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 more aces, hit a faster serve, played more aggressively by going to the net more often and hit 50 per cent more winners than his opponent. On most metrics, he did better or at least as well as his opponent.
So why did Federer lose? Rafael Nadal played better on one key metric: unforced errors…