The Success Equation

Untangling Skill and Luck in Business, Sports, and Investing

What role, exactly, do skill and luck play in our successes and failures? Some games, like roulette and the lottery, are pure luck. Others, like chess, exist at the other end of the spectrum, relying almost wholly on the skill of the players.
But in every other domain--from business, to investing, to sports--skill and luck seem almost hopelessly entangled.
In his provocative new book, Michael Mauboussin untangles the intricate strands of skill and luck, defines them, and provides useful frameworks for analyzing their relative contributions. He offers concrete suggestions for how to put these insights to work to your advantage in business and other dimensions of life.
Among the insights that Mauboussin reveals:
- When your skill is greatest in different domains (the "arc of skill")
- Why you want to increase randomness when you're the underdog
- Why understanding reversion to the mean is crucial
- How to find the "right" statistic
- Why social ties can greatly increase a product's chances for success
Showcasing Mauboussin's trademark wit, insightfulness, and analytical mind, "Skill versus Luck" is a must-read for anyone seeking to make better decisions--in business and in life.

Portrait

Michael J. Mauboussin is an investment strategist and has been in the financial services industry for more than twenty-five years. He has also taught at the Columbia Graduate School of Business since 1993, and is on the board of trustees at the Santa Fe Institute.
He is the author of two previous books, "Think Twice: Harnessing the Power of Counterintuition" and "More Than You Know: Finding Financial Wisdom in Unconventional Places" and is coauthor, with Alfred Rappaport, of "Expectations Investing: Reading Stock Prices for Better Returns."

Zitat
"Mauboussin excels at explaining his ideas, many of which are based on complex neuroscience in accessible terms, using case studies and examples from investing decisions, college rankings, and hospital procedures." -- "Publishers Weekly" ..". for investors and business executives wishing to minimise the risk of bad luck, this is a book worth reading." -- "Financial Times" "there is a lot of thought-provoking stuff in the book, for sports fans as well as investors." -- "The Economist" "For investors who don't mind wading into some technical weeds, though, Mauboussin suggests some concrete tools." -- "U.S. News & World Report" "Well written and analytical, this book completely changed how I think about success." -- The Motley Fool (fool.com) "There are tons of statistics and abstractions, yet there is coherence and precision in Michael J. Mauboussin's new book, "The Success Equation." Filled with instances from sports and markets, it's an insightful read." -- Mint (livemint.com) "It's always hard to get the balance between detail and readability right when writing a popular book about math. But Mauboussin manages it well." -- "MoneyWeek" ..".the clarity of Mauboussin's writing, and the quality of the examples makes the book a worthy addition to the managerial library." -- "strategy+business" Magazine ""The Success Equation" makes a valuable contribution to the literature on decision making when both luck and skill are involved. It is thoroughly researched and well written. I highly recommend the book to anyone interested in making better investment choices." -- CFA Institute "an engaging book." -- "Choice" Magazine "In "The Success Equation," Mauboussin explores the contributions of skill and luck, and discusses how interpreting past results through the 'skill-luck continuum' can help leaders to make better decisions...This can be a useful way to look at business leadership... [He observes that] luc
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Einband gebundene Ausgabe
Seitenzahl 320
Erscheinungsdatum 06.11.2012
Sprache Englisch
ISBN 978-1-4221-8423-3
Verlag Harvard Business Review Press
Maße (L/B/H) 24,1/16,1/3 cm
Gewicht 552 g
Abbildungen mit Illustrationen
Buch (gebundene Ausgabe, Englisch)
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