Wednesday, January 13, 2010

Humility

This is a post from Vern Cushberry of Cush Capital Management LLC. More information about him at the bottom of this post.

I met with Vern a few weeks ago as we continue to run into each other at different venues. All of the venues were places that we could grow deeper in our faith with the Lord and network with individuals who have God at the forefront of their lives, their business and their relationships. Vern shared with me an article from his last newsletter and it hit home. I have been reading and meditating on a book, "Humility", by Andrew Murray. So when I saw this article in his newsletter, I asked him I could reprint it for my readers. Of course, he said yes and here it is for you.

"I’d like to share a beautiful prayer written by Rafael Cardinal Merry del Val (1865-1930), Cardinal Secretary of State of the Holy See under Pope Saint Pius X.

Litany of Humility
O Jesus! meek and humble of heart, hear me.
From the desire of being esteemed, deliver me,
From the desire of being loved, deliver me,
From the desire of being extolled, deliver me,
From the desire of being honored, deliver me,
From the desire of being praised, deliver me,
From the desire of being preferred, deliver me,
From the desire of being consulted, deliver me,
From the desire of being approved, deliver me,
From the fear of being humiliated, deliver me, O Jesus.
From the fear of being despised,
From the fear of suffering rebukes,
From the fear of being calumniated,
From the fear of being forgotten,
From the fear of being ridiculed,
From the fear of being wronged,
From the fear of being suspected,
That others may be loved more than I, O Jesus, grant me the grace to desire it.
That others may be esteemed more than I,
That, in the opinion of the world, others may, increase and I may decrease,
That others may be chosen and I set aside,
That others may be praised and I unnoticed,
That others may be preferred to me in everything,
That others may become holier than I, provided that I may become as holy as I should, O Jesus, grant me the grace to desire it.


A word of caution: praying this prayer can result in severe injury to the human ego. Humility is said to be the foundation of the spiritual edifice and inferior only to faith. However, humility is considered the first virtue inasmuch as it removes the obstacles to faith (e.g., pride), and makes a man a fit recipient of grace. According to the words of St. James, "God resisteth the proud, and giveth his grace to the humble" (James 4:6). The eternal benefits are found throughout scripture including Matthew 5:5 – “The meek shall inherit the earth.” But there is another reason I ask for humility this year. I know from practical experience that portfolio managers who practice with humility also tend to have a better understanding of the risks they are taking on behalf of clients.

Pride leads to disgrace*, but with humility comes wisdom – Proverbs 11:2
* e.g. AIG, Lehman, Bear Stearns, et. al.
Overconfidence has led to the downfall of many brilliant Wall-Streeters. Indeed, one truth about money management is this: certainty sells. False promises and baseless predictions have enriched many portfolio managers and bankrupted many clients. It’s unfortunate we are often drawn to those who eschew humility.
“Early in life I had to choose between honest arrogance and hypocritical humility. I chose the former and have seen no reason to change.” – Frank Lloyd Wright
While arrogance can be attractive, it usually proves to be a fatal flaw in this industry. That is why this Christmas I am asking God for humility. By recognizing my shortcomings I am less likely to take undue risks. It sounds paradoxical, but because I recognize the possibility that an individual investment will fail, our portfolio is actually more likely to succeed. We strive to emulate a select handful of our peers who do this well. Consider the following from famous value investor Seth Klarman:
“Every day, every investor squints into the murkiness of present-day ambiguity and an unknowable future and has to make decisions. Even when these decisions are made for the right reason-not based on greed, not under undue pressure, not from intellectually dishonest motives, but because the investments appear sound and secure - much can still go wrong . . . our performance in the years ahead"

Vern Cushenbery, CFA, CPA
Chief Executive Officer
I founded CUSH Capital to deliver my clients the kind of trusted financial advice and portfolio management that is so rare in the financial community.
CUSH Capital pioneered the concept of wholesale investing. We do our own research; we don’t outsource, we in-source. Not only does this keep us independent, but it also lowers your fees. I invite you to become a part of our team. Visit our website to subscribe to this newsletter today, or call me. I will be happy to answer any questions about your financial future.

CUSH Capital Management, LLC
www.cushcapital.com

My last post had a scripture verse in about humility - 2 Chronicles 7:14 KJV If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land. I pray that Americans will rise up and learn the art of humility, so that God will save our land!


If you're looking for an honest approach to home financing, give Jewel or I call at 816-510-1399 or visit us at www.wantinsight.com

Michele "MAC" A. Cole
Business Development Rep

No comments: