Interesting but lengthy read on the concept of skill vs luck. <a title="View Untangling Skill and Luck on Scribd" href="http://www.scribd.com/doc/34567320/Untangling-Skill-and-Luck" style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block; text-decoration: underline;">Untangling Skill and Luck</a> <object id="doc_792270093576191" name="doc_792270093576191" height="500" width="100%" type="application/x-shockwave-flash" data="http://d1.scribdassets.com/ScribdViewer.swf" style="outline:none;" > <param name="movie" value="http://d1.scribdassets.com/ScribdViewer.swf"> <param name="wmode" value="opaque"> <param name="bgcolor" value="#ffffff"> <param name="allowFullScreen" value="true"> <param name="allowScriptAccess" value="always"> <param name="FlashVars" value="document_id=34567320&access_key=key-25aphwl5n0n1ln12w1je&page=1&viewMode=list"> <embed id="doc_792270093576191" name="doc_792270093576191" src="http://d1.scribdassets.com/ScribdViewer.swf?document_id=34567320&access_key=key-25aphwl5n0n1ln12w1je&page=1&viewMode=list" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" height="500" width="100%" wmode="opaque" bgcolor="#ffffff"></embed> </object>
Nice to have skill and luck in one article. I read a few pages, scrolled to look for the summary, which concludes with classic Graham, Buffet.
Hi Covertibility, This is one of the most interesting articles I've read this year. It supports some of the arguments I saw in Taleb's book "Fooled by Randomness", which is also a bit discouraging. An awfully small number of fund managers appear to be really "skilled" at what they do.