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Too busy for a column this week, so I am suggesting you guys read this piece from Nick Maggiulli.
Its an amazing explanation of how just small edge at the start can make all the difference in the world at the end.
Luck clearly plays a much greater role than we think. But it’s not all bleak for us traders.
Here are my 2 takeaways from this piece.
1. Eliminating “bad luck” (Warren’s Buffett’s first rule of investing “don’t lose money”) is just as important as having good luck -- and may, in fact, be much more controllable.
2. Even if you fail in doing #1, don’t despair. This article shows that you can always get it back. Having just a small edge at the start can set you on a path to success.
More on all of this next week.