Most people assume that better financial outcomes come from chasing higher returns.
Bigger upside. Stronger years. Occasional big wins.
But in both investing and endurance sport, that instinct is usually wrong.
What triathlon teaches about long-term performance
In triathlon, like many sports, winning isn’t about dominating one leg / aspect of the race.
At the Ironman World Championships in Kona, the athletes who win are rarely the fastest swimmers, cyclists, or runners on the day.
In the 2024 race, the eventual winner:
-
Didn’t have the fastest swim
-
Didn’t have the fastest bike
-
Didn’t have the fastest run
Instead, he sat consistently around the middle of the field for each leg, yet still won very comfortably.
Why?
Because he avoided major losses.
Other athletes surged early, posted the fastest splits, and then blew up later. Once that happens in an endurance race, there’s no recovery.
Consistency wins because it keeps you in the race.
The same rule applies to money
Investing works the same way. Portfolios that chase high returns tend to experience larger swings — and those swings are far more damaging than most people realise. A simple example:
-
$100,000 falls by 30% to $70,000
-
A 30% gain the next year only produces $91,000
To recover fully from a 30% loss, you actually need a 43% gain.
By contrast:
-
A 10% loss followed by a 10% gain requires only an 11% recovery
The bigger the drawdown, the harder it is to recover, just like blowing up on the bike leg and hoping to run well afterwards.
Why volatility destroys outcomes
High-volatility portfolios often look impressive in good years.
They:
-
Lead performance tables
-
Generate strong short-term results
-
Feel productive to hold
But when markets fall, those same portfolios suffer disproportionately. And over time, the damage compounds. This is why portfolios with slightly lower average returns, but lower volatility can often outperform more aggressive portfolios over long periods.
They don’t sprint.
They finish.
Winning occasionally vs surviving consistently
One of the most important mindset shifts in investing is this:
Your portfolio doesn’t need to win any year.
It needs to survive every year.
Many people focus on peak performance (the fastest leg, the best year, the biggest gain). But long-term success is driven by avoiding catastrophic mistakes, not by chasing brilliance. In triathlon, nobody wins by being the fastest for 10 minutes. In investing, nobody wins by being brilliant for one year.
The real takeaway
Consistency feels boring.
Volatility feels exciting.
But excitement comes at a cost. Whether it’s endurance racing or building wealth, the people who finish strongest aren’t the ones who chase the biggest moments, they’re the ones who manage their effort, control risk, and stay in the race, and over time, that approach wins far more often than people expect.
If you’d like to understand how a consistency-focused approach could apply to your own situation, professional advice can help turn theory into a practical strategy.
You can learn more about how this philosophy is applied in real-world by having a chat with our financial planner today!
Luke Morris BCom(FinPlan) is an Authorised Representative (001271688) of WIAA T/A What If Advice Pty Ltd, a Corporate Authorised Representative of Beryllium Advisers Pty Ltd AFSL 528250.
Disclaimer: This article contains general advice only and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement