The View From Burgundy: Unforced Errors In Investing – Winning By Not Losing

Before I became an investor, I was a tennis player. I played competitively as a junior and became pretty good at the game. It took me a long time to learn the lesson that, many more times than not, winning is the result of not losing. Neither striking great shots nor having a better game is a prerequisite to winning; making your opponent hit another shot is what really matters!

Wimbledon is the most prestigious Grand Slam tournament in tennis. I thought it would be fitting to illustrate this point by looking at what became known as one of the best matches ever played: the 2008 Wimbledon final between Roger Federer and Rafael Nadal.

Roger Federer played a terrific match. He served...