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Economic Trends · Aug 4th, 2026
What this video’s about
In this episode of The Market Share, Paul Gifford, Chief Investment Officer at 1st Source Bank, welcomes Senior Portfolio Manager Matt Noll to discuss one of the most difficult aspects of investing: knowing when to act and when to stay the course.
With investors facing a steady stream of headlines about geopolitical conflict, inflation, and market volatility, the temptation to make changes can be strong. Paul and Matt explain why patience is often one of the most valuable investment decisions, how portfolios are managed even when trades are not being made, and why success should be measured against your financial goals rather than a market index.
Not every headline means the house is burning
Today’s markets generate a constant flow of news. Geopolitical conflicts, inflation, and other events can make it feel as though investors should act right away.
Matt uses a burning house analogy to explain why that instinct can be misleading. When there’s an emergency, you don’t stand still. You get out and respond. But in investing, alarming headlines don’t always signal a true crisis.
“Human nature tells us that if we think our house is on fire, we need to get out or do something immediately,” he says. “In investing, however, the best response during volatile and noisy periods is often to do nothing.”
Doing nothing doesn’t mean ignoring the market. It means trusting the investment plan that was built around long-term objectives and resisting the urge to react to every short-term development.
Checking the smoke alarms, not repainting the whole house
Matt extends the house analogy when addressing a common question: Is a portfolio really being managed if no trades are taking place?
He explains that the investment team continually analyzes the economy, monitors markets, evaluates companies, and reviews new information. That work helps them identify meaningful risks and decide whether the portfolio still supports the client’s goals.
“We’re constantly watching to make sure the house isn’t on fire,” Matt says. “That doesn’t mean we need to repaint it every week.”
In other words, active oversight doesn’t require constant activity. When a portfolio rests on thoughtful planning and research, patience may reflect discipline rather than inattention.
Your goals matter more than a benchmark
During periods of strong market performance, investors often compare their returns to well-known indexes such as the S&P 500 or technology-focused benchmarks.
Matt encourages clients to view performance differently.
Rather than asking whether a portfolio beat an index over the past month or quarter, he suggests asking whether it is accomplishing the goals it was designed to achieve. Those goals may include generating retirement income, funding travel, helping pay for education, or supporting other long-term priorities.
“We’re not trying to outperform every index every year. We’re trying to ensure that the goals we established are being met.”
Looking beyond short-term returns
It is easy to second-guess an investment strategy after hearing about someone else’s returns. Matt notes that investors don’t always see the level of risk that may have been required to achieve those results.
That perspective is especially relevant after several years of exceptional performance from technology-focused investments. While those sectors may continue to perform well, concentrating too heavily in one area can expose investors to greater risk if market leadership changes.
Instead, his team’s focus remains on building diversified portfolios that balance growth opportunities with appropriate risk management over the long term.
Conclusion
Successful investing isn’t about reacting to every headline or outperforming every benchmark. It’s about staying focused on a thoughtful plan that supports your long-term financial goals.
When markets become noisy, patience and discipline can be just as valuable as making the right investment decision. Stay informed with The Market Share for insights that help keep today’s headlines in perspective.
Stay informed with The Market Share for thoughtful insights that help you understand the trends shaping today’s markets and tomorrow’s investment opportunities.
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