Although the returns (outcome) may be evident for everyone to see, investors rarely ask whether that outcome was the result of skill (a sound investment process) or plain randomness. If you focus only on the outcome, you are less likely to achieve it. Instead, if you focus on adhering to a sound process, the outcome will take care of itself in the long term, although the short-term results almost always will be driven by luck. Over the long run, a sound process can be counted on to deliver desirable results in a sustained manner and produce more reliable outcomes.
