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I wonder how useful a heuristic this is: when people who fail at something tell you it's a crapshoot, and people who succeed tell you it's science. [Nassim Nich
by byrneseyeview 19y ago
I wonder how useful a heuristic this is: when people who fail at something tell you it's a crapshoot, and people who succeed tell you it's science. [Nassim Nicholas Taleb](http://www.amazon.com/Fooled-Randomness-Hidden-Chance-Markets/dp/1587990717 http://www.amazon.com/Fooled-Randomness-Hidden-Chance-Market...) made some money in the market, but he says most successful traders are lucky. But [John D. Rockefeller](http://www.amazon.com/Titan-Life-John-Rockefeller-Sr/dp/0679438084 http://www.amazon.com/Titan-Life-John-Rockefeller-Sr/dp/0679...) made a lot more, and he said his money was foreordained.
Another data point: most successful gamblers seem to treat gambling as a science; bad ones seem to have more OCD rituals to go along with their losing streaks.
- jamesbritt 19y agoTaleb's books seem to make a good case, though, for market success featuring considerable luck. Also, a variation on this rule of thumb: When other people demonstrate a remarkable skill (dancing, drawing, playing an instrument) it's talent. When you can do it, it's hard work and practice.