“My advice never changes.”

Jason Zweig once said he’s been writing the same column for 20 years and getting away with it because there are enough new and different things to say about the various ways in which investors do themselves harm. It literally never gets old.

“My job is to write the exact same thing between 50 and 100 times a year in such a way that neither my editors nor my readers will ever think I am repeating myself.”

We’re a few percentage points away from a new all-time high in the S&P 500 these days, but the rhetoric out there is largely filled with talk of recession, earnings declines and risks for the Federal Reserve as they balance normalizing policy while not choking off liquidity. These concerns are rational, but acting on them each day is not.

I said this on the air the other day. It got a big reaction, but it should not have. In my view, it’s the most rational posture for 99% of investors (and their advisors)…

.@ReformedBroker is our guest host for the 3p hour. Here's his quick take on the market! pic.twitter.com/E56bFIDwQd

— CNBC's Closing Bell (@CNBCClosingBell) October 2, 2019

Being aware of the environment we’re in is helpful. Being honest about the present risks and dangers is rational. Training ourselves to remember that risk is the only reason there is any reward to begin with is critical. And then building portfolios that account for all of the various risks that may arise is logical.

We do this sort of work for investors every day.