The Success Equation

The Success Equation

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Mauboussin, Michael J. Harvard Business School Publishing Corporation, 2012 Audio summary available
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IN THIS SUMMARY

Individuals often mistake luck for skill, explains Michael J. Mauboussin in The Success Equation. In doing so, they foolishly believe they will be able to predict the outcome of a sporting event or the future value of a company. When bets are placed or securities are purchased based on these predictions, this misplaced faith can get expensive. Mauboussin shows how to sort out the relative importance of skill and luck in various endeavors and offers suggestions on making predictions depending upon the relative balance of luck and skill. He also describes how people can improve their chances of success by practicing skills and shaping the rules of a contest to their advantage. In many circumstances, luck matters far more than most people realize.