Risk and luck are doppelgangers. This is not an easy problem to solve. The difficulty in identifying what is luck, what is skill, and what is risk is one of the biggest problems we face when trying to learn about the best way to manage money.

The Ludic Fallacy Las Vegas, June 2019 “In every tablet there are as many grains of luck as of any other drug. Even intelligence is rather an accident of Nature, and to say that an intelligent man deserves his rewards in life is to say that he is entitled to be lucky.” E. B. WHITE, 1943

Luck and risk are both real and hard to identify. Do so when judging both yourself and others. Respect the power of luck and risk and you’ll have a better chance of focusing on things you can actually control. You’ll also have a better chance of finding the right role models.