By Michael J. Mauboussin Published Nov. 14, 2012 12:30 p.m.
“Okay, you have gotten the memo on improving skill: 10,000 hours, hard work, deliberate practice, grit, and attentive teacher. We’ve all heard it. You also recognize that in many of life’s activities, the results you achieve combine skill and luck. No debate there. Now, what if I told you that in many cases improving skill leads to results that rely more on luck? That’s right. Greater skill doesn’t decrease the dependence on luck, it increases it. If you have an interest in sports, business, or investing, this lesson is for you.”
About Michael J. Mauboussin | Michael J. Mauboussin is an investment strategist and adjunct professor at Columbia Business School. Michael is the author of Think Twice: Harnessing the Power of Counterintuition and More Than You Know: Finding Financial Wisdom in Unconventional Places-Updated and Expanded, which was named one of “The 100 Best Business Books of All Time” by 800-CEO-READ, one of the best business books by BusinessWeek (2006) and best economics book by strategy+business (2006). He is also co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns. His most recent book is The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing.https://www.michaelmauboussin.com/
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