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I find it difficult, in investing, not to panic under pressure. Times like these are testing. A panicked response often leads to a strategic capitulation, and a costly switch in strategy.

One of my regular tennis partners, Willie, is an engineer. He brings a calculated approach to the  court, which is a good foil to my emotional flaying when under pressure. I recall one league game against a potent Milnerton pairing. They were younger, faster and stronger.  One of our opponents got entirely airborne when he whacked his huge backhands. I think we were dumped 6-2 in the first set. ..

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