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Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More
Acquired
Untangling Skill and Luck: A Necessary Clarity
Skill is defined as the ability to effectively apply knowledge in performance, while luck is more elusive, characterized by three key attributes that occur randomly to individuals or organizations. The distinction between skill and luck is crucial in various fields like business, sports, and investing. Notably, previous works on randomness have pointed out the prevalence of unpredictability, yet often lack the tools for assessment, highlighting the importance of further exploration and clarification of these concepts.
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