By way of disclaimer, I've never watched a college basketball game in which Duke was playing where I wasn't rooting for the opposition. It almost pains me to laud them in any context, but I just can't help it in this instance because Duke's legendary coach, Mike Krzyzewski, may be the chief proponent of a "next play" philosophy.
Regardless of the circumstances—good or bad, on or off the court—Coach K can be heard peppering those under his tutelage with the refrain, "Next play."
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He says: "You cannot do anything for the last play. Someone who is always looking in his rear-view mirror will never make the most of the current moment."
Yes, of course, talent, hard work, discipline and experience are all important, but they are minimum requirements for success. Those who excel in sports, investing and life must also have a poor short-term memory.
—By Tim Maurer, director of personal finance for Buckingham and The BAM Alliance.