Skill — the ability to make these decisions correctly on balance (although certainly not in every case) through a repeatable intellectual process and on the basis of reasonable assumptions regarding the future. Nowadays this has come to be known by its academic name: “alpha” Luck — what happens on the many occasions when skill and reasonable assumptions prove to be of no avail — that is, when randomness has more effect on events than do rational processes, whether resulting in “lucky breaks” or “tough luck”
