Billion Dollar Backstory 104: Simon Evan-Cook, Downing Fox – The Role of Luck and Skill in Successful Fund Management and Business Building
Jul 2, 2025
Simon Evan-Cook, an award-winning multi-asset fund manager at Downing, dives into the intriguing interplay of luck and skill in fund management. He shares candid insights from his years of vetting fund managers, emphasizing that while skill is vital, luck and timing can significantly influence success. Evan-Cook discusses 13 actionable ways for emerging managers to create their own luck and underscores the importance of building personal relationships over just focusing on data. He also contrasts the mindsets of risk-taking between cultures, offering valuable lessons on learning from failure.
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Luck's Role In Fund Management
- Fund management involves both skill and luck, making it a "luck business" in many ways.
- Success requires tipping the scales of luck in your favor through various means, blurring luck and skill.
Trust Drives Fund Manager Success
- Angus Tulloch, a great fund manager, succeeded through multiple small actions and trust in his team.
- His success showed that trust and qualitative aspects are key but often unmeasurable factors.
Stack The Odds For Success
- Increasing your chance of success requires doing many things right and avoiding mistakes.
- There's no guarantee, but sensible actions can raise your success odds from 5% to around 70%.
