“The ruling on the field is under review,” eight words that elicit either a cheer or groan from sports fans everywhere. While most people would agree that getting the call correct is ideal, the pause in play still requires patience and eventual acceptance of the outcome.
December 7, 1963, was an inflection point in the history of sports and not because of anything that happened on the field of play. The date is marked as the first time instant replay was used in a televised sporting event, with Army and Navy squaring off on the gridiron. If you’re looking for some obscure trivia, the instant replay machine weighed 1,300 pounds! Those 1,300 pounds opened the door for the world to instantly re-watch an amazing play or, alternatively, confirm or complain about an official’s questionable call. Fast forward to the mid-80s. The technology began to be integrated into on-field calls, where officials could review plays on a limited basis to determine if their decision was appropriate or needed to be reversed.
On June 2, 2010, prior to Major League Baseball implementing on-field instant replay, usage (at the time umpires could only review home run calls on fair vs. foul), Armando Galarraga was one-out away from pitching a perfect game for the Detroit Tigers. Up to that point, only 20 pitchers in all of baseball history had thrown a perfect game, meaning all 27 batters in a 9-inning game were retired consecutively. Jason Donald, batter for the Cleveland Indians, appeared to ground out to second base, ending the game and completing the perfect game for Galaragga. But, Jim Joyce, the first base umpire, ruled Donald safe. Instant replay on television clearly showed that the runner was out, but baseball had yet to adopt a rule allowing umpires to review such calls. Painful. It was a history-altering call that could have been corrected in the moment. No one could argue that!
Today, all sports have adopted official replay and use it on a frequent basis. While the particulars of how and when reviews can be used are ever-changing, the goal is the same each time: Get the call right. Make the correct decision. Avoid an officiating mistake that may alter the outcome of a game. Remove human emotion from a final decision made in the heat of the moment.
Similar in use is the role of a fiduciary financial advisor. Money decisions are ripe with emotion. Oftentimes, important information is not at one’s disposal in the moment. Ideally, the engagement of an advisor can heighten the probability of success for investors. Having an objective resource to review one’s situation, incorporate goals, evaluate risks, and utilize precedence helps deliver peace of mind around financial decisions.
Lots of decisions are made throughout the course of a game. Just the same, people make lots of financial decisions in the course of a lifetime. Officials desire outcomes that are in the best interest of the game. Fiduciaries desire outcomes that are in the best interests of their clients. Thankfully, we have both. Stay diversified.