If you think you're ahead of the pack when it comes to knowledge about
the stock market and making informed investing decisions, you're not alone. About 90% of people believe their skills are above average, but
that's mathematically impossible.
In a recent Lunchtime Learning webinar, Doug Gerlach of ICLUBcentral recounted a discussion of a new book and explained why it's important to get an accurate read on just how far your investing skills can take you in a world where luck plays a key role.
According to Gerlach, in the book, "The Success Equation: Untangling Skill and Luck in Business, Sports and Investing." author Michael J. Mauboussin of Credit Suisse and the Columbia University Graduate School of Business examines how luck and skill come together in various fields.
Generally speaking, at one end of the spectrum there are situations in which skill majorly controls the outcome such as chess, and at the other end luck is everything, such as for roulette.
Most activities fall somewhere between those extremes, and recognizing this is part of the art of successful investing. "Your investing success is a combination of skill and luck, and both are manageable," Gerlach notes.
In a recent Lunchtime Learning webinar, Doug Gerlach of ICLUBcentral recounted a discussion of a new book and explained why it's important to get an accurate read on just how far your investing skills can take you in a world where luck plays a key role.
According to Gerlach, in the book, "The Success Equation: Untangling Skill and Luck in Business, Sports and Investing." author Michael J. Mauboussin of Credit Suisse and the Columbia University Graduate School of Business examines how luck and skill come together in various fields.
Generally speaking, at one end of the spectrum there are situations in which skill majorly controls the outcome such as chess, and at the other end luck is everything, such as for roulette.
Most activities fall somewhere between those extremes, and recognizing this is part of the art of successful investing. "Your investing success is a combination of skill and luck, and both are manageable," Gerlach notes.
