Buying an ETF is not a strategy. It is just a transaction.

I see this confusion in almost every portfolio review I conduct.

The client presents a list of products:

• "I bought the S&P 500."

• "I have some crypto."

• "I put money into a Czech pension fund."

  
  

They ask me to rate their Tactics (the products). But they haven't built a Strategy (the blueprint).

Here is the difference:

The Tactic focuses on the input.

• What is the fee?

• What is the past performance?

• Is it trending?

The Strategy focuses on the outcome.

• Currency Match: Does this asset match the currency I will retire in?

• Portability: If I move from Prague to Zurich next year, can I take this with me?

• Liquidity: If I need cash for a deposit, is it locked away?

• Tax Efficiency: How is this taxed now vs. when I withdraw it?

The Trap for Expats: A "good investment" (Tactic) can become a financial disaster if it doesn't fit your life mobility (Strategy).

The Insight: Amateurs focus on returns. Professionals focus on structure.

Don't buy the product until you know exactly how it fits into the exit plan.

26/01/2026 by Pavel Koktavý