Facing unknowable challenges: Investing lessons from the Tour de France

Teamwork key to avoid bumps in the road

In 1985, Bernard Hinault was on course for his fifth Tour de France victory when he became embroiled with four other racers in one of the most famous crashes in the race's 106-year history.

The Frenchman flew over his handlebars and broke his nose when he landed face first within the last kilometre of stage 14. This event will no doubt be in the minds of some of the 176 riders of the 107th Tour as they prepare to leave Nice on Saturday. It is also a great reminder of the challenges faced by investors in the gruelling market environment of 2020. Like investors, the riders in the Tour face three types of challenge on their circuitous route to Paris. The first are those challenges that are known, such as the terrain. The second are unknown but are likely to remain wit...