Ultra running & decision making: lessons from the mountains and the markets

When most of us think of going for a run we picture a 5k around the neighborhood or a trail run through the forest. For Theo Brikas, a wealth manager at FinCore Capital and former private banker with 25 years in high finance, a “short run” is anywhere from 10 to 50 kilometers. But even those distances are just warm-ups for his real passion: multi-day ultra-marathons spanning 400 kilometers across the hardcore heights of the Swiss Alps.

Having conquered legendary endurance epics like the Tor des Géants (330 km) and the grueling Swiss Peaks Legend (400 km, 27,000 meters of elevation gain), Theo knows that extreme distance is never just a cardio test.

“Fitness only gets you to the starting line,” he explains. “The quality of your decisions gets you to the finish.” During a recent Ship26 Wednesday talk, Theo shared how navigating snowstorms and sleepless nights at 3,000 meters mirrors managing client capital through volatile markets. Here are his six core rules for surviving and thriving when the pressure is on.

1. Prepare relentlessly, but be adaptable

Getting ready for a 400-kilometer race takes a full year of discipline: a strict diet, cutting out alcohol and sugar, and clocking up vertical gain before the sun is out. When most people are still asleep or chilling around a bonfire, Theo is out putting miles into his legs. If you follow him on Strava, midnight training runs are normal for him.

Yet in the Alps, plans have a habit of not working out the way you envision it. During one race, unexpected snow and sub-zero winds hammered the mountain. Theo was caught without his jacket, the sudden incoming cold weather hadn’t shown up in the forecast. Instead of panicking or stopping the race, he improvised: wrapping an emergency foil blanket beneath his light waterproof shell. It trapped his heat, kept hypothermia out, and saved his race.

In business and investing, sudden market volatility is that unforecasted storm. You need a rock-solid game plan going in, but when conditions change, being stubborn will break you. Being adaptable keeps you alive.

2. Risk is a budget: spend it wisely

At the starting line, the atmosphere is epic, the music is pumping, cowbells are clanging, and thousands of spectators cheer you into the night. You want to put pedal to the metal and run with the pack. But Theo knows that’s a rookie trap. Therefore he sets a strict ceiling on his watch: 149 beats per minute. The moment it beeps, he backs off because giving it all on day one guarantees you’ll be a casualty by day two.

In fact, roughly 50% of an ultra isn’t running at all; running steep uphills burns through glycogen far too fast. Flats, ridges, and descents are where the running happens. Downhills require light, rapid foot strikes leaning forward and using arms for balance rather than braking on heels.

He applies the exact same discipline to capital: “If you chase hot trends or load up on risky assets just because everyone else is riding the trend, you burn through your safety margin in no time,” says Theo. “Risk is a budget. Spend it slowly, deliberately, and block out the noise.”

3. Sleep before you decide anything

Nobody decides to quit an ultra on a clear, sunny afternoon. The temptation to pull the plug always arrives on night three at 3:00 AM, when it’s freezing, pitch black, your knees are crying, and your brain is screaming at you to stop.

Theo’s golden rule? Never make a permanent decision in the middle of a temporary crisis. Whenever he hits the wall of exhaustion, he forces a reset before deciding anything. It could be just a 20-minute power nap on the trail in a bush. That short break clears the fog, calms the stomach, and puts the pain into perspective.

When markets sell off, anxious investors often ring their advisors demanding to “sell everything and go to cash.” Theo views his role as a rock, enforcing that figurative trail nap. Step back, take a nap. Wait for the dust to settle. Give the moment a chance before making a call you can't undo.

4. Set small, bite-sized targets

Looking at a 400-kilometer trail map from the valley is overwhelming. The scale of the mountains is simply too massive to wrap your head around. So, Theo shrinks the monster. He doesn’t think about the finish line; he thinks about the next aid station 20 kilometers ahead, or getting to the top of the next 3,000-meter col. He breaks it up into manageable smaller goals, and like that you eat the monster one bite at a time.

Theo leaned into this exact mindset when reinventing his career at 50 after being unexpectedly laid off from corporate banking. Launching an independent wealth management firm from scratch can feel like scaling something so impossible. Where to even start. But by focusing on winning one conversation, one relationship, and one client at a time, the summit gradually takes care of itself.

5. Put one foot in front of the other

In endurance sports, early mistakes teach lasting lessons. In his early races, Theo took painkillers to grind through swollen knees, an error that brought him structural damage and cost him three painful months of recovery. Over time, he learned that pain isn't something to just oppress through painkillers; it's data to manage and to think carefully about.

When the tank is dry and your wheels are flat, the motivation is no longer. All that's left is momentum and experience. You don’t need an extraordinary thing; you just need to place one foot in front of the other.

In work, the philosophy is identical. When a project stalls or a market downturn drags on, you don’t need a miracle move. Send one more email. Make one more phone call. Make one more decision. Small actions, compounded relentlessly, move mountains.

6. Rely on your partners

No one crosses a 400 km finish line alone. Theo relies heavily on his wife, Katerina, who acts as his anchor and voice of reason. During one race, panicking and ready to drop at 2:00 AM, he called her from a trail checkpoint. She gave him the perspective he had lost in the exhaustion: “Theo, you love the mountains. You aren’t here to break a world record. Slow down. Don't hurry. Take an extra day if you need to, but enjoy being out there.” She was right, “I love it out here”. The reminder grounded him, and he finished the race in time.

In entrepreneurship and investing nobody wins this game alone. When stress clouds your judgment, you need trusted partners who can look at the map with fresh eyes and keep you aligned with the original mission.

Playing the Long Game: In the Alps, as in the markets, panic is an expensive habit. When conditions go pear-shaped, the instinctive impulse is always to chicken out, drop the pack, or dump the portfolio. But markets, like high mountain passes, don't reward impulsive exits; they reward patience, calibrated risk, and the discipline to stay the course.

The summit doesn't belong to the runner who sprints off the line to impress the crowd. It belongs to the one who budgets their energy, respects the storm, takes a breath before deciding, and simply refuses to stop moving forward.