Download - 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

.com/Michael-J-Mauboussin

SKILL + LUCK

Your success equation is a combination of

& both are manageable


Always make a distinction between your experience & expertise - what you did in the past may not be the best route today


especially when success is based more on probabilities

A great process trumps a great outcome;


THE PARADOX OF SKILL - The more skill something requires, the more luck becomes important


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


Don’t allow your mind to always attribute failure to inadequacy - it’s often just bad luck


When you’re best at something, simplify the game - when you’re the underdog,

complicate it


When you’re serious about a goal make opportunities for feedback -

DO, IMPROVE, REPEAT


Your social network is a catalyst to your success - build it carefully & strategically


e great talk about the process, not necessarily the win - that’s how you manage your luck


REFLECTION

What are you doing to manage your luck?


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