What Would Seneca Do with a Portfolio Review?

For the first time in months, I have found a few moments to sit still. No airport lounges, no market briefings, no sidebars on sovereign yields. Just the unfamiliar luxury of an occasional quiet afternoon and a double espresso macchiato. And, as often happens when the noise dies down, the Stoics come to mind. Particularly Seneca who I like to imagine not refreshing his portfolio app but also relaxing somewhere reflecting on whether the fluctuations of fortune are really worth worrying about.

Seneca, and the Stoics more broadly, have much to offer today’s investors. Their wisdom is disarmingly relevant. Focus on what you can control: your strategy, your exposure, your patience. Let go of the rest: the noise, the headlines, the exclamation marks.

Seneca’s approach would likely advocate negative visualisation (promelete dystychimatos) - not pessimism but preparation. Imagine the downturn, price in the pain and if it happens? You’ve already rehearsed your calm.

Then there is detachment from outcomes (apatheia). A red quarter is not a moral failing. A green one is not a personal triumph. What only matters is that you did not act irrationally.

The Stoics championed virtue (arete) and reason (logos). That means investing with discipline, thoughtfulness and integrity. Avoiding panic-selling or trend-chasing. They prized self-control (sophrosyne) - scarce in a world of push notifications - and endurance (karteria) or the strength to persist through volatility, headlines and those awkward calls with clients during drawdowns.

I am enjoying this rare pause. And am picturing Seneca too, reviewing his holdings, not performance-chasing, not macro-gazing, just calmly considering whether his investments still reflect his principles. And certainly not refreshing the screen every six minutes.
 

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