Like all worthwhile pursuits, sport both reflects and shapes who we are as people.
Adventure racing, a journey I embarked on in 1999, is admittedly at the more extreme end of the spectrum for sporting endeavors - one that once left me at death’s door. For those unfamiliar, adventure racing is a team sport involving navigating uncharted terrain and enduring extreme conditions: Imagine a self-supported traverse of the Baja Peninsula or racing north to south across Tasmania navigating only by map and compass.
So, what does this choice reflect about me as a person? Well, first, I may be a bit of a masochist; or at least I am not afraid to step outside my comfort zone and test my limits. But second, I like to test those limits alongside other people.
However, like everyone else, I sometimes underestimate the scale of these challenges. Our team’s first race was a reality check. We took double the expected time to finish and dealt with multiple injuries.
That we went back and did it again and again, forming the DirtWorld Adventure Racing Team (DART) - with a goal to compete at the elite level - may say a lot about our collective love of pain, but probably says more about a love of the feeling you get when you push yourself beyond what you thought you were capable of.
If that’s what adventure racing reflects in me, what did the more than 30 global races in which I’ve competed do to shape who I am today? What lessons did I learn that I can apply both more broadly and more specifically to my role as CEO at Opto?
In adventure racing, there is no such thing as comfort. Think blisters, heat rash, and dehydration. We routinely pushed past our physical and mental limits, confronting fatigue, harsh weather conditions, and foreign environments. A willingness to embrace - not just tolerate - discomfort can pay dividends in both the business world and life in general.
It is easy to become complacent - sticking to the familiar to avoid change or challenges. However, it's usually when we step out of our comfort zones that we find fresh motivation and nurture new talents and capabilities. Whether that’s tackling a challenging project, learning a new skill, or abandoning a previously closely-held belief to face change within your industry, discomfort can lead to remarkable professional growth.
My adventure racing career has been filled with exhilarating highs and humbling lows. I’ve learned to value both. The lows are just as important as the highs - if you treat them as learning opportunities. Success is not just about crossing the finish line first (though that’s always the goal). It’s about learning from each experience, and - most importantly - applying what you learn.
This demands an honest and transparent assessment of why you underperformed and what you can do better next time. At Opto, for example, we use blameless postmortems that loop in many members of the firm to ensure that we extract all the learnings we can from incidents as and when they occur.
The adventure racing community taught me that taking risks is essential to achieving remarkable feats. While not all risks are worth taking, calculated risks can lead to growth - both personally and for a business.
In both adventure racing and wealth management, you must be prepared to take risks and be prepared for risks. Do not dwell on the possibility of mishaps, but accept them as part of the journey and focus on how to respond effectively when they arise. When things ultimately deviate from expectations (as they inevitably do) there should be a plan of action.
A striking example of this was during a desert race in Utah in 2006. Before embarking on this grueling endeavor, our team meticulously trained to combat heat sickness. Despite our best efforts, I succumbed to heat stroke due to dehydration, blood loss, and searing heat of 126 degrees. My survival was a testament to our team's readiness and, of course, the incredible work of the medical team. Thanks to their training and swift action, I was quickly airlifted to the hospital and recovered.
At Opto Investments, we took a calculated risk in building a business with our fiduciary standard and the long term in mind. We rejected the industry-standard model of receiving compensation from fund managers, we invest from our own balance sheets in certain funds, and we tilt our revenue towards performance fees and away from management fees and expenses. We believe this short-term “risk” is worth the potential outsized reward of building a long-term, better-aligned partnership with the RIA community.
For CIOs, a willingness to take measured risks, such as pushing their practices in new directions beyond the traditional equity and bond markets, may prove essential to both retain existing clients and attract new ones - and deliver on their fiduciary obligations.
One lesson you learn quickly when competing in adventure racing is that your team is your lifeline—and as illustrated above, it can be the difference between life and death. Success often hinges on the ability to work seamlessly with teammates, relying on and nurturing each other's strengths, and making certain that any weaknesses are remedied or covered for.
Great teams and strong, lasting bonds are not formed overnight, but rather via careful hiring, effective communication, and cultivating camaraderie. This demands an environment where team members complement and respect one another's skills. As a leader, it is important to exemplify self-aware and open recognition of your strengths and weaknesses, and to openly recognize the strengths of others, to help develop this same quality among your team.
Just as an adventure racing team relies on each member to reach the finish line, a strong team with disparate strengths will be more resilient to shocks.
If it hasn’t been made abundantly clear, I love adventure racing. It demands grit, sacrifice, and teamwork to win, but the investment in those things makes success that much sweeter.
As CEO of Opto, I endeavor to make sure we embody these same traits every single day. We’re building a long-term business - we raised $145M in our series A to ensure that we could be the partner our clients need to help them build a private markets program for a long time. So for us it really is a marathon, not a sprint, but each day we must push ourselves and - most importantly - each other in order to succeed.
Whether in adventure racing or in business, greatness often begins where comfort ends.
For those of you who use Strava, and want to follow my adventures in exercise, you can find me here: https://strava.app.link/Utt7iS9WaLb