SPECIAL LETTER
Hello friends,
My mission is simple: help everyday investors build consistency, cash flow, and long-term growth through practical financial education.
Today, I want to share a story that has stayed with me for nearly twenty years.
It is not a story about one of my best investments.
It is a story about an investment I never made.
Back in 2008, I was working for Wells Fargo during one of the most challenging periods in modern financial history. The financial crisis was unfolding in real time. Markets were falling. Fear was spreading. Every day seemed to bring another negative headline. Investors questioned whether banks would survive. Businesses were struggling. Confidence was disappearing.
At the time, Wells Fargo stock fell from approximately $30 per share to around $7 per share.
I remember watching it happen.
Unlike many investors, I was not observing from the outside. I worked within the industry. I understood banking. I understood lending. I understood the value of a strong franchise. I knew Wells Fargo was a well-managed company with a long history of serving customers and communities.
I also watched as leadership demonstrated confidence in the future. Our CEO purchased a significant amount of stock and made that information known to employees.
Looking back, I had an opportunity.
At the time, I had approximately $300,000 available that could have been invested. I am not suggesting I should have invested all of it. In fact, I would never recommend placing all of your capital into a single stock.
But I could have invested something.
I could have invested a portion.
I could have participated.
Instead, I did nothing.
Fear won.
Not because I believed Wells Fargo was a bad company.
Not because I thought the business would fail.
Not because I lacked knowledge.
I simply could not get comfortable acting while uncertainty surrounded me.
That experience taught me something important about investing.
Many people believe their biggest mistakes come from buying the wrong investment.
Sometimes that is true.
But some of the most expensive mistakes come from opportunities we never pursue because fear prevents us from taking action.
The reality is that investing is never certain.
If we wait until every risk disappears, we will likely miss the opportunity.
If we wait until everyone agrees something is a great investment, the market has often already recognized its value.
The future is always uncertain.
The market simply changes the headlines.
Over the years, Wells Fargo recovered. The banking system stabilized. Investors who purchased quality businesses during the crisis benefited from appreciation, dividends, and years of compounding.
For a long time, I replayed that decision in my mind.
What if I had invested?
What if I had purchased shares at $7?
What if I had simply participated?
Eventually, I realized I was asking the wrong question.
The lesson was not that I should have invested everything.
The lesson was that I should have invested something.
That realization helped shape my investing philosophy.
Today, I focus on consistency rather than perfection.
I do not need to identify every future winner.
I do not need to predict every market move.
I do not need certainty.
I simply need to participate in opportunities that align with my long-term investment thesis while managing risk appropriately.
As I write this, investors are once again facing decisions that feel remarkably familiar.
New opportunities are emerging in areas such as artificial intelligence, space exploration, robotics, energy infrastructure, and digital assets. Some of the most anticipated investment opportunities in years are approaching the public markets. Companies such as SpaceX and Anthropic have generated tremendous excitement because they are operating in industries that many believe will help shape the next several decades.
Will these investments be successful?
No one knows.
Will every valuation be justified?
Probably not.
Will some investors overpay because of excitement and media attention?
History suggests they will.
But the lesson from my Wells Fargo experience is not that every opportunity should be pursued without caution.
The lesson is that fear alone should not determine our decisions.
Many investors spend years waiting for perfect clarity.
The problem is that clarity often arrives after the opportunity.
The challenge is finding a balance between caution and participation.
That balance may mean investing a small amount rather than a large amount.
It may mean building a position slowly over time.
It may mean accepting that no investment comes with guarantees.
What matters is having a disciplined process instead of making decisions based solely on emotion.
The greatest opportunities often arrive disguised as uncertainty.
They rarely feel comfortable.
They rarely feel obvious.
They rarely come with guarantees.
That is why so few people take advantage of them.
Looking back, I do not regret being cautious.
Caution helped protect my family and my future.
What I regret is allowing fear to prevent me from participating at all.
Perhaps that is the most valuable lesson investing has taught me.
Every generation is presented with opportunities that seem risky, expensive, controversial, or uncertain at the time.
Some fail.
Some succeed beyond imagination.
The challenge is not identifying the future with perfect accuracy.
The challenge is participating thoughtfully when opportunity appears.
Sometimes the greatest investment mistake is not the stock we buy.
Sometimes it is the stock we never buy.
Thank you for being part of The Consistent Investor™ community.
Remember:
Consistency beats perfection.
Small actions repeated over time create extraordinary results.
Consistency. Cash Flow. Growth.
Samuel F. Lilly - ConsistentSam
Founder, MoveOn LLC™
Explore more at moveonllc.com
📚 Books by Samuel F. Lilly are available on Amazon Kindle
Disclaimer: This newsletter is for educational purposes only and should not be considered financial, investment, legal, or tax advice. Always conduct your own research and consult with qualified professionals before making financial decisions.