On Telling Luck from Judgement

A recent article in the Financial Times cites the example of Neil Woodford, once a darling of the investment community, whose recent years of underperformance represents a cautionary tale regarding…

Don't Confuse Luck and Smart Investing

A recent article by Bloomberg columnist Barry Ritholtz warns investors that although huge wins get more attention than smaller, “routine” wins and losses, those windfalls don’t necessarily represent smart investment…

Housel on the Irony of Luck

In a recent article for the Collaborative Fund, Morgan Housel contrasts luck and risk as they relate to investing, arguing “you cannot understand one without appreciating the other.” “This is…