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The Success Equation
Untangling Skill and Luck in Business, Sports, and Investing
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The Success Equation
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See moreUnlocking the mystery of how luck and skill contrubute to success and failure.
Book Hero Magic formatted this description to make it easier to read. While it's new and
still learning, it may not be perfect - your
feedback is welcome!
Description
What role, exactly, do skill and luck play in our successes and failures? Some games, like roulette and the lottery, are pure luck. Others, like chess, exist at the other end of the spectrum, relying almost wholly on the skill of the players. But in every other domain—from business, to investing, to sports—skill and luck seem almost hopelessly entangled.
In his provocative new book, The Success Equation, Michael Mauboussin untangles the intricate strands of skill and luck, defines them, and provides useful frameworks for analysing their relative contributions. He offers concrete suggestions for how to put these insights to work to your advantage in business and other dimensions of life.
Among the insights that Mauboussin reveals:
- When your skill is greatest in different domains (the "arc of skill")
- Why you want to increase randomness when you're the underdog
- Why understanding reversion to the mean is crucial
- How to find the right statistic
- Why social ties can greatly increase a product's chances for success
Showcasing Mauboussin's trademark wit, insightfulness, and analytical mind, The Success Equation is a must-read for anyone seeking to make better decisions—in business and in life.
Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?
The Success Equation by Michael J. Mauboussin receives praise for its insightful analysis of the roles of skill and luck in decision-making. Reviewers highlight its thought-provoking examination of how these elements contribute to outcomes across various fields, including business and sports. The book is noted for its clarity in explaining complex concepts, using case studies and accessible language to enhance readers' understanding of their decision-making processes. Overall, it is recommended for those interested in improving investment choices and understanding the interplay between chance and skill.
Book Details
INFORMATION
ISBN: 9781422184233
Publisher: Harvard Business Review Press
Format: Hardback
Date Published: 06 November 2012
Country: United States
Imprint: Harvard Business Review Press
Illustration: Illustrations
Audience: Professional and scholarly
DIMENSIONS
Width: 155.0mm
Height: 234.0mm
Weight: 552g
Pages: 320
About the Author
Michael J. Mauboussin is Chief Investment Strategist at Legg Mason Capital Management. He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investor's All- America Research Team. His books include Think Twice: Harnessing the Power of Counterintuition (Harvard Business Press, 2009). He has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing.
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