What a century old Artic expedition and investing have in common

Imagine battling brutal cold, starvation, 1000s of miles from home, facing the unknown. Over 100 years ago, two teams set out on a treacherous journey to discover the Arctic, but only one team made it back alive. 

Their secret was a strategy that also happens to be the key to successful investing.

In this episode, we reveal the surprising parallels between one of history’s most dangerous expeditions and the world of investing.

Strap in because this will be a cold one.

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Transcript

 The Race to the South Pole

Picture this. Over 100 years ago.

You're standing at the edge of the world, staring into the vast, frozen nothingness of Antarctica. Temperatures so cold your breath freezes mid-air, wind so sharp it cuts through layers of clothing like a knife. Somewhere, nearly 800 miles away, is the South Pole, a place no human has ever set foot on.

Now, imagine you’re in a race to get there first.

Two teams set out on this journey. Same goal. Different approaches.

At first glance, this might seem like just another tale of adventure. But if you look closer, this race is about something much bigger. It’s about decision-making. Risk. Patience. Adaptability. The very same qualities that separate great investors from average.

So let’s step back in time. Where one will make history and the other well, you’ll just have to listen and find out.

The story of Amundsen and Scott first came to my attention during a class discussion with my students. We were researching Arctic exploration, and one student recounted this incredible race to the South Pole. And I couldn't help but see parallels to the world of investing.

December, 1911. Two expeditions. Two different ways of thinking.

The first, led by Norwegian explorer Roald Amundsen, methodical, precise, and obsessively prepared.

The second, led by British officer Robert Falcon Scott, tough, confident, and know for improvisation.

Both men were experienced. Both commanded skilled teams. Both faced the same brutal environment.

But the difference in their strategies? That’s where everything changed.

Amundsen saw this race for what it truly was: testing the limits of what was possible and uncovering the secrets of Antartica.

Before even setting foot in Antarctica, he did something critical. He studied the Inuit people of the Arctic, learning how they survived in frozen landscapes for generations.

And he took notes. After months of studying and reading, he came up with a list with 4 important takeaways:

• Nr 1. Skis and dog sleds. The Inuit used them because they were fast, efficient, and built for the cold. So Amundsen decided to do the same. They took four sledges and 52 dogs.
• Nr 2. Fur clothing. Unlike the heavy, moisture-absorbing wool of European explorers, furs insulated without freezing.
• Nr 3. Supply caches. Amundsen left carefully spaced food and fuel depots along the route, ensuring his team carried only what they needed. Amundsen also planned to kill most of his dogs on the way and use them as a source for fresh meat. As he went, he butchered some of the dogs and fed them to the remaining dogs, as well as eating some himself.
• And lastly, a steady pace. 15 miles per day. No more, no less. No pushing too hard, no over-exertion.

By combining these 4 simple proven elements, they made it work.

On December 14, 1911, Amundsen and his team reached the South Pole. The first humans in history to do so. They planted their flag, took their measurements, and just as planned, began their journey back home. Every single one of them survived.

Amundsen's expedition benefited from his careful preparation, good equipment, appropriate clothing, an understanding of dogs and their handling, and the effective use of skis. In contrast to the misfortunes of the other explores, Amundsen's trek proved relatively smooth and uneventful.

"Scott, driven by confidence, chose a vastly different path. He dismissed the centuries-old wisdom of using sled dogs, opting instead for ponies and motorized sleds.

Instead of sled dogs, he brought ponies and motorized sleds. The ponies collapsed in the cold. . And the motorized sleds, cutting-edge technology of the time, proved unreliable, breaking down under the relentless strain. His team was left dragging their supplies by hand. 

Instead of furs, he wore wool and leather. When it got wet, it froze solid, turning his clothing into a liability.

Instead of carefully placed supply caches, his depots were too few and too far apart. By the time his team reached them, they were already starving.

Unlike Amundsen’s controlled pace, Scott’s team rushed on good days and collapsed on bad ones.

And the result?

One month after Amundsen had already claimed victory, Scott and his team finally reached the South Pole, only to find the Norwegian flag already standing.

Defeated and exhausted, they turned back. But they never made it home. 

One by one, they succumbed to frostbite, starvation, and exhaustion. The last of Scott’s men died just 11 miles (ca. 18 km) from a supply depot, a depot that could have saved them if only they had planned better.

His final diary entry read:
 "We shall stick it out to the end, but we are getting weaker, of course, and the end cannot be far."

And just like that, the race was over.

Two men. Two teams. Same goal. Same environment.

But one saw reality for what it was. The other ignored it.

And that’s exactly how investing works.

The market doesn’t care how smart you are. It doesn’t care about your confidence, your ambition, or how much you want to succeed. It only rewards preparation, patience, and adaptability.

"Whether in Antarctica or investing, preparation beats improvisation."

So, what’s the takeaway from this story? I think it comes down to 4 lessons.

1. 1. Study those who’ve mastered the terrain. Amundsen learned from the Inuit. You should learn from investors who’ve proven themselves over decades. A few names I really like are: Charlie Munger, Warren Buffett, Dev Kantesaria, Morgan Housel, Nick Sleep or Monish Pabrai all have excellent track records and use a simple, repeatable system. Something we apply as well at The Dutch Investors.
2. 2. History tends to repeat itself. Booms, busts, bubbles, panics, they’ve all happened before. Those who study them avoid repeating the same mistakes. Some books I would highly recommend on this are: the madness of crowds by Charles Mackay, Manias, Panics and crashes, This time is different or the intelligent investor by Benjamin Graham.
3. 3. There’s no one-size-fits-all strategy. Scott assumed his methods would work. They didn’t. Find what suits your goals, risk tolerance, and timeline.
4. And lastly, Patience is your greatest advantage. Scott rushed because he realized they didn’t prepare properly. Amundsen moved deliberately, had a plan and stuck to it. Long-term investors win by staying the course, not chasing short-term noise. Take your time, read, listen and learn. We would love to welcome you to the Dutch investors and help you with your research and lifelong investing journey. It also becomes considerably easier and more fun doing it with fellow like-minded people, but that’s just a bonus.

So, are you investing like Amundsen… or Scott?

Are you methodical, disciplined, and adaptable?

Or are you rushing, perhaps a bit overconfident, and improvising, by not doing enough research?

The stock market, just like Antarctica, can be unforgiving and brutally indifferent to those who do not plan, don’t use proven strategies, ignore risks or don’t stay disciplined.

But if you approach it like Amundsen, with preparation, patience, and a strategy that accounts for the worst, you’ll make it through.

That’s it for today.

Until next time, Stay curious, keep learning, and happy investing.