You only live once.

We mark the passing of Jonathan Clements, a long-time columnist for the Wall Street Journal and prolific blogger. He was an early (and controversial) advocate for index investing, and a champion of simplifying personal finance to encourage his readers to pursue life’s broader purpose. Since his doctors gave him about a year to live, he wrote candidly and eloquently about how he planned to spend it, earning him further distinction as a writer. We deeply respect his work and highly recommend our readers browse the writing he left as a legacy.

Some personal reflections are in order. I’d started seeing Jonathan often enough on the street to recognize him as a near neighbor: my guess that we lived about  200 feet apart was right on the mark. We knew each other by sight and I reached out to him two years ago via e-mail. We agreed to meet for lunch with a dear friend of mine and. With nearly a combined century of experience in finance, common experience living in (his native) England, and a shared passion for cycling—a lively conversation was nearly guaranteed. Jonathan would have been a perfect anchor guest on our yet-to-be-launched podcast, and his insights might have an impact Magnolia’s direction as a firm and my own evolution as a financial professional (both likely for the better). 

Terminal cancer intervened, and Jonathan’s priorities turned to spending time with his family, traveling while he could, and getting his affairs in order. Some lessons I take from this:

• The timing of Jonathan’s diagnosis gave him what turned out to be around a year and a half to prepare for his death–making the transition as painless as possible for his family. My father faced a similar timeline a decade ago, and acquitted himself well in that regard despite limited financial knowledge. Estate planning can be complex enough, but leaving a roadmap for survivors becomes increasingly difficult as our digital footprints grow.
• I regret missing the lunch we’d planned, and the likelihood of casual encounters over drinks and potluck at what our neighbors know as “John’s cafe” (aka the sidewalk). One life lesson I often relearn is the value of making an extra effort: going somewhere new; reaching out to an old friend; talking to the shy person across the room; widening the circle. [The aforementioned friend and my exceptional business partners are shining examples.]

The harder lesson is knowing when to say ‘no’ as well as ‘yes'—and to say both more often. ‘Yes’ to something means ‘no’ to something else, reminding us of that we make choices every day. In finance-speak, a new endeavor can have positive convexity: the potential for massive upside with limited downside risk. On the other hand, one’s precious time may turn out to have been better spent elsewhere. These two ideas are in direct tension with one another. This is a tension I carry around every day. In the end, we only live once.