In his book, “The Success Equation”, Mauboussin opined that a lot of activities fall along a spectrum with pure luck one end and pure skill on the other end.

Chess is an example of an activity that depends on pure skill to win. The lottery is an example of an activity on the other end of the spectrum that requires pure luck to win. Most activities fall in between these two ends. He puts investing nearer the pure luck side

What does this mean for the investor? If you invest blindly, you are depending on pure luck. Those with the investing skills will do better than those who invest blindly.

Conceptually you want to be the casino owner with the better odds on your side rather than the casino guests. You can achieve this by developing your investing skills. The best way to develop your investing skills is practice and more practice. This is why looking at investment case studies helps. 

https://www.youtube.com/watch?v=0FMpj9iVo9E

​