Female cross country biathlete in the snowy winter wood

Olympic Lesson: Balance and Discipline Drive Investment Success

Financial Commentary
February 23, 2026 By Matthew Andera
Securities Analyst

That’s a wrap for the 2026 Milano Cortina Winter Olympics. The U.S. performed admirably in the overall medal race, placing second to Norway and securing 12 gold medals. Admittedly, I did not get to watch as much Olympics coverage as I had hoped. However, I was able to watch one of my favorite events of the Winter Olympics: the Biathlon. Racing on skis with a firearm fits the bill for quality entertainment in my book. The event requires a mix of coordination, stamina, and marksmanship to succeed. The fastest skier or most accurate marksman is never guaranteed to win; success requires a balance of these skillsets. Just like with the Biathlon, long-term investing success requires proper balance.

Over the past several years, the stock market has felt a bit like a race dominated by one skill. Large-cap technology companies have driven investment returns thanks to surging earnings and revenue growth tied to AI enthusiasm. But as we’ve discussed in previous articles, market leadership tends to rotate. In 2025, we saw the reemergence of international equity outperformance. And so far in 2026, we have seen a rotation of sector leadership within the S&P 500. Seen below, previous laggards such as Energy, Materials, and Consumer Staples (green outline) are the top performers year-to-date (yellow outline), while recent winners such as Information Technology and Communication Services (red outline) are trailing thus far. Driving this rotation is a broadening of earnings growth and investor scrutiny around the massive capital investment tech companies are making to stay competitive in the AI race.

Source: JP Morgan Guide to the Markets, data as of 2/19/2026

During the first quarter, we rebalanced client portfolios to maintain diversification across investment themes and asset classes. By trimming appreciated positions and adding to underweight areas, we are both deploying capital to more attractively priced areas of the market and keeping portfolios aligned with long-term risk objectives. Rebalancing is a systematic way to buy low and sell high, while keeping an eye on the target and tuning out short term noise. The recent rotation into international equities, small caps, and defensive sectors serves as a reminder for the importance of doing so.

Similar to the Biathlon, the goal of long-term investing is not to dominate one segment of the race; it is to perform consistently across all of them. By staying disciplined through broad diversification and regular rebalancing, we seek to position portfolios for endurance, adaptability, and long-term success. We believe this balance helps investors stay competitive over the long run, regardless of which area of the market is leading the race at any given moment. To further discuss our philosophy on how to get your retirement goals to the finish line, please reach out to an advisor. Your success matters to us.

About the Author

Matthew Andera

Matthew Andera is a Securities Analyst within Security National's Wealth Management division. Andera graduated with the University of Wisconsin - Whitewater with a bachelor of business administration degree in finance. He relocated to Sioux City from Milwaukee with his wife and growing family.

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