I join George Kinder to discuss the pros and cons of scaling globally. We covered incentives, wealth, and income inequality, as well as the stimulation of entrepreneurship and innovation. I took the side of the status quo, shareholder-centric capitalism, and why a FIAT standard could disrupt the greatest economic engine of all time.
Civic Engagement
Despite my efforts to “say no” to as many volunteer opportunities as possible, my life lately has been full of activities categorized as civic engagement. I cannot seem to help myself when presented with the opportunity to make a difference in my community in a way that matches my skill set. As a lifelong learner, I imagine my curiosity to study new ideas is also responsible for my current predicament.
Civic Engagement
Despite my efforts to “say no” to as many volunteer opportunities as possible, my life lately has been full of activities categorized as civic engagement. I cannot seem to help myself when presented with the opportunity to make a difference in my community in a way that matches my skill set. As a lifelong learner, I imagine my curiosity to study new ideas is also responsible for my current predicament.
Fiduciary in all Things (FIAT): An Economic Debate
Thanks to all who tuned in for my first Substack LIVE event with the legendary . We took opposing sides on the debate as to whether a Fiduciary in all Things (FIAT) standard can work for corporations. I was an uncompromising capitalist, and George made a convincing case that adding a fiduciary standard enhances modern capitalism.
Guest column: The return of politics to east bank levee board is a bad sign. Here's why. Original
The 20th anniversary of Hurricane Katrina should be a time to remember historic reforms that have made our region stronger, safer and more resilient. Instead, Gov. Jeff Landry has reintroduced politics into the governance of our levees and flood protection systems. Last year, the Legislature passed a law giving the governor sweeping authority to handpick the presidents of over 150 state boards. Landry has used that power three times at the Southeast Louisiana Flood Protection Authority-East.
Reinventing Philanthropy
I don’t write much about my community involvement. I serve on two nonprofit boards, chair an advocacy organization, and participate in a church committee focused on restorative justice. As you can see, I have trouble saying no to these opportunities. Giving my time back to my community is in my blood. I serve as the Treasurer for an amazing workforce development organization called Cafe Reconcile New Orleans.
Sliding Doors
Famed behavioral psychologist Daniel Kahneman died two weeks ago at age 90. You probably heard about it even if you live outside the finance and economics bubble. Kahneman is a Nobel laureate who co-authored the seminal paper Prospect Theory with his research partner, Amos Tversky. Prospect Theory identified loss aversion for the first time and quantified that financial losses hurt twice as bad as equivalent financial gains.
What To Do at All Time Highs
Back in early 2022, I wrote a post called Bear Market Playbook. It included a list of actionable steps investors can take during market downturns. Today, it feels like we need an opposite list that includes reasonable actions to take when markets are trading at all-time highs. Before I dive in, you should know that this is not a market prediction. The market’s recent strength does not necessarily require a sell-off to follow.
A Primer on Charitable Giving
The United States is one of the most charitable countries in the world. We consistently rank among the top five in the World Giving Index. Our system of taxation encourages charitable giving. The federal estate tax of 40% on assets above $13.61. million is likely a contributing factor for the ~200 US billionaires who have signed the Giving Pledge to donate most of their wealth to charity.
Sins of the Brokers
In recent months, I have spoken to several clients of traditional wirehouse brokers. I don’t know if this string of brokerage clients is a random occurrence or a sign of general dissatisfaction with the brokerage industry. However, given the chance to review many portfolios and hear about investor experiences at these firms, I think I’ve got a decent picture of what’s happening today. It’s not pretty. I take no pleasure in speaking ill of the brokers. Been there, done that.
Aparigraha
A minor personal tragedy befell my Christmas shopping expedition this weekend. I was deep in the toy section of Walmart, Airpods blasting the latest episode of Animal Spirits, when I felt something fall on my shirt. I looked up to the ceiling, unsure of what happened. I stood still for two seconds, eventually deciding that something small must have fallen from the top shelf or the ceiling. I pushed my cart onward, determined to finish my shopping list.
My Conversation with Jill
A couple of years ago, I got a call from Jill Schlesinger, a CFP(R) turned award-winning journalist and host of the Jill on Money podcast. She had a new book out, The Great Money Reset, and wanted to see about appearing on one of our podcasts. I knew immediately that she would be a star guest, and a few months later, she knocked it out of the park on this episode of The Compound and Friends.
The Superpower of Saying No
Modern life feels like a constant pursuit of more. In childhood, we seek more education, building a foundation of knowledge and skills to enter adulthood. We begin a career and climb a never-ending ladder of promotions, titles, and raises. With those raises, we accumulate more things: houses, cars, furniture, clothes, and gadgets. If we start a family, the stuff we purchase compounds as children progress through new sizes, interests, and activities.
18 Best Investing Blogs of 2024
One of my goals in 2024 was to update this blog once a week. As you can see, that hasn’t happened. Life got in the way in all the best ways. The business is growing. I have welcomed three new wealth management clients this year, and three more are signing on now. For clients of this size and complexity, a run rate of one per month is more than enough to keep me busy. And that’s just me.
One for the Ages: Future Proof 2024 Recap
Wow, wow, wow! There’s no other way to sum up what over 4,000 people just experienced at the third annual Future Proof Festival in Huntington Beach this week. As someone involved in planning and executing this event for the past three years, I was completely blown away by how it has grown while maintaining a level of personalization and intimacy that no other industry conference can touch.
It Takes a Village
My son’s coach pitch baseball team won the playground championship last week. They were first among 22 teams in the league, surviving a two-week, double-elimination tournament. What an awesome experience! In his victory speech, our head coach talked about the community at the playground and how everyone was like family. I was reminded of the old adage, “It takes a village to raise a child,” and how true that phrase became at that moment.
A New Home for The Belle Curve
Welcome to The Belle Curve’s new home on Substack. The blog will turn 7 years old in 2025, so you might call this a bit of the seven-year itch. Truthfully, I’ve made many changes to my life recently, several of which I plan to share with you soon. Online life has also changed a lot. When I first started writing The Belle Curve, I enjoyed immediate dialogue with readers by sharing posts on the social media site formerly known as Twitter.
Can Mindfulness Change The World?
I got to interview an absolute legend in the financial planning world. George Kinder, the Father of Life Planning, is an author and thought leader I have followed for over 15 years. He’s written several books on Life Planning, a subset of financial planning techniques he developed. Four years ago, I was lucky to speak to him about his technique, Kinder’s Three Questions, which I had written about on this blog. Kinder told me about his latest book – The Three Domains of Freedom.
People Really Hate Inflation
At least, that’s my takeaway from the election results. No matter what policies and promises were made, lies told, or insults and threats slung around, people couldn’t get over paying $7.00 for a gallon of milk when it cost $3.50 five years ago. It didn’t matter that wages kept pace with inflation. It didn’t matter that the percentage of US household budgets spent on groceries is about the same as before. It didn’t matter that a gallon of milk still ONLY costs $7.00.
Finish Strong
Last weekend, I attended the final performance of American Ballet Theater’s principal dancer, Gillian Murphy. She ended a 29-year career with an astonishing swan song, dancing the notoriously difficult lead in Swan Lake. Not a single seat in the Metropolitan Opera House was empty. The audience gasped and cheered each time she appeared on the stage. Her presence and artistry were captivating. Her technique was still flawless and gave no glimpse of her age.
Finish Strong
Last weekend, I attended the final performance of American Ballet Theater’s principal dancer, Gillian Murphy. She ended a 29-year career with an astonishing swan song, dancing the notoriously difficult lead in Swan Lake. Not a single seat in the Metropolitan Opera House was empty. The audience gasped and cheered each time she appeared on the stage. Her presence and artistry were captivating. Her technique was still flawless and gave no glimpse of her age.
What if there was a global fiduciary standard? Original
What if the whole world operated under a Fiduciary Standard? That’s George Kinder's question in his latest book, The Three Domains of Freedom. The term " fiduciary" is not well-known in the general population, but independent financial advisers have tried (unsuccessfully IMO) to explain it to investors. Here is the definition per Merriam-Webster: Confidence and trust are powerful words. What would it be like if we could have trust and confidence in all of the dealings of day-to-day life?
This Will Probably End Badly
I was shocked by the US stock market’s bounce back from the “Liberation Day” tariff announcement. But I shouldn’t be shocked. Investors are conditioned to “Buy the Dip” because it’s been working for a very long time. More specifically, buy huge, mega-cap tech companies that have dominated the market since the end of the financial crisis 16 years ago. The Magnificent 7 - Microsoft, Amazon, Facebook, Apple, Google, Nvidia, and Tesla - now comprise 30% of the S&P 500 and 41% of the Nasdaq 100.
Blood on the Street
On Wednesday, President Trump stepped up to the podium in the Rose Garden and announced ‘reciprocal’ tariffs to be charged on goods imported from every trade partner in the world, and then some. In an event he called “Liberation Day,” the President presented his list of tariffs on a poster board reminiscent of a middle school science fair project. The announcement and Trump’s multi-decade belief in tariff policy were widely publicized and anticipated.
Mission Accomplished
When I joined RWM almost seven years ago, our CEO, Josh Brown, asked me about my personal motivations for moving to a new firm. Looking back, this is an excellent question for a potential new hire. Understanding what motivates your employees is essential to helping them fulfill their goals. My answer was simple - to afford to have a second child, educate those children, buy a proper family home, and take my kids on annual ski trips out west. I have now completed those goals in that order.
House Story Finale
If you’ve been following along for a while, you will remember that two years ago, in January 2023, we bought a proper family home and moved out of our adorable starter home. At the time, I couldn’t imagine trying to fix up and sell a house while two little kids were living in it. So, I took a HELOC and a 401k loan and bought the new house with every intention of selling the old house post haste.
MFS Investment Management
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Church of Apple
In first grade, my elementary school opened a new campus. It had a computer lab stocked with Apple MacIntosh computers. For one hour each week, we learned coding language on an application called Logo Writer. If we were lucky, the teacher would let us play Oregon Trail when our assignments were complete. I remember the first mouse Apple introduced. We giggled as we adjusted from using the keyboard arrows to the magical handheld device named after a rodent.
Podcast: Big flows into super funds force unlisted allocations
Season 2, Episode 5 In this week's episode, we welcome special guest, John Abernethy. John is the Founder and Chairman of Clime Investment Management. He's seemingly done it all across 40-plus years in investing, from managing multi-asset portfolios, to venture capital, and now overseeing a sizeable investment portfolio and financial advice business. John tells us that super funds aren't admitting to their biggest problem: having too much money is driving them into alternative assets.
What to consider when paying for a nursing home
Moving yourself or a loved one to a nursing home can be emotional and difficult. While some have their nursing home accommodation costs fully covered by the government (based on a means test), most will have to pay their own way. The average lump sum room value is A$334,000. Choosing how to pay can make this time even more challenging, particularly for those with low financial literacy. This is an important and complex decision.
Our take on AI (American Infrastructure)
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Welcome to Firstlinks Edition 520 with weekend update
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The sharemarket of deathly hollows
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The BIG picture: portfolios perform for the passive and patient
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How super funds can better help with retirement planning
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Why has Australia slipped down the global super ranks?
The recent release of the Mercer CFA Institute Global Pension Index, the 13th edition of this annual survey of the world’s key pension systems, could not have been better timed. Not just because of widespread debate on differing retirement income systems, but it’s an opportunity to revisit one of my earliest contributions for Firstlinks eight years down the track. In 2013, I wrote a piece entitled “In super the Danes are great, Australia a close third” , based on the fifth edition of the Index.
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