Video: Why We Don’t Understand Luck
Brilliant insights about untangling skill from luck, and how our brains are biased against seeing randomness in the real world.
Because of outcome bias, we should concentrate on the quality of the decision-making process instead of the outcome. Like in golf, where you can make a good shot and get a bad bounce, or make a bad shot and get a good bounce. Improving your skill set and your execution is a recipe for long term success, but there will be random ups and downs along the way.