Tortoise or Hare?

The old tale of the Tortoise and the Hare continues to provide lessons for today. I remember a colleague in the investment business that always said “slow and steady wins the race.” He meant if one’s objective was to accumulate wealth over a long period of time, choose a modest but consistent investment strategy. He is long gone but his advice was headed then and for many, continues to provide a less erratic financial journey.

This same story was updated in a more modern book written by Jim Collins. He wrote about the Hedgehog Theory. In this tale, it is the simple little Hedgehog that goes steadily about his business with a single-minded focus. The fox is much faster and runs around with no particular focus other than to pounce on anything that moves or seems interesting. Lots of action but little progress. Collins develops that concept into a brilliant study and commentary on how great businesses succeed and go on to be great companies.

These stories provide lessons for us all. But, something else dawned on me yesterday. Sometimes I am the Tortoise and sometimes I am the Hare. I plod on some days and rush around others. Things get done, either way. I must confess that I am sometimes impatient and in a hurry and that often leads to mistakes or fatigue at the end of the day. Yes, it feels like I get more done, but is that true? Could there be a middle way?

The middle way does exist and it is possible to maintain progress at a reasonably steady speed. It’s like driving. Some drive too slowly taking forever to get anywhere. Others drive too fast, take chances and miss seeing much of the scenery along the way. Moderation in all things, my wife advises.

Here is what I come back to when I catch myself being too slow or too fast. I think of the difference between a sprinter and a marathon runner. Move forward toward the goal but pace yourself for the long haul. Sprinters seldom finish a marathon. Steady on, old boy!

Ultimately, clarity of focus on what needs to be done combined with a well thought out plan of action, always produces a more consistent result. I suggest a clear focus, a sustainable plan of action, and a simple tracking system that measures progress. How about your approach? Let me hear from you. I’d love your input, advice, and thoughts on this subject.