“Google abandons its phone-powered VR headset, Daydream, concluding no one uses it.”

For those familiar with Nassim Taleb’s antifragile, the importance of chaos as a stimulant for things to survive, and flourish, here is a timely reminder.

We readily fall in love, as do investor valuations with new technologies and overlook the resilience and robustness of organisations and things that have stood the test of time. The first businesses to be “out competed” are those most young and fragile businesses by other young and fragile businesses. Yet a great many large industry CEOs never boldly point that out.

Why? Fear of taking and articulating a contrarian stance.

The value of truly independent, expert advice (investment) is often overlooked by a great many beforehand (additional “cost”), and rarely, by many, after-the-event (performance). There is a reason for that.

“Tied” advice is first and foremost, in someone else’s (the product provider or the existing asset or equity owner’s) self-interest, first, and then your’s. Their “investment idea” is always the “right one” for you because they are directed, and incentivised, to maintain that belief.

Think about that for a minute when you are next pitched an investment or are soliciting help.

Would you be impressed by your own discipline, organisation and responsiveness to

• “routine” requests (voicemail/email, meeting participation, follow up)
• “exceptional” requests (repeat business, referrals, offers, prospective hires, promotional opportunities)

The irony is that a great many individuals, who advise others on how to maximise their performance (capital, people, innovation and strategy), routinely ignore their own failings.

If the evidence doesn’t corroborate their claims of being an “expert”, why hire them, work for them or invest with them?

Why do most UHNWs need a family office? The debate too often focuses on the financial and legal matters than underpin their desired lifestyle. The reality amongst the majority of the circa 10,000 family offices globally is the establishment is largely driven by the Principal’s emotional priorities (desire for greater discipline, focus, organisation, character and so on).

As such those priorities are unique to each individual, and how the family office operates reflects that.

Look at Johan H. Andresen’s Ferd family office, the late Paul Allen’s Vulcan family office or Gigi Pritzker and her husband Michael Pucker’s DNS Capital.

Just as everyone’s home or marriage is not the same, seeking to do business with them without understanding the dynamics at play, results in huge guesswork.