I’ve had a couple of really disappointing rows recently.
Everything had felt good—split times, technique, heart rate data—but around the one-hour mark, things dropped off dramatically.
I couldn’t hold the pace I wanted without my heart rate climbing to unsustainable levels.
I’ve been training consistently now for over two and a half years—often starting at 6 a.m.—and the discipline of early mornings and structured sessions has become part of life.
So trudging back from these tough outings, feeling exhausted and frustrated, has been hard.
After one particularly difficult session, I messaged my trainer, Edward, in exasperation: I just don’t know what’s happening. I feel fine, then it all falls apart.
Edward sent me back some data from a session I'd done in June 2024—a session we had both been proud of at the time.
And the truth was stark: even on my worst day now, my performance is significantly ahead of where it was then.
The parallels between the rowing training and financial outcomes are striking; the perception of progress gets distorted by our focus on the most recent outcome, and we forget to zoom out.
---
Around 7 February 2025, the S&P 500 reached an all-time high.
Shortly after, political instability—particularly an attempt to reshape 30 years of economic policy via a few ill-judged tweets—triggered a sharp decline.
In the weeks that followed, the S&P fell by about 17%, before stabilising at around 7% below its peak.
Month-on-month portfolio statements showed declines.
Understandably, a client said to me: "This is really disappointing. Is there anything we can do?"
When we stepped back, the bigger picture looked very different: their portfolio had grown by 11.7% throughout 2024, and despite the recent volatility, their portfolio was still up 1.5% for 2025.
In context, they were in a far stronger financial position than they might have felt day-to-day.
---
Why does short-term disappointment hit us so hard, even when we're still progressing?
There’s solid science behind it.
First, our brains are wired for short-term rewards.
Research into dopamine pathways shows that we experience motivation and satisfaction not just when we have achieved a goal, but when we expect to achieve one.
When reality falls short—even briefly—our brain withholds the dopamine hit we were anticipating, and we feel disproportionately defeated.
Second, we suffer from recency bias.
In behavioural finance, recency bias means we place too much weight on what has just happened, and not enough on longer-term evidence (I have written about the dangers of recency bias here).
So when we don’t see immediate, linear gains, our brains trick us into feeling like we’re going backwards—even if the long-term trend is strongly positive.
---
So, the next time you feel discouraged—whether it’s after a tough training session, or when you open an uninspiring investment statement—pause.
Step back.
Widen your lens.
Look not just at where you are now, but where you were six months ago, a year ago, five years ago.
You may be surprised at how far you’ve come.
This perspective shift is exactly why, at Barnaby Cecil, we focus on building a WealthMap® for our clients.
It’s designed not just to help you navigate the ups and downs of financial markets, but to give you the clarity and confidence to keep moving forward—especially when progress doesn’t always feel obvious day to day.
Copy here introducing the client stories section and examples of testimonials
