31 Jul 2015 What Las Vegas Can Teach Us About Investing
Posted at 11:34h
in The Friday Brief
"People call it luck when you've acted more sensibly then they have." Amy Tan
When we invest or expend money to make a profit, we start from one of two vantages: Confidence or Luck. The first requires effort, competence, and a thorough understanding of what is controllable and what is not controllable and we plan contingencies for those things that are not controllable. The second perspective is the veritable flip a coin. Luck-dependent investment decisions are based on things like past performance, colorful brochures, and influential arguments.