This year started well, didn’t it?

January 2025 arrived with a bang. Donald Trump was sworn in as President, and from that moment on, the tone of the year was set. What followed was a wave of uncertainty, noise, and more than a little theatre, particularly around US tariff policy.

And guess what? Markets didn’t like the uncertainty. Over the following weeks, global equities (the big businesses of the world) were rattled by sharp swings and anxious headlines, dropping around 11% and leaving many investors wondering what on earth was happening and how they should respond.

And yet, despite the chaos, it's looking like 2025 could deliver solid returns for patient equity investors.

I know from conversations with clients that March and early April felt deeply uncomfortable. Money is emotional, after all. And that’s exactly how these periods feel in real time. Market declines never arrive politely - they come with fear, uncertainty, and a constant stream of reasons to panic.

But moments like these also serve an important purpose. They remind us that successful investing isn’t about avoiding discomfort, it’s about enduring it. Those who stayed invested through the anxiety of early April have already been rewarded.

When the News Was at Its Worst

On April 2nd, the so-called “Liberation Day” tariffs were formally announced, unveiling a sweeping set of measures that caught markets off guard. Stocks were already sliding through March, and the tariff news intensified volatility and sell‑offs as investors grappled with heightened uncertainty. Over the following days, markets swung sharply as traders digested the implications, with volatility remaining elevated before later stabilising.

Even investors who expected the tariffs had no real advantage. The details were public, but nobody could predict exactly when markets would react or how sharply they would move. And that’s precisely why your focus should be on planning over predicting, building a strategy that can withstand uncertainty, rather than trying to time every twist and turn.

The Trap of Constant Action

The investing world is full of people searching for the next winning move. They watch financial news obsessively. They react to every headline. They adjust portfolios constantly, convinced that perfect timing is the key to success. For these investors, investing becomes exhausting, a never-ending cycle of tactical decisions.

Throughout the period of tariff uncertainty, countless investors attempted to forecast the outcome. Yet it often seemed that even those setting the policy didn’t know how it would ultimately unfold. But in all the noise, many investors overlook the bigger question: what if success isn’t about making clever moves at all, but about having the right temperament?

Why Mindset Beats Moves

On the journey toward financial independence, how you think matters far more than what you do in response to market noise. This is the difference between investors who reach their goals and those who are always chasing them.

Think of your financial life as an ocean voyage. Your strategy is your destination and your charted course - retirement, financial security, helping your children, or leaving a meaningful legacy. It’s built around your values, goals, and personal circumstances. Your tactics are the small, day-to-day adjustments - trimming a sail or slowing down during a storm.

Markets (the weather) change constantly. Your destination doesn’t. Unless something truly significant changes in your life, your health, family, career, or long-term goals, your strategy usually doesn’t need to change either. Yet many investors abandon solid plans because of short-term volatility or confident predictions from “experts” about what might happen next.

The truth is simple: No one consistently knows what markets will do next. Not economists. Not strategists. Not portfolio managers. Markets are complex. Short-term predictions are not just unreliable, they’re irrelevant.

The Temperament Advantage

Once you’ve built a sound strategy, your greatest asset becomes your temperament. Warren Buffett said it best (of course he did): “The most important quality for an investor is temperament, not intellect.”

So what does good temperament look like?

It starts with patience - allowing your plan to work over time.
It requires discipline - sticking to your strategy when emotions say otherwise.
And it demands perspective - understanding that volatility, even severe volatility, is part of the journey.

Trying to make tactical moves during tariff uncertainty was a fool’s errand. Announcements changed almost daily. No one could reliably predict what came next. Successful investors know the path to wealth is not smooth. It’s a roller coaster, and the goal is to stay on the ride.

Focus on What You Can Control

This mindset doesn’t come naturally. Our brains are wired for survival, not long-term investing. We feel losses more intensely than gains. We see patterns that aren’t there. We overestimate our ability to forecast the future. Overcoming these instincts requires emotional maturity and self-awareness -recognising when fear or greed is driving decisions.

It’s natural to want to act. But often, the wisest move is restraint. You can’t control markets, economic cycles, or global events. But you can control how you respond.

During uncertain times, revisit your financial plan, not the financial news. In investing, as in life, success isn’t about avoiding storms. It’s about building a ship strong enough to endure them - and having the temperament to stay the course when the seas get rough.

Your future self, enjoying the freedom that comes from decades of disciplined investing, will thank you for the mindset you choose to cultivate today. 🩷