the success equation: 10 insights from michael mauboussin
DESCRIPTION
Michael J. Mauboussin is chief investment strategist at Legg Mason Capital Management. He is also an adjunct professor of finance at Columbia Business School. His latest book is, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing. Listen to the 33voices interview with Michael at www.33voices.com/michael-j-mauboussin/audioTRANSCRIPT
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10 Insights From PRESENTS
MICHAEL MAUBOUSSIN
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Chief Investment Strategist at Legg Mason Capital Management.
Adjunct Professor of Finance at Columbia
Business School
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SKILL + LUCK
Your success equation is a combination of
& both are manageable
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Always make a distinction between your experience & expertise - what you did in the past may not be the best route today
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especially when success is based more on probabilities
A great process trumps a great outcome;
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THE PARADOX OF SKILL - The more skill something requires, the more luck becomes important
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It’s impossible to predict the barriers you’ll run into on the way to success, but the path is always hard work,
perseverance & flexibility
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Don’t allow your mind to always attribute failure to inadequacy - it’s often just bad luck
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When you’re best at something, simplify the game - when you’re the underdog,
complicate it
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When you’re serious about a goal make opportunities for feedback -
DO, IMPROVE, REPEAT
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Your social network is a catalyst to your success - build it carefully & strategically
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e great talk about the process, not necessarily the win - that’s how you manage your luck
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REFLECTION
What are you doing to manage your luck?
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Want more? Listen to the full conversation at
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h"p://www.twi"er.com/33voices
h"p://www.facebook.com/33voices