Letters on Max Clark

Investing - It's simple

Tue, 16 Dec 2025 18:24:24 +0000

Boys,

The greatest lie is “it’s not that simple”. In fact, true genius is always expressed via simplicity.

Without a true teacher or mentor it’s taken me 20 years to come to the conclusion that I’m sharing below. The biggest influences on my thinking that you two can also learn from are Jack Bogle (Vanguard and Bogleheads), and Warren Buffet. Bogleheads details the most important parts on The Bogleheads Investment Philosophy:

Your #1 Job

Wed, 20 Aug 2025 18:35:47 +0000

It’s not your job to make other people happy, it’s your job to make yourself happy.

This is the lesson that I had to learn from my first marriage - the core mistake that I made because nobody had taught me this lesson or what it actually means. It took me over a decade to learn this, and I hope to figure out how to teach you before you need it.

Reflections on our Summer

Wed, 20 Aug 2025 15:44:59 +0000

While the summer of 2025 is one we’ll all remember. I’m curious what you remember the most a decade from now. When people ask you what the best part was, you’re quick to answer London and Croatia because of the cousins. I love that for both of you so much.

Highlights:

60 days, 13 cities, 7 flights, 6 trains, 3 boats, and so many cars
New York, Edinburgh, London, Paris, Lopud, Rome, Positano, Tuscany, Florence, Pisa, Rapallo, Milan
Our 10 year vow renewals
So many sights and memories captured in photos
Spending every day together as a family - absolutely priceless

What worked well for us:

Seek Out Discomfort

Wed, 20 Aug 2025 15:00:07 +0000

Growth takes place through hardship. It doesn’t matter what it is - health, fitness, career, hobby, etc… When you start you should be uncomfortable. It should be hard. In fact it usually feels hardest right before you achieve mastery.

The modern world is comfortable and easy. This is the challenge. You have to figure out how to fight your natural impulse to lean into comfort. Comfort is easy, but leads to stagnation and unhappiness.

All Things Come to an End

Tue, 29 Jul 2025 14:28:08 +0000

I received notice that a customer is parting ways with us sometime early next year (maybe).

You fight so hard in business to win a customer, and then something changes that’s completely out of your control and you lose them. When this happens It’s easy to feel like you’re moving one step forward then two steps backwards.

In business we call this attrition: customers and employees all eventually leave. Or in astrophysics entropy: the general trend of the universe towards death and disorder.

Managing Market Uncertainty

Mon, 07 Apr 2025 17:14:34 +0000

I’d imagine by the time you’re reading this you will probably already have studied what’s happening in your history classes. You’ll have the benefit of hindsight when you do, living through it is a different matter.

President Trump started what the press is calling a trade war by launching global tariffs on other countries. I am not educated enough to posit an opinion on if this is a good thing, or a reckless thing (which is part of the point) but what do know is what the global stock markets are doing in result.

Deserve & Fairness

Tue, 07 Jan 2025 22:43:18 +0000

Boys,

Children inherently know if something doesn’t feel fair. Usually it’s because you think your brother or someone else got something you should have as well. Sometime soon you’re probably also going to think in terms of deserving something (or not).

This is where things get tricky.

We have to teach you to be fair in how you treat yourself and others, while helping you understand that life is not fair.

When in doubt, show up.

Thu, 05 Dec 2024 21:19:28 +0000

December 5, 2024

I found out a friend passed away right before Thanksgiving.

Kelly fought cancer for over two years - pretty remarkable actually. So while her passing wasn’t a surprise, it was still very hard to hear, and it’s still hard to think about.

I found myself at a loss for what to do, and how to help Boaz and his family. What could someone possibly do in this situation? And what I realized is the best thing I could do, and what Boaz needs from me more than anything else is just to show up, and continue to show up for him.

Life is a Gift

Wed, 13 Nov 2024 16:38:06 +0000

November 13, 2024

*Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes. *

— Benjamin Franklin, in a letter to Jean-Baptiste Le Roy, 1789

Last night I found out that a friend passed away on Saturday. I’ve been struggling processing the news, and have been thinking about what I want to share with you about it.

Always Be Learning!

Tue, 12 Nov 2024 14:00:55 +0000

November 12, 2024

Last month I finished my Instrument rating. I spent over a year in training, weeks of prep for the written and oral exams, rescheduled check-rides with plane maintenance, summer vacation in LA, etc… This rating was an absolute grind.

I was so exhausted (just completely mentally and physically spent) when I got home that night I think I was ready for bed at 6pm! The next morning I woke up with a strange sense that I had nothing to do. Instead of feeling high from the accomplishment I almost felt lost.

When was the last time you astonished yourself?

Tue, 08 Oct 2024 13:01:19 +0000

Boys,

It’s easy/tempting to focus on professional or financial achievements answering this question. The truth is I’ve been blessed with success I could have never imagined when I was your age.

I realized a few years ago just how important that last part is - creating a vision you to can imagine on just how much is available to you both. And then helping you reach for it.

It’s tough because as much as I want to hold you on my shoulders, I know it’s so much more important for you two to learn that you can do it yourself. I pray that I get this balance right as you grow up, and that you get the sense that I’m always there for you if you need me. But you are going to try on your own first.

40 Questions to Change Your Life

Tue, 01 Oct 2024 13:02:05 +0000

Boys,

I was at the store the other day and this book stood out for some reason.

Maybe it’s because I’ve been thinking about what I want to tell you, what lessons I need to figure out how to teach.

Maybe it’s because I’ve been thinking about what I want to be focused on for myself.

Maybe it’s because the introduction nailed both at the exact right time:

“You have not because you ask not” James 4:2 ABPE “Ask and you will receive” John 16:24 NIV “To get where you want to be, you must ask the right questions. The difference between people who are successful and those who aren’t is that successful people ask better questions and therefore get better results.”

Making Peace With Attrition

Thu, 22 Aug 2024 13:01:04 +0000

I received notice that a customer is parting ways with us sometime early next year (maybe).

In business we call this attrition: customers and employees all eventually leave. Or in astrophysics entropy: the general trend of the universe towards death and disorder.

Understanding Risk

Thu, 11 Jul 2024 17:44:35 +0000

Before we can talk about asset allocation, diversification, and investment selections we have to talk about risk and how we manage it.

Simply speaking, the higher the risk, the more the potential return. For most of my adult life the US stock market has averaged 7-8% annual returns. This is incredible math and means that your investment doubles every 10 years! The downside of risk is loss, in this case the S&P 500 index experienced a drawdown of approximately 56.8% from its peak in October 2007 to its trough in March 2009.

11 Rules of Investing

Wed, 10 Jul 2024 17:43:57 +0000

From the Bogleheads® investment philosophy:

Live below your means
Develop a workable plan
Never bear too much or too little risk
Invest early and often
Diversify
Invest with simplicity
Use index funds where possible
Minimize costs
Minimize taxes
Never try to time the market
Stay the course

I recommend you take the time to read the materials published on the site and work to understand it. Some of these lessons I understood right away, some have taken me years to learn, and some I’m still working through.

HoldCo

Tue, 09 Jul 2024 02:33:02 +0000

This took me some trial and error, pain, expense, and too many lawyers. You can skip all these steps and simply form an LLC for yourself as a holding company (HoldCo) to own and manage all of your things.

Avoid a Corporation with an S election, you can still have the benefits of an S Corporation for tax purposes as an LLC. After you form the LLC you can file the S election paperwork in the same manner. LLCs are way easier to form, manage, move, etc… A good lawyer can tell you about the liability differences between a Corp and LLC in your State.