Experience vs Youth

If you are having surgery, do you want a young doctor with jet black gelled hair or do you want one with little gray hair? My guess is you, like me, would opt for experience versus age. I believe it is that same way in the financial areas. There are many young whippersnappers (I have met most of them) with all the right education and pedigree but like surgery, when it comes to your money, you want experience.

The two most sought-after financial leaders in the US today are Jamie Dimon-(68, yr. old JP Morgan Chase Chairman) and Warren Buffett, (93 yr. old Berkshire Hathaway Chairman.) In the hotel world, It is Bill Marriott (92 yr. old Executive Chairman of Marriott.) Sure, they have many young folks working on their teams but when it comes to pulling the trigger on an important financial decision, leaders opt for the experience of the older more well-seasoned advisor.

Youth is be admired but it is important to have your advisor be someone who has weathered a few downturns. Those downturns are where the gray hair came from, and the experience of those cycles is critically important when you are making decisions today. You don’t want an advisor who has never gone through a down cycle and only knows up markets.

For all the older people reading this blog who run companies, don’t ever overlook your value to the enterprise and to the client. As Warren Buffett would say, you’re never too old to lead. KT

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