Last week, I was staring at my March Madness bracket, trying to make sense of the chaos. Do I trust the No. 1 seeds? Pick a Cinderella story? Follow the analytics or my gut? Every year, the tournament reminds us how fragile success can be. One cold shooting night, one ill-timed turnover, and it’s over.

Then I saw an image of legendary coach Jim Valvano on the screen and the phrase that’s become synonymous with March Madness: “Survive and advance.”

Valvano’s 1983 NC State team wasn’t the best; they barely made the tournament. They won ugly and they won close. But they found ways to stay in the fight, game after game, until they stunned Houston in the title match. “Survive and advance” wasn’t about dominance—it was about resilience. Taking the punches and staying on your feet.

And as I filled out my bracket, I couldn’t help but think, Isn’t that what long-term investing is all about, too?

A few parallels came to mind.

Playing the long game, one round at a time

The best teams in March Madness don’t focus on the penultimate championship game on day one. They focus on the next game, then the next. Survive today, and you get to fight tomorrow.

Prudent investing works the same way. Long-term wealth is almost never built on one perfect stock pick or a streak of lucky trades. It’s built by staying in the game. Managing risks. Making disciplined, repeatable decisions.

Don’t chase hype. Don’t go all-in on long shots, hoping for a miracle. Focus on wealth-creating businesses—companies with durable competitive advantages, the kind that consistently earn more than their cost of capital over time.

Like a well-coached team, these businesses don’t rely on buzzer-beaters to win. They grind it out, quarter after quarter, delivering results the way champions do: with discipline, resilience, and a long-term game plan.

Weather the storm

Every team in the tournament faces adversity—a bad half, a shooting slump, a star player in foul trouble. The ones that survive are the ones that stay composed and trust their system.

Investors face the same pressure. Markets throw curveballs—recessions, corrections, unexpected volatility etc. Those who panic don’t just stumble; they risk turning temporary setbacks into permanent losses.

But those who stay the course—grounded in discipline, tuned into fundamentals and not the noise—are the ones who often emerge stronger when the dust settles.

Defense wins championships and risk management wins in investing

March Madness is full of explosive scorers, but defense is what wins championships. The teams that go deep don’t just rely on highlight plays—they control the pace, take high-percentage shots, and limit mistakes.

In investing, risk management is your defense. Avoiding major losses is just as important as finding winners. It’s not about taking wild shots; it’s about finding sustainable growth and managing risk.

 Survive and advance

Jim Valvano’s NC State team didn’t win because they were the best—they won because they found ways to survive. That’s what long-term investing is about. Not making the perfect pick. Not avoiding every loss. But sticking to a strategy, managing risk, and staying in the game long enough to succeed.

So, as I locked in my bracket picks, I reminded myself, Whether in basketball or investing, the goal is the same—survive and advance.

(By the way, if you don’t know Jim Valvano’s story beyond basketball, watch this speech. It’s worth your time.)