Marathon
Investing
by Eric Turkewitz
(TMF Turk)
This weekend, while some recount the roller-coaster events of a wild week in lower Manhattan, 29,000 people will be engaged in a 26.2-mile foot race through altogether different streets in the Big Apple: The New York City Marathon is here. And yes, I intend to draw a parallel to investing.
Those running this Sunday are Fools. Why? Because in order to train for and run a marathon, one must take the long view of the world. Training goes on for months, at a minimum. You can't take the subway to the finish line... not legally, anyway.
To run such a race successfully takes both careful training and careful running of the race. Train too hard? You get injured. Don't train hard enough? You ain't ready. Run too hard at the start? Sorry, you'll be burned out and hit The Wall, an experience you are not likely to forget. Get psyched as you come over the 59th street bridge into Manhattan and see crowds 10 deep line up on First Avenue? Sorry, better hold back, you got another dozen miles to go.
Indeed, even the best runners (investors) in the world have been known to burn themselves out on this stretch after getting the adrenaline rush from seeing the crowds (volatility).
Running a marathon demands a long-term view; it's forced on you whether you like it or not. The philosophy is the same for investing. Keep one eye on the ground so you don't trip, but be sure the other is firmly on the entire path to be run.
[Editor's Note: To see some compromising pictures of Eric, check out his personal website, including a picture of him finishing the 1996 NYC Marathon.]
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