The sign of a true champion

“The best in the world are not the best because they win every point — It’s because they know they will lose again and again, and have learned how to deal with it.”

About a month ago, Roger Federer gave an incredible commencement speech for the graduates of Dartmouth College.

He relayed to the eager students some of the most important lessons he has learned as a world-class Tennis player.

Not surprisingly, his principles of focus, determination, and perseverance apply to investing.

Federer shared that, of the 1,526 single matches he has played in his career, he won ~80% of them. BUT, he only won about 54% of the total points scored in those matches.

In his words,  even top-ranked tennis players win barely more than half of the points they play.

His advice to Tennis players is critical advice to investors, too: When you’re playing a point, it has to be the most important thing in the world. But, when it’s behind you, it’s behind you.

You must fully commit yourself to the task, relationship, or investment at hand. Win or lose, you must then commit equally to the next thing; and the next thing; and the next thing.

That’s the sign of a true champion in any domain: Becoming a master of overcoming hard moments.