The Success Equation
Untangling Skill and Luck in Business, Sports, and Investing Hardcover
by Michael J. Mauboussin
In this provocative book, Michael Mauboussin helps untangle these strands. He offers the structure needed to analyze the relative importance of skill and luck, with concrete suggestions for making these insights work to your advantage. Once we understand how skill and luck contribute to our achievements, we can make better decisions.
About This Book
Much of what we experience in life results from a combination of skill and luck. The trick is figuring out 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 luck shape our lives. Yet few of us can accurately distinguish between the two. Imagine what we could accomplish if we could tease out these threads, examine them, and use that knowledge to make better decisions.
About the Author
Michael J. Mauboussin
Michael J. Mauboussin is an investment strategist and has been in the financial services industry for more than twenty-five years. He has also taught at the Columbia Graduate School of Business since 1993, and is on the board of trustees at the Santa Fe Institute. He is the author of two previous books, Think Twice: Harnessing the Power of Counterintuition and More Than You Know: Finding Financial Wisdom in Unconventional Places and is coauthor, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns.