Many moons ago, we shared with you this matrix highlighting the importance of focusing on process over outcome.

In every investor’s lifetime, there will inevitably be one or more instances of “bad breaks” – when the investment process was solid, but the outcome was nonetheless bad. If that has ever happened to you, then you know what it feels like to be a sugar cookie.

What the heck is a sugar cookie? Here is the definition as explained by Naval Admiral William H. McRaven in a recent speech given at the University of Texas:

“Several times a week, the instructors would line up the class and do a uniform inspection. It was exceptionally thorough. Your hat had to be perfectly starched, your uniform immaculately pressed and your belt buckle shiny and void of any smudges. But it seemed that no matter how much effort you put into starching your hat, or pressing your uniform or polishing your belt buckle--- it just wasn't good enough. The instructors would fine ‘something’ wrong.

For failing the uniform inspection, the student had to run, fully clothed into the surf zone and then, wet from head to toe, roll around on the beach until every part of your body was covered with sand. The effect was known as a ‘sugar cookie.’ You stayed in that uniform the rest of the day, cold, wet and sandy. There were many a student who just couldn't accept the fact that all their effort was in vain. That no matter how hard they tried to get the uniform right, it was unappreciated.

Those students didn't make it through training. Those students didn't understand the purpose of the drill. You were never going to succeed. You were never going to have a perfect uniform. Sometimes no matter how well you prepare or how well you perform you still end up as a sugar cookie. It's just the way life is sometimes. If you want to change the world get over being a sugar cookie and keep moving forward.”