How Much Luck Do You Have?

Lucky people just continue to get lucky. I think it's important to separate out the factors that drove your performance n a given year andr over a long period of time. They often, i think, overestimate how much luck there is in certain things because it's very difficult to prove these things. But on the other hand, thinking that you're completely responsible for the stock performance because the decisions that you made is also not the right way to think about it.