Business Economics Finance Investing Real Estate

Luck and Persistence

I’ve been lagging on my blog posts. I have a lot of catch up to do. A lot of interesting things are happening in the world of investing and a lot of really interesting and insightful write ups from a variety of authors.

Today, I wanted to point you to two posts from the Of Dollars and Data blog.

The first discusses the role luck plays in our lives. What really stood out to me in this piece was the fact that we shouldn’t be thumping our chests profusely believing that our success (or perceived success) is entirely due to our own skill and wisdom. Similarly, we shouldn’t hang our heads either because we didn’t happen to be as lucky as the guy next to us. Very thought provoking piece that has caused me to reflect quite a bit on my own life and career arc.

Somewhat related, the second post discusses the importance of having a long-term perspective. In an increasingly short-sighted world, achieving/obtaining anything of substance requires time, sustained effort and patience. Most people who are very successful will attribute a meaningful amount of their success to sustained effort and patience over long periods of time sprinkled with a lot of luck. It’s funny how the luckiest people seem to be those that work the hardest over time.

I wonder if that’s simply random correlation or if there is actually some causation involved?