The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin
“Much of what we experience in life results from a combination of skill and luck.”
The trick, of course, is figuring out just how many of our successes (and failures) can be attributed to each—and how we can learn to tell the difference ahead of time.
In most domains of life, skill and luck seem hopelessly entangled. Different levels of skill and varying degrees of good and bad luck are the realities that shape our lives—yet few of us are adept at accurately distinguishing between the two. Imagine what we could accomplish if we were able to tease out these two threads, examine them, and use the resulting knowledge to make better decisions.
Understanding the Power of Three
Firstly,
and then Secondly,
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