Book description
"Much of what we experience in life results from a combination of skill and luck." -- From the Introduction 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.…
Why read it?
1 author picked The Success Equation as one of their favorite books. Why do they recommend it?
The Success Equation is my favorite investment book.
In it, Mauboussin tackles a significant question in investing: to what extent can investment results be attributed to skill versus luck? Mauboussin introduces the skill-luck continuum to explain this, with competitions like chess and running races being at the skill end and games like roulette and slot machines being at the luck end.
Sports such as football and basketball are closer to the skill side, while investing is closer to the luck side. Using this model, Mauboussin provides useful tools for evaluating investment opportunities while considering skill and luck.
From John's list on novices to learn about investing.
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