This Week in History

On May 12th, 1925, Lawrence Peter Berra is born in St. Louis, Missouri. 

Yogi Berra, born on May 12, 1925, was an American professional baseball catcher, coach, and manager. He is best known for his long and successful career with the New York Yankees, where he played from 1946 to 1963. Berra was a key player in the Yankees' dynasty, winning 10 World Series championships as a player, the most in baseball history. He was renowned for his exceptional catching abilities, quick wit, and memorable phrases, known as "Yogi-isms.” After his playing career, Berra transitioned into coaching and managing, leading both the Yankees and the New York Mets. He continued to be a beloved figure in baseball, known for his affable personality and contributions to the sport. Berra was inducted into the Baseball Hall of Fame in 1972. He passed away on September 22, 2015, leaving a legacy as one of baseball's greatest players and personalities. The  ‘fork in the road’ bit supposedly described to Joe Garagiola how to get to Yogi Berra’s home in Montclair, New Jersey. However, the saying predates the sage and can be found in print as early as 1913. As Berra admitted in the title of his 1998 book, “I Really Didn’t Say Everything I Said.” At least not originally.
     Here are some of Yogi's most memorable sayings, original or otherwise, and their lessons for investors.

1. "It ain't over 'til it's over." This classic Yogi-ism reminds us that patience is key in investing. Markets can be volatile, and it's easy to get caught up in emotions. However, successful investors understand the importance of staying focused on the long term. Investing is always a long season and there is no telling exactly what the future holds. After all, "the future ain’t what it used to be."
2. "When you come to a fork in the road, take it." In investing, there are often multiple paths to success. Don't be afraid to explore different investment opportunities and take advantage of the diverse options available. Be skeptical of the new hot investment that everyone is talking about. “No one goes there nowadays, it’s too crowded."
3. "You can observe a lot by just watching." In investing, as in life, sometimes the best option is not to do anything. Yet, we are driven by action. Indeed, there is a mental bias called the action tendency that we have inherited from our nomadic ancestors. Always acting without thinking will eventually lead to making “too many wrong mistakes.”
4. "It's like déjà vu all over again." While history doesn't always repeat itself exactly, there are certainly patterns and trends that investors can learn from. By studying the past, you can gain valuable insights into how markets behave or misbehave. I mean, "if the world was perfect, it wouldn't be."

When it comes to lessons from Yogi’s history, "in theory there is no difference between theory and practice. In practice, there is."