Winning the War......the three things that matter......and the only one we can control

After the tragic passing of AFC coach Phil Walsh, a story was shared discussing a conversation Walsh once had with a SAS leader, who told Walsh that three things determine the outcome of a battle - Field Position - Fire Power - Morale of the troops And as the first two are in many ways out of control of the SAS, and indeed for a footy coach, it makes sense to focus on what can be controlled - the morale of the troops. One can't help but think there is a lesson in that for all investors today. After all, three major factors will determine returns in the years ahead; • Global economic conditions • Global monetary settings • Valuations, and the price investors pay for financial assets And just like the SAS can't control field position or firepower, investors can't control global economic conditions or monetary settings, no matter our view on them. The only we can control is valuation. All that plus China, the Fed, commodities, and Babylonian bond yields (VIEW LINK)