the success equation: 10 insights from michael mauboussin

10 Insights From PRESENTS

MICHAEL MAUBOUSSIN

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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