Recognizing luck is not a sign of weakness

In case you are reading this, there is usually a good chance that you are luckier compared to the majority of men and women on this planet. This specific should probably go without having to say it. Intellectually we have this concept, but internalizing are two very diverse things. I used to write a lot about the connection between skill and luck. Please let me rerun this particular quote from David Roberts at Vox:

"Of course, people aren’t nearly as eager to take credit for their failures and flaws. Psychologists have shown that all humans are subject to “fundamental attribution error.” When we assess others, we tend to attribute successes to circumstance and failures to character — and when we assess our own lives, it is the opposite. Everyone’s relationship with luck is somewhat self-interested and opportunistic."


Exactly That is why it is usually great to hear any time a very successful trader, in this case Howard Marks of Oaktree Money Management acknowledge the function of luck in his life and career. Within a discussion with Shane Parrish on the Information Project podcast Marks mentioned:

" I think I’ve been the luckiest person on the planet. And I think it was to that that people were responding. But I get into arguments with people and a lot of people say, “Oh—!” Well, what started the article is, I read a piece that quoted some Silicon Valley guy who says, “Success is never accidental. You make your own luck.” And I don’t agree. I think luck is a real thing and it’s important and it’s inherently unfair, but that’s life. "


Buffett and Charlie Munger usually are two other prominent traders who have publicly recognized the role of luck within their success. Acknowledging luck doesn’t make you smaller, on the contrary it will demonstrate humility and a new view of the globe that reaches away from your sight line. If we actively admit that luck exist in our own lives we can end up being grateful for what all of us have and appreciate that all the more.

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