Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More
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Navigating Skill and Luck in Investing
This chapter explores the critical distinctions between outstanding and average investors, emphasizing decision-making quality and temperament. It introduces tools like mental models and journaling that enhance investment strategies, while also examining the interplay between skill and luck in performance outcomes. Insights from evolutionary biology and historical examples illustrate how increased access to talent has shifted competitive dynamics in fields such as investing and sports.
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