Living an Alternate Reality
- Joe Cardello
- Oct 1
- 17 min read
September 30, 2025
"Just to be is greater than action”
-Thomas Keating
Living an alternate reality
We research facts, we keep ourselves informed as it’s our civic duty to be informed citizens.
If we apply this to the image above, we can see clearly that square A is darker than square B. We know this with certainty. It seems obvious; except it isn’t. What you perceive to be obvious isn’t always obvious. Both squares are the same color. If you don’t believe me, go to MIT’s website:
If you are watching the news, reading the newspaper, or getting your news from social media sources to keep yourself “informed” with facts, I am sorry to report that the most likely fact is you are being deceived. Much of what we are consuming in news sources is simply noise. It must be filtered and synthesized in its proper context.
We all have a desire to be informed, but what is the motivation to stay informed?
If our motivation is to maintain control of our environment, we must be extra cautious at a time when the media can manipulate and magnify to attract your attention.
It takes an enormous amount of effort to play the game of obtaining objective information. If you’re a professional investor, strategist, politician, you may have a chance, but even then, it’s hard. The passive consumer of news that has a day job is likely a pawn in the game being played, and the collateral damage you can do is worrying.
I am writing to help convince others of this harm. I understand that I may not be able to communicate this effectively in today’s political climate, but I genuinely desire that everyone get the most out of life.
Hopefully this comes across as a judgement of our behaviors and not judgement of any individual or group.
A lot of people are looking to us at August Wealth for perspective, and objective perspective is what I hope to communicate.
There are people out there that literally will not talk to someone if they think they hold “left wing” views or if they are a “pro trump” person. This is sad for them, but it is also sad for the country; it does real cumulative damage.
It is everyone’s civic duty to speak out about issues that are adversely affecting individuals and groups. That is what I intend to do, but in a different style.
I am willing to speak with anyone regardless of their view; I love alternative points of view because it makes life interesting. People have important points to make, and we can help each other. Nobody has all the information, nor do they know with certainty how policies may impact changing our country or world for better or worse; most of us couldn’t even tell that square A was the same shade as square B above!
If you believe you can predict with accuracy multivariate outcomes, proceed with caution! It’s tough! Personally, I would advise the non-professional to focus on your day job.
That isn’t to say I will be any better at prediction. Any edge I may have due to my brain chemistry, my experience, and my efforts is small. Mostly my edge is that I know I don’t know, and that gives me an advantage because I know that you don’t know either.
I am trying to consume information from all sides. I practice contemplation, meditation and reflection, and this allows me to observe more broadly. It also allows me to differentiate between truth and opinion, fact and “feeling”. Additionally, I have a past of being defensive, selfish, opinionated, and creating an inner monologue to define myself. I’m not embarrassed by this because it gives me perspective when I analyze these traits in others. I continue to work on these handicaps, but I can see the benefit of growth and perspective over decades.
I would strongly suggest that we actively covet conversation with kind and well-meaning people that have views opposite to our own.
The caveat is if someone is not willing to listen or be open-minded to alternative viewpoints, if they are totally lost in their mind, there is obviously no point in wasting energy. There is no point in engaging them, as you will be practicing the “banging your head against the wall” technique (I used to be quite good at this).
I have faith in humanity. I know that the way people feel today will not be the way they feel in the future. “Feelings” always change. That is why I don’t dwell on feelings; they are to be released, otherwise they can destroy you (especially extreme pain and trauma).
Similar situations presented themselves during the pandemic where people could not let go of fear that was not always rational.
The ills of social media (again)
I have observed the following behaviors from people consuming social media:
They can project a distorted view of reality when engaging others.
Their own biases are reinforced as the algorithm learns more about their interests.
It causes unnecessary expressions of fear, anger, and anxiety.
They are confident they are armed with facts that make their view correct.
It is hard for me to understand why there is so much consumption of something that is wreaking havoc on sound judgement, but we all know most people are consuming social media.
As a fiduciary advisor and investor of other people’s wealth, it would be negligent for me to consume something that warps my sense of objectivity. So, I don’t partake intentionally (of course I have this luxury at my age).
My overall objective is to make the world a more joyful and peaceful place for others. It’s a lofty goal, I might not manage to do it well, but that is my intention, and I work hard at it and pursue it anyway.
I use my analytical skills to serve others by assessing risk, behaviors, and goals to navigate an uncertain world, but also a world laden with opportunity for investment and growth.
It makes sense for me not to engage in usage of social media because:
If I have a distorted view of reality, it creates a handicap when approaching investing. I would be unable to obtain objectivity when viewing events.
I covet alternative viewpoints unceasingly to gain the different perspectives and perceptions of others. This cannot be done if my own biases are being reinforced.
If I am negative, angry, overly confident, or fearful, I won’t be able to appreciate the goodness in others, nor would I express gratitude for my own existence.
Life in the USA is good; why do you not see it?
I am so grateful for so many aspects of the United States. What an amazing country we live in. The physical beauty, diversity of cultures and viewpoints, variety of food, the constitution and legal protection, the overall growth in wealth of the less wealthy (see chart below), and relative safety and security, and the opportunity to create a better life for you and your family are incredible.
Most people want to lift and help others; they have good hearts. We can all lose sight of our own goodness.
Even the parts of the government that don’t provide a social safety net are compensated by well meaning charitable organizations run by caring people that help empower those in need.
Of course there are problems as in any country; some people are still left with significant disadvantages. But in the aggregate, things have never been better in our country. The progress of the USA is remarkable. Not long ago, many more were impoverished, lacked opportunity due to racial injustices, personal safety was a major concern, and many young men were dying in wars. From a historical perspective, even though wars are front page news, we are in a relatively peaceful period of world history.
There will always be complaints about politics and politicians, but from a historical perspective things seem better than ever.
We can obviously continue to improve; we could use more kindness, more care for people and our environment, and less waste. To do so, we need to commit to working together.
Despite the media, politicians, and groups amplifying extremes and fear, the people, the ideals, and the foundations and laws of our country look rock solid from my perspective.
People try to convince me that my head is in the sand.
I am consuming more diverse thoughts and source information than most people I know, and I covet conversations with people from different cultures, viewpoints, and perspectives. So, although it’s possible I am not paying enough attention to “bad” news, it’s unlikely this criticism is correct.
I have worries of course, and they are:
People not talking to others with alternative points of view.
People assigning disproportionate importance to low-probability future events.
People reinforcing their own pre-conceived notions.
A lack of self-reflection and overconsumption of noise leading to wasted energy.
These factors lead to unnecessary fear, stress, and anger which usually lead to bad decisions (financial and otherwise) and that often leads to a lack of peace for yourself and those you love.
A recent example would be concern about free speech in the USA.
We see attacks on the media, there are threats to prosecute for “hate speech”, there is too much Christianity, there is not enough Christianity, or Christianity is being distorted. People get cancelled for being woke, they get fired for being insensitive, companies and schools are pressured by government to tow a political line, enemies are prosecuted, etc. etc.
Most of this is noise from my perspective. People are vying for power on all sides, companies are always trying to make money, ESG and DEI were great when it was good for business, and now it’s not so great because it’s bad for business. Corporations are looking for profits; they involve themselves in politics for the goal of enhancing the profits. There is nothing new here. But the noise is being magnified, and that is a big problem.
I’m not trying to diminish your level of concern on any of the above issues, but all this stuff blows with the wind. Are people going to get hurt, yes, is it unfair, yes, but that was, is, and always will be the case. Life goes on, and there is nothing new under the sun.
Multiple people have called me because they are “seriously afraid”, and they feel like they need to prepare for a life outside the United States.
Just as during the pandemic people were scared; I’m not dismissive of your feelings or emotions. I acknowledge that people feel this way. However, feelings do not reflect one’s reality nor the probability of outcomes.
I am surprised this fear cycle is happening again so soon after the fear cycle during the pandemic. My wife Michelle’s words during that time resonate with me: “Joe, people are so afraid that they cannot hear you. Stop talking and go express yourself through your work (investing).” The investment profession will hold you accountable in ruthless fashion; the financial markets do not care how you feel.
What is of paramount importance to me? Calculating the odds and probabilities of permanently stripping laws and individuals’ rights in the USA. These laws provide the foundation for security, innovation, and investment in growth.
One of the most important protections is the First Amendment to the US Constitution.
What is the probability that this right could be taken away?
Extremely low, so logically it is not something that consumes my energy.
Why is this probability my focus?
The First Amendment to the US Constitution States:
Congress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Alternatively, the United Kingdom, where I am also a citizen and lived for 8 years has no such Constitutional Amendment enshrined in law. You can be prosecuted for using “hate speech”. Abusive language which is interpreted to stir up hate can (and has) land you in prison. Subjectivity can be skewed by societal trends, or it can be abused by those in power. That is not the case in the USA.
If you are a US citizen, you can say what you like. Insensitive, racist, hateful, ignorant, you are protected. Even if a US President attacks you, even if the Attorney General goes after you, you are protected. Someone may try to scare you into thinking otherwise, but it doesn’t make it real. They can try to take your rights away, but you have recourse.
I’m not saying they won’t try to put restrictions on your speech, nor am I saying there are no
consequences, but I am saying the fear which is causing you to expend energy on plans for moving to another country is highly likely to be misplaced.
Since the chances of losing your rights to free speech are almost zero, what is the most likely impact from your fears?
A negative impact on your wellbeing.
The energy spent on your emotion takes away from all the positive life experiences and opportunities which exist.
Consider people that are so frustrated that they are not being heard. Lashing out at others, crying, shootings, or even selling shares in a company because you loathe their CEO (that you used to love), are all bad choices. If you feel so desperate because other people cannot understand your “clearly correct” viewpoint, proceed with caution.
Have you ever said to yourself: “Why don’t other people care like I do? Why do they not operate as ethically as I do?” This is a red flag!
This is a control issue coming to the surface, and it requires inner work; reflection and therapy.
I say this with a deep personal perspective, because I have been there. It takes work to overcome these inner issues, but the freedom you will gain is worth it.
Many of my readers try to convince me that I should be more worried about some policy, a particular noise story, or a person in the news, and it sometimes frustrates friends that I do not get too worked up or more emotional.
Perhaps I am missing the bigger picture, but I don’t think so. I gain more evidence all the time that people are good, life is good, and the USA’s ideals are good.
It doesn’t mean that nothing is wrong, but my bigger concern is for the many people that cannot seem to see the positives.
I have posted these words from Mother Theresa before. She has taught me more about how to live life and operate a business than any school or book I’ve read:
People are often unreasonable, illogical and self-centered; Forgive them anyway.
If you are kind, people may accuse you of selfish, ulterior motives; Be kind anyway.
If you are successful, you will win some false friends and some true enemies; Succeed anyway.
If you are honest and frank, people may cheat you; Be honest and frank anyway.
What you spend years building; someone could destroy overnight; Build anyway.
If you find serenity and happiness, they may be jealous; Be happy anyway.
The good you do today, people will often forget tomorrow; Do good anyway.
Give the world the best you have, and it may never be enough; Give the world the best you’ve got anyway.
If you live by her words, you won’t have time for “keeping yourself informed” on social media or noisy headlines in the newspaper. You won’t have time to worry about extreme low probability events. You won’t feed an inner monologue that tells you: “you care more than others.” You will notice the positives, and you will make life better for yourself and others. You will do what you are supposed to do, and you won’t care if others criticize you for it because cynicism doesn’t matter.
There is an alternative reality
I appreciate living and investing in a world full of joy and opportunity despite the existence of pain, violence, apathy, and cynicism.
If you believe it’s easy for me to say because I have money and privilege, you would be wrong. I grew up with neither. I was never upset with anyone that had more privilege than I did.
I may not be able to understand someone’s specific personal challenges, especially someone that feels marginalized, but I carry a great deal of personal pain that allows me to empathize.
My life is not the way I want it to be, but I am guided by Mother Theresa’s words above, and I keep moving forward. The more I move forward doing what I am supposed to do, the more peace I have.
My challenge for you and especially for college students
For one week, stop reading or watching the news, remove social media from your computer and phone, and even put away your phone completely if possible.
Concentrate and show gratitude for the priorities in your life:
Work.
Family and friends.
Your home and your bed at night.
Food, wine, and those that serve you.
Smile and chat with complete strangers. Show them random acts of kindness but expect nothing for yourself in return.
Consider those less fortunate than you and help them. Perhaps:
Engage someone at school or work that is shy or awkward socially.
Join a charitable organization that helps empower someone (immigrants with no English, inner city tutoring, food kitchen, mentor). Give financial support more than what you would normally donate.
Get out of your comfort zone and do something completely different socially. Meet new people and learn about what they like by asking questions and expressing interest.
Even if you feel like the above is forced, I urge you to do it anyway. Even if you think it won’t make a difference, do it anyway. You will notice changes in others and in yourself. If you build on this, and make it part of everyday, you will have transformative positive and permanent change.
If everyone does this, it will transform life for the better.
It starts with you, not someone else.
Life in a free country affords us so many opportunities, and I’m so grateful for my citizenship.
If you feel desperate and lost, you are not going to find your way out by reading or consuming more news.
I do feel sorry for you if you feel sad and negative, but you also have the ability and the power to change your fate.
Take up my challenge above, and you may see a change. You will lose nothing, but you may gain the world.
“Beware of people who are certain about things, especially when that certainty is based on what they WANT to believe”
-T Edgar
Anyone that knows me professionally understands that if you bring me new objective facts that I did not know before, I will conduct new research and adjust probable expected outcomes accordingly. As you know, I enjoy serving you and your family to help navigate an uncertain future.
However, it is neither healthy nor wise for me to engage in conversations with people about news or policy that is “disliked”. My gratitude for the sacrifices, the people, the laws, and the freedom of the United States will not be abated. It does not matter to me which party is in power. I know how lucky I am, and I am willing to make sacrifices to ensure this country remains a beacon of hope and opportunity for my children and their children.
What is the market impact
Because sentiment is reflective of negativity and apprehension, it’s created a unique opportunity to stay the course (slow and steady) this year without much dramatic change to the investment portfolios.
We remain balanced, diversified, and we see many opportunities globally to help you achieve your goals and needs within your risk tolerances.
Growth continues at a reasonable pace, and interest rates are likely to be lowered.
Inflation should remain contained, but we continue to monitor. There are many factors which influence the change in price level.
The technological changes occurring are like nothing I have ever experienced, and this will cause profound changes and opportunities.
Small companies will probably scale and disrupt larger ones over time.
We continue to find companies that are trading at attractive valuations, and we have added names to our portfolios.
We have reduced some of our weights to fixed income securities priced for the expected lowering of interest rates by the Federal Reserve.
The United States is best place to innovate and take advantage of these changes because of its ability to change, because of its legal protections, and because of our ability to value someone for their ability and effort regardless of their economic class or cultural background.
We remain flat precious metals. It has provided excellent protection against flat currency
debasement for the past 25 years (declining value of the US Dollar and other paper currencies).
However, we feel that there are (relatively) better assets to own that will likely protect purchasing power for ourselves and our clients.
*Growth in wealth of the bottom 50% in the USA has grown dramatically. The rich poor divide is
growing, but we are all getting wealthier.
If you read this far, and feel the desire to keep reading, below is my personal gratitude for last weekend. More evidence that life is and can be recognized for what it is: incredibly beautiful.
Thank you to the families that give us the opportunity and allow us to serve them at August Wealth.
Thank you for my son Augustus’s 5th memorial charity golf tournament (AGC), founded and run by his Providence College roommates held this past weekend (I could not make this year). It is always a wonderful celebration of Gus’s life and what he meant to the hundreds of friends that turn out. The record sum you raised this year for his endowed scholarship at Providence is a testament to the love you have for him, for your PC brothers, and for the strangers you will help attend PC in the future.
Thank you to all my friends from Connecticut, Merrimack College, Matignon High School, clients and friends. You cannot comprehend how much it means to my family and me. When I came home from Colorado to ask my wife how hard the day was, she told me it wasn’t hard: “your friends support allowed us to just enjoy and celebrate Augustus’s life.”
Thank you to our daughter Isabella for delivering a heartfelt speech about what the day and
everyone’s effort meant to her and our family.
Thank you to my good friend SR and his daughter CR for inviting me to be a part of her wedding celebration. An amazing demonstration of love and wisdom and the importance of family and friends to build a sound foundation in life.
Thank you for the new friends I made at the wedding, the conversation, and the fun!
Thank you to my Merrimack College buddy I caught up with in Boulder, CO and our substantive conversation. Thanks SB.
Thank you to my friends and clients KH and AH for including me and introducing me to their friends BW and KW at Frasca in Boulder CO. And thank you to the restaurant for an amazing culinary experience.
Thank you to the congregation at St. Peter’s church in Kremmling, CO that I stumbled upon enroute to Boulder. Your generosity for the people in Gaza, and your pastor from Cameroon. He described a terrible situation in Cameroon compared to the relative gifts we have in the USA.
Thank you to the bike shop and conversations with the manager, Bright, and playing with his dogs Blackie and Brownie in Steamboat, CO.
Thank you for the physical beauty and colors of Colorado in September. Breathtaking!
Thank you, Boniface, the African Safari guide I befriended in Denver Airport. Thanks for teaching me so much about game parks and guiding.
Thank you MM; my new friend. I appreciated our 3-hour conversation on the plane back to JFK. It was a pleasure to meet you, and I look forward to a long-term beneficial partnership for us together at August Wealth. I learned a lot from your perspectives as a first-generation Indian American woman growing up in Brooklyn.
Thank you to Chris Miller, Author of Chip Wars and professor at Tufts University for your insight on my questions around China’s ability to develop a fully domestic and closed semi-conductor chip industry without a global supply chain. There is almost no chance. I appreciate you taking the time out of your day to return my inquiries.
Each one of the bullet points above will stay with me forever. Each one of them carries beauty and meaning that reinforces the importance of pursuing more relationships, new experiences, and new perspectives.
I don’t know what scrolling on Instagram is like, but I can live with that void.
In gratitude,
Joe
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