Past Performance is not Indicative of Future Results
Disclaimer or Decree?
Every saint has a past, and every sinner has a future. —Oscar Wilde
Grace changes us and change is painful. —Flannery O’Connor
Do not wait for the Last Judgment. It takes place every day. —Albert Camus
Above: We create most of our crises.
If you have ever invested in anything—mutual funds, mortgage-backed securities, or metaverse parcels—you have almost certainly encountered this bit of legalese: Past performance is not indicative of future results.
Like primer on siding, the phrase coats investment prospectuses of all shapes and sizes; ensuring firm regulatory footing in compliance with SEC Rule 156.1
It serves as a disclaimer—warning would-be investors of the future’s unpredictable nature. Expectedly, it is often skimmed over quickly (if read at all).
However, just as turning a prism can refract a rainbow, when viewed differently, there’s beauty and magic to be found in plain sight of these eight simple words.
While many read them as warning, I see hope and opportunity.
Something Alan Watts once said captures it perfectly: “You're under no obligation to be the same person you were just five minutes ago.”
That is, past you has no bearing on present you.
The addict can sober up.
The wronged can forgive.
The criminal can repent.
The prodigal son can come home.
In a recent TED Talk, Pope Francis hammered this hopeful message home:
To Christians, the future does have a name, and its name is Hope.
Feeling hopeful does not mean to be optimistically naïve and ignore the tragedy humanity is facing.
Hope is the virtue of a heart that doesn't lock itself into darkness, that doesn't dwell on the past, does not simply get by in the present, but is able to see a tomorrow.
Hope is the door that opens onto the future.
Hope is a humble, hidden seed of life that, with time, will develop into a large tree. It is like some invisible yeast that allows the whole dough to grow, that brings flavor to all aspects of life. And it can do so much, because a tiny flicker of light that feeds on hope is enough to shatter the shield of darkness.
A single individual is enough for hope to exist, and that individual can be you.
And then there will be another "you," and another "you," and it turns into an "us."
And so, does hope begin when we have an "us?"
No. Hope began with one "you."
When there is an "us," there begins a revolution.
Whether good, bad, or ugly, you can always be better.
Learn from your past, use your present, create your future.
Today’s sinner is tomorrow’s saint.
Per my about page, White Noise is a work of experimentation. I view it as a sort of thinking aloud, a stress testing of my nascent ideas. Through it, I hope to sharpen my opinions against the whetstone of other people’s feedback, commentary, and input.
If you want to discuss any of the ideas or musings mentioned above or have any books, papers, or links that you think would be interesting to share on a future edition of White Noise, please reach out to me by replying to this email or following me on Twitter X.
With sincere gratitude,
Tom
Wise words! Also how did I miss the fact that the Pope gave a TED talk?