The Success Equation Quotes

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The Success Equation The Success Equation by Michael J. Mauboussin
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“There's a quick and easy way to test whether an activity involves skill: ask whether you can lose on purpose.”
Michael J. Mauboussin, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing
“Once an innovation reaches a certain level of popularity, its success is virtually assured. By the same token, great innovations can fail because the domino effect doesn't kick in.15”
Michael J. Mauboussin, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing
“When luck plays a part in determining the consequences of your actions, you don't want to study success to learn what strategy was used but rather study strategy to see whether it consistently led to success.”
Michael J. Mauboussin, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing
“Not everything that matters can be measured, and not everything that can be measured matters.”
Michael J. Mauboussin, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing
“While most of us are comfortable acknowledging that luck plays a role in what we do, we have difficulty assessing its role after the fact. Once something has occurred and we can put together a story to explain it, it starts to seem like the outcome was predestined. Statistics don't appeal to our need to understand cause and effect, which is why they are so frequently ignored or misinterpreted. Stories, on the other hand, are a rich means to communicate precisely because they emphasize cause and effect.”
Michael J. Mauboussin, The Success Equation