Massively winning University of Florida football coach Urban Meyer announced his resignation (again) from coaching. After some health problems and a premature announcement of his exiting coaching last year, this move appears is permanent What prompted a coach that has built one of the most successful and winningest football programs in the US to just give up and quit?
At the end of the day, I'm very convinced that you're going to be judged on how you are as a husband and as a father and not on how many bowl games we won (Washington Post blog)
Winners leave on top
Being successful in investing -- like life -- means knowing when you've seen your fortunate share. Exiting a winner shows a certain gratitude for what you've been given, whether monetary abundance, family bliss, or other gifts. Staying around too long, trying to push the envelope beyond this natural departure point doesn't work.
I'm sad when I watch Brett Favre play football. I'm embarrassed for him. He doesn't know when to say goodbye. One of my favorite players of all time, Detroit's famed running back, Barry Sanders surprised everyone when he just bowed out. He had a few more years and a few more thousands of yards in him. But he was done. Michael Jordan battled with his fate, returning to basketball, when he should have been at home, coaching, investing -- anything but continuing to do the same things that had made him so successful in the first place.
Leaving is harder than staying
Sticking around for Meyer would have been the easier decision, but not necessarily the right one. It took a huge pair of testicles to do what he did. That's a true sign of leadership and success.
History has a natural replacement cycle. People die and new generations of people replace them and their roles. Successful investors should recognize this pattern, be thankful for what they have and realize at some point, it's someone else's turn to take over.
No one says you have to remain invested. That's just one of many false aphorisms we've been fed.