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Preview — The Success Equation by Michael J. Mauboussin
The book offers a few new (to me) insights that are worth recalling:
The paradox of skill - in fields where skill is more important to the outcome, luck's role in determining the ultimate winner increases. And in fi ...more
The author does add some of his own analysis, specifically ...more
I also like that the lesson ...more
Most often when we speak of skill or luck, we are talking about the extremes of the spectrum. Chess champions or tennis players for skill. Casino games or p ...more
In short, luck occurs all the time all around us. We ...more
It's still a recommend fr ...more
Mauboussin does a great job of weaving in statistical theory, a swath of examples, and the most influential psychological research. There's plenty of Kahneman, as to be expected. Bottom line: We're not as good as we think we are in separating luck from skill. This ...more
Lots of examples and the math is easy... good read for just about anyone interested in sports/investing/etc.
However there is too much baseball there, i lived in US for two years, but could never learned baseball rules (actually never even tried). For someone not familiar with baseball, some parts of the book are annoying.
Except that, very useful book, must read
Michael J. Mauboussin is Chief Investment Strategist at Legg Mason Capital Management. Prior to joining LMCM in 2004, Michael was a Managing Director and Chief U.S. Investment Strategist at Credit Suisse. Michael joined CS in 1992 as a packaged food industry analyst. He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investors All-America R...more