Good Things Come to Those Who Initiate
I bet you know the person we’re about to describe.
He/she is dissatisfied with the way things are in the office and feels compelled to let you know - repeatedly.
Day-after-day, week-after-week, month-after-month, they’re:
- upset with the boss,
- frustrated with co-workers,
- certain they are getting the short end of the stick,
and remarkably, not compelled to do anything about it.
We’ve always been baffled by co-workers like this. It’s as if they’ve turned over their career to everyone around them and are later miffed that things aren’t going their way.
While this is an extreme (but very real) example, we’ve found variations of these same symptoms in many ambitious and otherwise successful people. In fact, we have had seasons in our own careers where we began to spin in the self-pity cycle.
So why is it that people fall into the “good things happen to those who wait” mentality?
There are a lot of reasons.
- Lack of formal career development opportunities
- The boss never asks about their aspirations
- Absence of mentors
- Complacency: doing nothing is easier than doing something
- Self-doubt and fear of failure
It’s sad because it’s a recipe for career disaster that should be avoided at all costs.
Good things come to those who initiate
You’ve already initiated many aspects of your professional journey. You went to school, picked up a degree or two, perhaps some professional designations. You applied for jobs and were hired. You get the picture.
You made it this far, so why not go further?
What is it that you’re looking to accomplish? Are you hoping to build a new skillset? Get experience in working with a new type of software? Try your hand at leadership? Find a new job?
When you initiate you make conscious choices to move in the direction of your aspirations
It’s the difference between being the driver or the passenger.
The passenger can sit back and relax, take in the scenery or take a nap - but they have no control over how long it will take to arrive at the destination - or if they arrive at all.
The driver, on the other hand, can choose the scenic route or the freeway, elect to stop at every roadside attraction or drive straight through. She may be tired when she arrives but she will have driven the course of her choosing to the destination of her choice.
So, you can hope someone will hand you an opportunity, or you can take steps to make that thing you’re looking to accomplish actually happen. And there are lots of ways to do that.
- Communicate with your manager and peers. They were not hired to be mind-readers. If you don’t make your interests known, it’s highly unlikely that anyone will figure it out and be able to help you.
- Make a plan and write it down. This is critical when your goal is something bigger and more multifaceted like earning a promotion or finding a new job. Once your plan is written, ask a mentor or someone you respect professionally to review and discuss it with you. You’ll not only get feedback but the act of sharing it will make your goal seem real and less ephemeral.
- Have an open attitude. An interesting thing happens when you begin to initiate. As you take action to move in the direction of your goal, others begin to respond, sharing ideas and information. And sometimes, if you’re open, the conversations that ensue lead to new opportunities.
- Believe in yourself. You made it this far, of course you can go further. We all have self-doubt. Nobody likes to fail. Push through all of that and initiate - and don’t ever stop.
One of our most trusted mentors told us long ago that choice not chance determines your destiny. “What are you waiting for?” she said to us, “Get busy doing it!”
If you know someone who would benefit from this post please share it.
Top Picks in Asset Allocation
Written b: John Bilton, Head of Global Multi-Asset Strategy, Multi-Asset Solutions
As global growth broadens out and the reflation theme gains traction, the outlook brightens for risky assets
Four times a year, our Multi-Asset Solutions team holds a two-day-long Strategy Summit where senior portfolio managers and strategists discuss the economic and market outlook. After a rigorous examination of a wide range of quantitative and qualitative measures and some spirited debate, the team establishes key themes and determines its current views on asset allocation. Those views will be reflected across multi-asset portfolios managed by the team.
From our most recent summit, held in early March, here are key themes and their macro and asset class implications:
Key themes and their implications
Asset allocation views
For the first time in seven years, we see growing evidence that we may get a more familiar end to this business cycle. After feeling our way through a brave new world of negative rates and “lower for longer,” we’re dusting off the late-cycle playbook and familiarizing ourselves once again with the old normal. That is not to say that we see an imminent lurch toward the tail end of the cycle and the inevitable events that follow. Crucially, with growth broadening out and policy tightening only glacially, we see a gradual transition to late cycle and a steady rise in yields that, recent price action suggests, should not scare the horses in the equity markets.
If it all sounds a bit too Goldilocks, it’s worth reflecting that, in the end, this is what policymakers are paid to deliver. While there are persistent event risks in Europe and the policies of the Trump administration remain rather fluid, the underlying pace of economic growth is reassuring and the trajectory of U.S. rate hikes is relatively accommodative by any reasonable measure. So even if stock markets, which have performed robustly so far this year, are perhaps due a pause, our conviction is firming that risk asset markets can continue to deliver throughout 2017.
Economic data so far this year have surprised to the upside in both their level and their breadth. Forward-looking indicators suggest that this period of trend-like global growth can persist through 2017, and risks are more skewed to the upside. The U.S. economy’s mid-cycle phase will likely morph toward late cycle during the year, but there are few signs yet of the late-cycle exuberance that tends to precede a recession. This is keeping the Federal Reserve (Fed) rather restrained, and with three rate hikes on the cards for this year and three more in 2018, it remains plausible that this cycle could set records for its length.
Our asset allocation reflects a growing confidence that economic momentum will broaden out further over the year. We increase conviction in our equity overweight (OW), and while equities may be due a period of consolidation, we see stock markets performing well over 2017. We remain OW U.S. and emerging market equity, and increase our OW to Japanese stocks, which have attractive earnings momentum; we also upgrade Asia Pacific ex-Japan equity to OW given the better data from China. European equity, while cheap, is exposed to risks around the French election, so for now we keep our neutral stance. UK stocks are our sole underweight (UW), as we expect support from the weak pound to be increasingly dominated by the economic challenges of Brexit. On balance, diversification broadly across regions is our favored way to reflect an equity OW in today’s more upbeat global environment.
With Fed hikes on the horizon, we are hardening our UW stance on duration, but, to be clear, we think that fears of a sharp rise in yields are wide of the mark. Instead, a grind higher in global yields, roughly in line with forwards, reasonably reflects the gradually shifting policy environment. In these circumstances, we expect credit to outperform duration, and although high valuations across credit markets are prompting a greater tone of caution, we maintain our OW to credit.
For the U.S. dollar, the offsetting forces of rising U.S. rates and better global growth probably leave the greenback range-bound. Event risks in Europe could see the dollar rise modestly in the short term, but repeating the sharp and broad-based rally of 2014-15 looks unlikely. A more stable dollar and trend-like global growth create a benign backdrop for emerging markets and commodities alike, leading us to close our EM debt UW and maintain a neutral on the commodity complex.
Our portfolio reflects a world of better growth that is progressing toward later cycle. The biggest threats to this would be a sharp rise in the dollar or a political crisis in Europe, while a further increase in corporate confidence or bigger-than-expected fiscal stimulus are upside risks. As we move toward a more “normal” late-cycle phase than we dared hope for a year back, fears over excessive policy tightening snuffing out the cycle will grow. But after several years of coaxing the economy back to health, the Fed, in its current form, will be nothing if not measured..
Learn how to effectively allocate your client’s portfolio here.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation.
J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. Copyright 2017 JPMorgan Chase & Co. All rights reserved.
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