Ask questions and enjoy the journey: A portfolio manager’s guide to starting out as an investor
For Derik Coffey, CFA, seeing his daughter smile for the first time was a reminder of the importance of celebrating life’s little victories even while pursuing a demanding career. Now Client Portfolio Manager and Director of Quantitative Analysis at Channing Capital Management, Derik says a structured process and consistent approach are the cornerstones of a successful financial career. If he could, he would tell his younger self to set goals and stay disciplined, but also to enjoy the journey as well as the destination.
As a young person, I always knew there was something bigger and better out there, and I didn't want to have a job that was going to be the typical work a nine-to-five, do the monotony and get a paycheck.
I always longed to be a more long-term investor, invested in how a company's activities help to drive more shareholder value. It's not transactional. It's a long-term, thoughtful, patient process of value creation and recognition.
The part of my job that I love the most are the client conversations. Now, when the market's great, everybody's happy. But when things aren't so great, I'm able to have‚ the most thorough conversations where clients are asking me detailed questions. I'm able to explain to them what's going on. In this discipline, you have to incorporate everything that's going on in the world. Politics, economics, finance. No day is the same.
So I've had quite a few mentors over the course of my life. Probably the number one is my father, who with his military background, really reiterated the importance of discipline.
My wife, we were having our first child. I was always in the office. I was always working.
I look up and for the first time I see my daughter smile and I go to my wife and I say,
“When did she start smiling?”
“Three months ago!”
It was kind of that moment when I realized, wow, I do need to sort of slow down and really enjoy my family. I train in jiujitsu. When you're a white belt, people are willing to work with you. They're happy to work with you. But when you get promoted to a blue belt or a higher belt, they're gonna give you a little bit more of a harder time. When you're new, you're a blank slate with a lot of new ideas that allow you to really question things. If I was talking to my younger self, I would probably say, always have a process for how you do things and apply that process consistently and without fail.
I've watched people over time engage in that kind of constant, setting a new goal and not enjoying the ride.
Take time and enjoy the victories a little bit more, take time and enjoy the journey rather than the destination.
A letter to my younger self
What advice do you wish you had heard before starting your career in finance? In this series of personal stories, CFA® Charterholders from different backgrounds discuss the insights they have gained during their career journey and the pivotal moments that shaped their professional paths. What would you write in a letter to your younger self?
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