Shackleton

A famed polar explorer, Shackleton, would when necessary undertake the most dangerous things and do so fearlessly; but always he would approach them in a thoughtful manner and perform them in the safest way. Shackleton's ability to know when to change course at a critical time is an important lesson for executive management. To be able to step back and change your orientation, given the realities of your situation, is hard, and a lot of CEOs just can't do this....IBD

We agree as this would apply to portfolio management as well. When markets correct they do so violently, aggressively and quickly. You can lose more money in five days than you made in the past five months. What separates the winners from the losers is...patience, having done your homework and not taking too much risk...but measured risk.

There are many people "running" money who have no idea what is going on, what could happen in the future or are afraid to make important decisions when we get market action like the past couple of weeks.

Always upgrade when given an opportunity. If your favorite stock just got cheaper...sell the loser and buy the winner on sale is probably the best advice you'll ever get...studies will show most people do the opposite.

Danny Boy seen here has unbelievable eye sight....he watches everything and little gets past him...he was just observing the Northern Minnesota Green Head Mallards playing in the bubbled water near the community dock...waiting for the lake to open up....the ice is some 30 plus inches thick this year.