(I Can't Get No) Satisfaction

Mark Berube, ChFC, CLU

This morning, September inflation came in at 3.7%. Wall Street wanted 3.6%. One-tenth of one percent short of satisfaction, and within the hour the headlines were about rate hikes.

Moments like this, I find investors humming one of three songs.

Gimme Shelter

You read the headline, open your account, and want to run for cover. That's the most natural feeling in investing, and the most expensive. The urge to act comes from a number that missed by a tenth of a point, not from anything that changed about what you own.

Have You Ever Seen the Rain

Creedence asked a good question. Some days it's sunny and still raining. Today's 3.7% was driven by gas prices. Take out food and energy, and inflation was 2.6%. It's raining at the pump, not everywhere. A storm in the headlines isn't a change in the weather.

Time Is on My Side

The Stones sang it with confidence. Investors should sing it with a calculator. Time is only on your side if the math says so.

Right, Wrong, When

Most investors ask three questions: Am I right? Am I wrong? When will it happen? All three are about feelings.

Here's how that plays out. An investor sells at 104, watches it dip to 96, and feels right. A few weeks later it's at 115. They don't buy back, because that means admitting the sale was a mistake. They wait for 96. In a real bull market, it rarely comes back. The trade worked. The investor lost.

How Institutions Think

Institutions ask different questions, and answer them with math. What is this worth based on what it produces? What else could this money be doing? What is the return worth once we account for time? Has the reason we own it changed?

Time is where the math is clearest. Doubling your money in two years is about a 41% annual return. Doubling in six years is about 12%. That's why an institution will wait a couple of years for an outsized return, but not six.

If You've Been Waiting a While

Some of you have owned this longer than you expected to, and the math hasn't been kind. I know. But time already spent can't be recovered by selling. The only question that counts is what the next stretch of patience is worth from here.

Should I Stay or Should I Go

We don't sell on headlines. We would act on evidence that the thesis broke:

• Institutions moving tokenized assets and settlement off Ethereum
• Network usage falling in a sustained way, not just for a season
• Regulation that shuts institutions out of public blockchains

Those are actions, not prices, and they're what we track. Until one of them happens, we stay.

Satisfaction in investing doesn't come from a tenth of a point on a Wednesday morning. It comes from owning things for the right reasons, and having the patience and the math to see them through.

We don't know when. Nobody does. We track why we own what we own, and whether the math still holds.

Mark Berube, ChFC, CLU President, Patriot Advisory Group LLC dba Quantum Capital

IMPORTANT DISCLOSURES

Patriot Advisory Group LLC, doing business as Quantum Capital, is a registered investment adviser registered in the State of New Hampshire. Registration does not imply a certain level of skill or training.

For the public: This letter is provided for general informational and educational purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security, digital asset, or advisory service, and it is not individualized investment advice. Readers should not act on this content without consulting a qualified professional who knows their circumstances.

For clients: This letter does not change your investment objectives, risk tolerance, or account strategy. Any decision about your account should be made in a conversation with us, based on your individual situation. Please contact us if your financial circumstances or objectives have changed.

The price examples (104, 96, 115) are hypothetical and for illustration only. They do not represent any actual security, digital asset, or client account, and are not a forecast. The annualized return figures are arithmetic illustrations of time value of money, not projected or expected returns.

Investing in digital assets, including Ethereum and related securities, involves substantial risk, including high volatility, regulatory and technological risk, and the possible loss of the entire investment. Concentrated portfolios may experience greater volatility than diversified portfolios. Past performance does not guarantee future results.

Opinions expressed are those of the author as of the date of publication and are subject to change without notice. Inflation figures are from the U.S. Bureau of Labor Statistics September 2026 Consumer Price Index as reported October 14, 2026; information from third-party sources is believed reliable but is not guaranteed. The firm, its principals, and its clients may hold positions in assets discussed. The firm does not provide tax or legal advice.

Song titles are referenced for illustrative purposes only. No affiliation with or endorsement by the artists or rights holders is implied.

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