Sometimes when things go right, we think we know why, but do we really? That the result went the way you wanted does not mean you can repeat it over and over. I have a friend who invests some of his own money. Whenever he does well, it’s because of his brains and ability to pick the right stocks, at least according to him. But when he loses money, he always blames the market. I have no issue with either line of logic, but either his success and failure hinge upon his own prescience and blindness or they hinge upon good and bad luck. But it can’t be both.
