Standard Deviations with Dr. Daniel Crosby cover image

Morgan Housel - The Psychology of Money

Standard Deviations with Dr. Daniel Crosby

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What's the Difference Between Lux and Skill?

i would put both of those things, ith bill gates and bill gross, into the same bucket as as kaile genern. They deserved to be treated successful people who put in a tremendous amount of effort. But we should not pretend that it was just their effort. There were these elements that were completely outside of their control that had a major impact on that success. It's true that there are some people who are born in countries or aras or different social classesen you don't go on down the list. And i think we just systematically underestimate the level of lux versus skill in both ways. In order to have big success, a lot of people have to take a big risk

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