A equação de sucesso

Investing

Distinguishing skill from luck

THERE is much to enjoy in Michael Mauboussin's latest book, The Success Equation: Untangling Skill and Luck in Business, Sports and Investing, but here are a few highlights.
How do you distinguish skill from luck? He writes that

There's a quick and easy way to test whether an activity involves skill; ask whether you can lose on purpose. In games of skill, it's clear that you can lose intentionally but when playing roulette or the lottery you can't lose on purpose

Mais