Prepare for tough times
For sports psychologist Jeremy Snape, pressure tests are important.
When he worked with the South African cricket team on tour, they planned various response mechanisms to extreme events, such as a bombing near the team hotel, or someone being convicted of match fixing.
“Where we see teams get derailed is where they have an emotional reaction to one of these changes in direction, rather than a considered response,” says Snape. “A considered response only happens when you’ve created an environment for failure and discussed it way ahead of it happening.”
This kind of planning and preparation is valuable across sport and investing. “What you ideally want is to not have to make decisions from scratch in the heat of the moment,” says Greg B Davies. “You want to have already thought about your contingency plan in moments of calm reflection before you get there.”