luck, risk and success

 Since I mentioned it in my last post, here is an excerpt of "the psychology of money" by Morgan Housel:

Bill Gates once said "Success is a lousy teacher. It seduces smart people into thinking they can't lose."

When things are going extremely well, realize it's not as good as you think. You are not invincible, and if you acknowledge that luck brought you success then you have to believe in luck's cousin, risk, which can turn your story around just as quickly.

But the same is true in the other direction.

Failure can be a lousy teacher, because it seduces smart people into thinking their decisions were terrible when sometimes they just reflect the unforgiving realities of risk.

xoxo rinmero