"If a man is a quitter, I'd rather find out in practice than in a game. I ask for all a player has so I'll know later what I can expect."Coach Bryant would push players to the very edge of their physical tolerance and dare them to quit. Many did, but those that remained were battle-tested warriors for which failure was not an option. Adversity will either bring out the good or bad in us.
-- Legendary Alabama Coach Paul "Bear" Bryant
Players in my portfolio often face difficult times, much of it is often brought on by themselves. Wachovia Corp. (WB), the nation's fourth-largest bank, is the latest example of a financial institution facing adversity. WB on April 14th reported:
- A $393 million first-quarter loss
- That it is looking for a $7 billion cash infusion
- Plans to cut 500 jobs
- A provision for credit losses of $2.8 billion
- Stock offerings for an aggregate of $7 billion
- A 41% cut in its quarterly dividend to $0.375
This is not necessarily a bad thing. When the last financial shoe drops, those left standing will be battle-tested warriors ready to face adversity without blinking. My portfolio just got stronger.