If you can work to change the outcome of something, what you do to impact that outcome isn’t luck. The cause of that success is instead hard work or skill.
Never put your money in something where you don’t have an information/knowledge advantage.
An effective manager or investor knows the other side of the argument better than the people who he or she disagrees with. Since most mistakes are psychological or emotional, attachment of these factors to the past is banished by the most effective managers since that baggage is what an accountant would refer to as “sunk.”
Published by: seanwing in notes