What do Tom Watson, Nick Faldo, Gary Player and Mark O’Meara have in common? In 1999 they all missed the cut at the Open played at Carnoustie. It was a great field of competitors, and the course was playing tough. For perspective, Tiger Woods tied for seventh place, ten over par. It was arguably the scene for the biggest come from behind victory by Paul Lawrie who won his only major championship. After three rounds, Jean Van de Velde was in the lead, followed by Justin Leonard and Craig Parry tied for second. Lawrie was well down the leader board, he never had the lead or shared the lead over the regulation 72 holes, he only shared the lead after he had completed his final round. This set the stage for a three-way playoff between Van de Velde, Justin Leonard and Lawrie. The best score from holes 15 to 18 would determine whose name was put on the Claret Jug. Van de Velde double bogeyed on 15, all three players bogeyed on 16. On 17 Van de Velde birdied as did Lawrie giving Lawrie the lead going into the final hole. On the final hole, Van de Velde found Carnoustie’s deep, unforgiving rough, Justin Leonard hit the water, Lawrie stuck to his game and birdied the hole to win overcoming a ten stroke lead that Van de Velde had.

What does this have to do with investing? Some of this story is attributed to Van De Velde’s virtual collapse in the final round, he went from a three stroke lead to losing a three-way playoff. He had a game plan after three rounds but despite his best efforts the 128^th Open victory remained elusive, somewhere along the way his emotions pushed his plan off course. Paul Lawrie also had a plan and it was easier said than done. He tried to ignore the impressive comeback effort and just stuck to his own game. It didn’t matter what the commentators were saying, it didn’t matter which way the wind was blowing or how hard, it didn’t matter how fast the greens were; he just stuck to his plan. His patience and discipline following his plan brought him the result he was looking for and it is the same skill set when we invest. Lawrie didn’t panic when Van de Velde birdied 17, nor did he get too excited when Leonard found the water on 18; he just stuck to his own game. The same thing holds true when we invest, patience and sticking to our plan is what finds success.