It was hard to watch the Detroit Lions lose their chance at the Super Bowl Sunday night. The anticipation of the big game after so many years of futility, the fast start, big halftime lead and the turnover on downs late in the game came together to form a pill so bitter only a Lions fan would be expected to swallow it.
Social media and the sports shows were focused on Coach Dan Campbell's decision to go for it on fourth down. Was it the right thing to do? Could a field goal have forced overtime or would the late touchdown drive have been the winner instead of needing the onside kick? All good 'what if's,' but that's not important. The important point was that there wasn't a decision to be made.
Dan Campbell and the Lions have a philosophy that includes being aggressive on fourth down. You can question the philosophy, but not it's application. Going for that fourth down was not a decision, it was how the Lions do business. They stayed with their philosophy and it didn't pay off that time, despite it taking them to the threshold of the Super Bowl. It has paid off before and it will pay off again. If you abandon your philosophy when the going gets tough, then you don't have a philosophy at all. Sticking to their core beliefs was difficult, but the right thing to do. And, I'm sure Coach Campbell would do it again if he had it to do over.
So what does this have to do with investing? Everything.
"The important thing about an investment philosophy is that you have one you can stick with." -David Booth, Founder and Chairman, Dimensional Fund Advisors
Sooner or later, the ups and downs of the markets will test you. A sound philosophy will strengthen your resolve and help you stay the course toward a positive investment experience over the long term.
So, while the 'take the points' debate rages on, remember, there were 28 NFL teams watching from home on Sunday night, all of whom would have been willing to trade places with the Lions.