Episode 16: What the LUCK? This is how to focus on processes over outcomes

To become a better investor you need to have a rigorous process of analysing your decisions, and objectively determining whether results have been due to skill or luck. Here we discuss distinguishing between processes versus outcomes. Some of the points we cover in this episode: -The importance of practice and repetition -Why great investors analyse their mistakes rigorously -How to become less emotional as an investor over time -The predictive ability (or otherwise) of experts -One hit wonders! -What are base rates and why are they useful? Books mentioned: Thinking Fast and Slow, Daniel Kahneman Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, Michael J. Mauboussin Thanks for listening! Download a free chapter from our book ’Low Rates, High Returns’ https://www.lowrateshighreturns.com/book Pete Wargent https://www.petewargent.com/ https://www.linkedin.com/in/pete-wargent-37228322/ Stephen Moriarty https://twitter.com/SGM63