The author emphasizes that luck and risk are two sides of the same coin and that nothing is as good or bad as it seems. The author suggests that we should account for luck and the potential lack of luck in our investments
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Similar ideas to 1. Luck and Risk
Nothing is as good or as bad as it seems. Every outcome in life is guided by forces other than individual effort. Bill Gates had a competitive advantage over millions of other students because he attended one of the only high schools in the world that had the cash and foresig...
Like the flip of a coin coming up with heads or tails, chance is what happens out there, and is an aspect of the physical universe. Luck, on the other hand, is a perceived value of the ‘chance’ outcome.
It is our subjective reality of a good or bad fortune, impose...
Risk is more than something bad happening. How risky something is, depends on whether you're prepared for it. A small thing out of the blue can be deadly.
We should also remember this when thinking about the economy and our investments.
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