A colleague of mine whose son is a motor sports fanatic told me something that the legendary F1 driver Ayrton Senna once said, "When the sun is shining, you can't overtake fifteen other cars but when it's raining you can." For a moment, I was puzzled because obviously it would be much more difficult to drive a race car fast in the rain. It took me a moment to appreciate what Senna had really meant and how it applied to investing. When it started raining and the race track got slippery, everyone would have to slow down but Senna would have to slow down much less than others. On a relative basis, the tough conditions would actually make it easier for someone who was much better than the competition.
Health, life insurance premiums need a tax cut? GoM to meet on October 19
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