Author: Saratoga TODAY

ALBANY — Shelby Schneider, who last week announced she is departing from her position as President & CEO of Saratoga County Prosperity Partnership announced this week she will join the New York State Economic Development Council (NYSEDC) as deputy director. 

In her new role, Schneider will help the NYSEDC oversee and implement new initiatives, lead policy development, and identify new strategic partnerships to help the NYSEDC achieve and expand its mission.

 In the past four years, NYSEDC has grown its membership to over 900 members, increased event attendance by more than 30 percent, launched a new website and digital communications plan, assisted with developing economic development policies, relocated its office space, and grown its staff. This newly created position will help NYSEDC further advance the four pillars of our strategic plan: Advocacy, Education, Policy Development, and Membership Growth.

Prior to joining NYSEDC, Schneider worked on several transformational projects such as the development of the Luther Forest Technology Campus, and the attraction of AMD, which later became GLOBALFOUNDRIES Fab 8. She also served as Empire Zone Coordinator, administering incentive programs on behalf of Saratoga County. Schneider has over 20 years of economic development experience creating workforce development programs, spearheading national public relations campaigns, and relationship building with key industry decision makers and
site selectors.

The purpose of NYSEDC is to promote the economic development of the state and its communities, to encourage sound practices in the conduct of regional and statewide development programs, and to develop education programs that enhance the professional development skills of its members.

BOLTON LANDING — Laura Bradigan has been named to The Sembrich’s Board of Directors. Bradigan has worked for many years in government, politics, and nonprofit and for-profit organizations in the Capital District and upstate New York including the Hyde Collection in Glens Falls and Bethel Homes and Services in Ossining and Croton-On-Hudson. 

Bradigan is a resident of Saratoga Springs. She is a member of the Saratoga Chapter of the Daughters of the American Revolution and of the Admission Committee for the Saratoga Golf & Polo Club. She is a former board member of Bethesda Episcopal Church’s Mercy House in Saratoga Springs and of Sculpture Space, a Utica-based residency program for sculptors.

The Sembrich, located in Bolton Landing, features an annual Summer Festival with a mix of world-class musicians, noted musical scholars, a free film series, and the opportunity to enjoy it all on the shores of Lake George. The Sembrich is listed on the National Historic Register. For more information, go to: Sembrich.org. 

We have all seen some version of this in a headline: “Stocks were (up/down/mixed) today as investors (verb) about (current event).” In these financial Mad Libs, an attempt is made to summarize in a few words the reason for the movements of thousands of stocks and interest rates. As human beings, we crave this sort of narrative because it helps us make sense of a very complex system. Unfortunately, a simple explanation is neither pertinent nor useful in the big picture. ‘What’ is happening is infinitely more valuable than ‘why’ something is happening.

By focusing on ‘what’ rather than ‘why,’ you distance yourself from the biases that inadvertently creep into our decision-making process. To start, mental energy might be wasted connecting the dots on something that does not turn out to be true at all. I think back to the people who piled into gold coming out of the financial crisis because the Federal Reserve’s quantitative easing programs would surely lead to hyperinflation and therefore higher gold prices. Gold peaked around $1,900/oz in 2011 and 10 years later, it is currently below $1,800/oz. That is a lost decade for those who have held this entire time. At the time, it was a very reasonable scenario to believe, but it just was not true. Once the narrative took hold, it was hard for believers to recognize that their thesis was not going according to plan.

Recently, we saw an example of this play out in real time when the highly anticipated inflation report came out and drastically exceeded expectations. In such an environment, it would be expected that bonds would be sold. The reasoning behind this is: receiving fixed interest and principal payments in an environment when the value of the dollar is depreciating becomes very unattractive. Instead, bonds were aggressively bought on the news leaving many to scratch their heads. Why were they bought? Frankly, it does not matter. The reality of the situation is that they were and we have to accept that for fact. 

‘Cognitive dissonance’ is a term that psychologists use to explain the psychological stress one encounters when faced with information that contradicts what they believe to be true. We want to be right and will jump through mental hoops in order to convince ourselves that we are, even in the face of opposing information. Being right and making money can be opposing forces at times.  As advisors, we help you look at the big picture and make sure you are on the right side. 

For more information, visit
contwealth.com

David Rath, CFA is the Director of Portfolio Strategies at Continuum Wealth Advisors in Saratoga Springs.