Could you lose on purpose? In chess, yes. At the roulette table, never. And in investing... the answer reveals something most investors get wrong their entire lives.
In this special episode, I hand the microphone to Michael J. Mauboussin — Head of Research at Counterpoint Global (Morgan Stanley), adjunct professor of finance at Columbia Business School, and author of The Success Equation. What you'll hear is an abridged audio version of a lecture he delivered at the Santa Fe Institute, curated and annotated by Sweat Your Assets.
Mauboussin untangles the roles of skill and luck in business, sports, and investing — and shows why we systematically confuse the two. You'll learn where investing sits on the skill–luck continuum, why more skill paradoxically makes luck matter more, why decisions should be judged by process rather than outcome, and why your own brain quietly manufactures stories to explain results that were never in your control.
If you can't tell skill from luck, you'll copy the wrong investors, fire the right managers, and misread your own results. This episode is one of the highest-leverage upgrades you can make to your investment philosophy.
Prefer the full experience? The complete video lecture, with all slides and charts, is available on the Sweat Your Assets YouTube channel.
Keep it real. Sweat Your Assets.
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