Greed and Fear

By Scott Boassaly, MBA, President and Principal Advisor at Balance Financial

Most investment decisions come down to two factors: greed and fear.

This greed and fear are conditional in that they depend, largely, on what’s happening in the markets.

When markets are doing well, we get greedy. Don’t be ashamed; we all do.

When markets are doing poorly, we become afraid – afraid that we’re not going to run out of money.

It’s ok to feel greedy and fearful, but this should be fuelled by our need, not our view of the markets, no matter how sophisticated or naïve that view may be.

Few years in recent memory paint this picture more vividly than 2018. At the beginning of 2018, we were riding the euphoric wave that was the longest bull market in U.S. financial history. That mark was met in late August, so the sky seemed the limit come September. Then, along came the Fall – literally.

The Fall of 2018 saw the fall of the markets. The U.S. S&P 500 plummetted 17.5% between September 17, 2018 and December 17, 2018. Here in Canada, the S&P/TSX slid 14.1% over the exact same two-month period. Similar story around the globe: down 10.3% in the UK, a drop of 15.5% in Japan, and a slide of 7.9% in Hong Kong, just for example.

All of the growth, plus some, that we had seen over the previous eight months had vanished, along with the greed we were feeling during that time. It was replaced by a sea of red and, for many, a fear that we were now off mark.

Most investors need about 6% annual return to achieve their financial goals, provided the conditions are right. Conditions?

  1. Start early enough
  2. Contribute a reasonable amount
  3. Leave it alone!


If these three conditions exist, most investors are able to choose investments that are designed to return somewhere around 6% on average over its lifespan.

Two of the greatest managed investment portfolios in the country do just that: the Canada Pension Plan and the Ontario Teachers Pension Plan. No need for high-flying risky investments here – they both meet all three conditions perfectly: their time horizons are very long (even indefinite); their plan members are forced to contribute handsomely; and no money comes out until we reach a certain ripe age.

Greed and fear become irrelevant. When did you ever worry about the value of your CPP benefit when markets have tumbled? Never.

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Picture of Scott Boassaly, MBA, President and Principal Advisor at Balance Financial

Scott Boassaly, MBA, President and Principal Advisor at Balance Financial

Scott founded Balance Financial in 2019, the culmination of a 15-year journey to provide accessible and customizable financial planning for clients. In his role as President and Principal Advisor, Scott develops business strategy for the company while managing his own practice. Working closely with his clients, Scott allows people to tell their story and write more chapters as they pave their financial paths together.

A former high school teacher and college instructor, Scott continues that passion for education by providing retirement workshops to the Federal and Provincial public service, as well as free public workshops to adults and teens.


Scott Boassaly



A former high school teacher and college Economics lecturer, Scott Boassaly has always valued education. This is further illustrated by his formal education. He holds a BA in History from Carleton University, a Bachelor of Education from The University of Ottawa, and an MBA from The University of Ottawa. This focus on education reveals itself in his approach to financial advice and in his commitment to offering free financial seminars to both adults and children. Celebrating his 20th anniversary as a wealth manager, Scott started his career at a large national firm where he quickly transitioned into management. Further industry experience was gained working with a reputable brokerage, then managing his own brokerage, Balance Financial, since 2019. Scott is the only certified responsible investment advisor in Ottawa and also holds the Real Wealth Manager designation.