Regular readers know I am a big Michael Mauboussin fan. So, much of the press he’s been doing for his new book has been fantastic. This outtake is no exception:
“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.”
Read the full piece here. It’s short and worth the time….