Whatever your level of ability, one of the core secrets of high performance is that in all endeavors, periods of decline and stasis are inevitable. The same pattern of ups and downs holds true for attempts to master new information technology systems, developing better presentation skills, learning to speak a new language, improving your performance in skiing, golf or tennis. And these periods of decline and stasis are also inevitable in the progress of an economy or an individual investment portfolio.

These times of stasis and especially times of decline are the danger points in the process of learning and growth. It’s at these moments that frustration can lead to depression, inadequacy and despair. And these feelings can compromise our judgment and the continuity of our efforts. Over the long term, however, optimism in the face of adversity is the most distinguishing characteristic of successful individuals and organizations. It’s also one of the secrets of the accomplishments of the greatest geniuses in human history.

Leonardo da Vinci worked for sixteen years to craft a model for his amazing 24 foot high horse sculpture but invading French troops destroyed his masterpiece and drove him into exile. Undaunted, he wrote “All obstacles will be overcome with perseverance,” and he added, “Fix your course to a star and you can navigate through any storm.” Five-hundred years after the destruction of Leonardo’s model, his horse was reborn thanks to Leonardo da Vinci’s Horse, Inc.

Thomas Edison overcame adversity many times. One particularly notable example occurred in 1914, when Edison was 67. A fire ravaged the phonograph factory at his West Orange, New Jersey complex. Edison lost approximately $5 million that night – the equivalent of $75 million today. His son Charles, ran to his father’s side, thinking Edison would be devastated. Instead, Charles was amazed to see his father smiling. Edison told his son, “Go get your mother. She’ll never have a chance to see anything like this again in her entire life.” Edison then called his senior team together and began organizing the recovery campaign on the spot. He urged his team to focus on rebuilding the phonograph factories in a manner that “took advantage of the latest improvements in factory design.”

Edison’s response to the fire highlights the deeply embedded nature of his optimism. As Biographer Dr. Paul Israel describes it, “Where others might see disaster and failure he was always optimistically looking for opportunities and seeing the possibility of new directions for improvements.” Edison’s resilience in the face of adversity gave him tremendous credibility with the public.

As the U.S. entered the Great Depression in 1929 Edison was called to address the nation on numerous occasion. His words then echo to us today as we face another great challenge:

“Be courageous. I have seen many depressions in business. Always America has emerged from these stronger and more prosperous. Be brave as your fathers before you. Have faith! Go forward!”