If you’re a fan of The Office, you may be familiar with this quote from the final season. The Office became one of the most popular television shows here in the U.S. mostly because of its humor – but also through a unique balance of relatability and emotional depth. This quote from Andy Bernard (Ed Helms) is one that resonates with me and might be relatable to you as well.
There are plenty of experiences in my life that I look back on and wish I appreciated more in that present moment. My college baseball career is one of those things. Thinking back on those four years, I have some incredible memories. I had great teammates – many who are now lifelong friends. There are times that I wish I could go back to have one more practice, one more road trip, or one more chance to compete alongside them. I remember being grateful at the time but also obsessed with the fear of failure and the uncertainty of what would come next. How was I going to make my next pitch, inning, or game better than the last? What if I had a bad performance? What if we lost and fell short of our goals as a team? It’s possible that the fear of failure drove me to achieve better results, but I regret it preventing me from stepping back and embracing the goodness of present moments that wouldn’t last forever.
If I’m honest, I think that tendency to focus on what could go wrong instead of what’s going right isn’t just a “me” problem – it’s a human problem. Psychologists call it the negativity bias. It’s the human tendency to pay more attention to negative experiences, emotions, or information than to positive ones. These negative feelings can cloud our judgement and distort reality. Do you ever wonder why bad news feels more urgent than good news? Or why do investment losses feel worse than gains feel good? It’s negativity bias.
Negativity bias isn’t necessarily a bad thing. It’s an important survival instinct that helps us pay attention to threats. It doesn’t take long to find reasons to be pessimistic about our country, economy, and the financial markets. Just turn on the news and you will be bombarded with stories of crime, wars, politics, inflation, concerns over AI, job losses…the list goes on and on. While it’s important to be mindful of these things, news outlets understand the negativity bias as well. Negative headlines grab attention and keep us reading or watching. Our human tendency to spot threats attracts us to negativity, allows us to overlook positives, and drives feelings of fear and anxiety. Fear and anxiety, especially when it comes to investing, can lead to mistakes like panic selling and excessive risk avoidance.
Is it possible that things are better right now than they may seem? Is our negativity bias causing us to miss “the good old days” while they are right here in front of us? Everyone has unique situations and circumstances. There are real challenges, struggles, and pain in the world today. This doesn’t serve to make light of or be dismissive of those things. Life can be hard and unfair. However, for many of us, we can still find reasons to be optimistic as investors and human beings.
Stock Market Resilience
Since January of 1985, the S&P 500 has grown at an exponential rate. If you invested $100,000 in the S&P 500 on January 1st, 1985, it would have been worth over $3,900,000 as of October 31st, 2025. During this time period, there have been numerous events that negatively impacted the market – Black Monday (1987), multiple wars, the Dot-Com Bubble (2000), a Global Financial Crisis (2008), Global Pandemic (2020), and plenty of others.
Source: Fidelity Investments
Innovation
The United States is currently home to 12 of the 15 largest companies in the world by market cap. Of these 12 companies, eight of them were founded within the past 50 years:
Source: Bloomberg 11/11/2025
Much of this explosion in growth is due to constant investment in innovation and expansion. Over the past 12 months, 10 of the 15 largest Research & Development budgets belonged to companies in the United States:
Source: Bloomberg 11/11/2025
The United States continues to offer a business-friendly environment compared to many other developed nations. This helps incentivize business risk taking and investments in research, development, and innovation – all of which have the potential to fuel growth now and in the future.
Education
Source: National Center for Education Statistics
Quality of Life
According to the CDC, average life expectancy for someone born in the United States in 1950 was 68.2 years. For those born in 2023, life expectancy has increased to 78.4 years.
There have been dramatic improvements in access to health care and advancements of medical technology. Traffic fatalities have decreased thanks to airbags, seatbelts, and safer roads. Workplaces are safer in most developed nations due to regulation and automation.
We also have the benefit from modern comforts in our homes that are larger, safer, and more comfortable. Heating and cooling systems let us enjoy the perfect temperature year-round. We have high-speed internet, Wi-Fi, and smart technology to keep us connected.
Conclusion
It’s easy to get caught comparing ourselves to all the things that we don’t have. However, overall, we live longer, safer, and more comfortable lives today than previous generations could have imagined. The danger of the negativity bias is that it can blind us to the goodness of the present. If we’re honest, despite the challenges going on around us, many of us have plenty to be thankful for. The invitation is to notice those things now, not just in hindsight. We may not be able to stop time, but we can pause long enough to appreciate where we are, who we are with, and what we have in this moment.
This material is provided for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. The views expressed herein reflect the personal opinions of the author as of the date written and are subject to change at any time based on market, economic, or other conditions. Certain statements may constitute “forward-looking” projections, which are based on assumptions and subject to change or revision without notice. Actual results may differ materially from expectations. The information contained in this presentation is derived from sources believed to be reliable, including Fidelity Investments, Bloomberg, the National Center for Education Statistics, and the Centers for Disease Control and Prevention. However, accuracy and completeness cannot be guaranteed. The data shown does not reflect the impact of investment advisory fees, trading costs, taxes, or other expenses, all of which would reduce the return figures shown. References to the S&P 500 Index are for illustrative purposes only. The S&P 500 is an unmanaged index of 500 large-capitalization companies and cannot be invested in directly. Index performance does not reflect the deduction of any fees or expenses. Past performance is not indicative of future results, and there is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses. All investments involve risk, including the potential loss of principal. Equity investing involves volatility and exposure to economic, market, political, and business risks. Market events such as recessions, geopolitical conflicts, inflation, and interest-rate changes may cause asset prices to fluctuate and may materially impact investment performance. Diversification and asset allocation do not ensure a profit or guarantee against loss in declining markets. This material includes general discussion of economic, market, or political conditions and trends. These opinions are not intended to forecast future events, and no reliance should be placed on them when making investment decisions. Any historical, hypothetical, or simulated performance results are presented for illustrative purposes only and do not represent actual results achieved. Any reference to specific companies is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any securities. Company data presented (such as market capitalization or R&D investment) reflects publicly available information as of the stated dates and may change over time. Investors should consult with a financial professional before making any investment decisions, including whether any investment strategy discussed is appropriate based on their individual circumstances, objectives, risk tolerance, and financial situation. Howe & Rusling is an SEC-registered investment adviser. Registration with the SEC does not imply any level of skill or training.
