My Investment Policy Statement

An investment policy statement is a short written plan that defines how you will invest and, just as importantly, how you will behave when markets get frightening or exciting. Writing one down in advance is valuable because it turns your strategy into rules you can follow when emotions would otherwise push you toward costly decisions. Here is mine.

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Investor: Bryant Quick
Effective date: October 1, 2026
Review cycle: Annually, or after a major life change

1. Purpose

This document is my written commitment to how I invest. I wrote it while calm so that I can follow it when I’m not. When markets are euphoric, frightening, or boring, this is the document I return to, and I change it only through a deliberate annual review, never in reaction to headlines, prices, or my own emotions.

2. Philosophy

I am an investor in American businesses. I have faith and conviction in American capitalism and in our country. My investments don’t need to lead the world. They need to produce and compound.

I can’t predict the winners. I can’t know in advance which size, style, factor, or sector will come out ahead, so I won’t try to pick them. I will own the entire U.S. market at the lowest possible cost and let thousands of businesses work on my behalf.

I can’t predict prices. I don’t know what the market will do next month or next year, and neither does anyone else. I will not time the market. I will buy at whatever price the collective market has set on the day I have money to invest.

I focus on total return. A dollar from a price gain is the same as a dollar from a dividend. I will not let the psychological appeal of dividends or distributions steer my decisions.

3. Investment Policy

3.1 Geographic scope: United States only

My money goes to American businesses. I will not be pulled into international investments by diversification theory, or pushed by warnings about high valuations, government debt, trade conflict, or whatever the next concern turns out to be. I accept that there will be long stretches when foreign markets outperform American ones, and I accept that tradeoff in advance. This question is settled.

3.2 Core holding

• Primary: a total U.S. stock market index fund, held in every account where it is available.
• Fallback: an S&P 500 index fund in any account where a total market fund is not available (for example, a limited 401(k) menu).
• Fund provider preference: Vanguard or Fidelity first. Vanguard for its client-owned structure, which pushes costs as low as they can go. Fidelity because it supports the platform I use through the fund’s expense ratio.
• Selection criteria: broad diversification, very low expense ratio, tax efficiency, and long-term provider stability.

3.3 Buying and holding

• Invest contributions as soon as the money is available. Do not wait for a better price.
• Hold through downturns. Selling because of fear or a forecast is not part of this policy.

3.4 Cowboy Capital account (speculative sleeve)

To give my animal spirits a safe outlet, I allow a separate speculative account.

• Cap: no more than 5% of my total portfolio value.
• Permitted: individual stocks, options, narrowly focused ETFs, crypto, and other active or speculative ideas.
• Rules: it stays separate from the core. If it grows past 5%, I do not add to it until it falls back under the cap.
• Mindset: this is entertainment money. A total loss would not change my life, and a big win would not change my strategy.

4. Behavior Rules

1. Crashes: I expect declines of 30% or more over a lifetime. I will not sell, and I will keep investing.
2. Booms: I will not chase what is hot, and I will not shift my core to match it. Excitement belongs in the Cowboy account, within its cap.
3. Predictions: Forecasts about the economy, the market, politics, or valuations do not trigger changes to this policy.
4. Costs and taxes: I minimize expense ratios and avoid unnecessary turnover.

5. Annual Review

Once a year I will:

• Confirm that I followed this policy, and note any exceptions and why they happened.
• Check the Cowboy Capital account against its 5% cap.
• Confirm that fund choices still meet the cost and provider criteria.
• Update for life changes such as income, family, health, or timeline.

Amendment rule: changes are made only at the annual review, are written down with the reason, and are never made during a market panic or a market mania.