Abstract
The late lesson came last summer while I was watching the end of a marathon being run in Munich, Germany. No matter what placement in the race each runner was achieving, each one—on entering the stadium, seeing the crowd, and hearing the scattered but friendly applause—reached high overhead with both arms in the traditional triumphal “Y” and held it for at least half a minute as, grinning in victory, they ran out the final lap. At first, I thought it strange that these runners were acting like victors when they weren’t, but then I realized that each had achieved his or her own realistic goal, so each was a true winner and fully entitled to make the big Y and run the victory lap. In investing, this lesson brings good news: Everyone can win. Everyone can be a winner. The secret is to plan your play and play your plan to win your game.
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