Luck Vs. Skill, Process Vs. Outcome, Doing Vs. Not Doing
August 5, 2011 by admin · Leave a Comment
When I heard Columbia economics professor and Legg Mason Chief Investment Strategist Michael Mauboussin mention blackjack (during this Steve Forbes interview) in the context of “process rather than outcome” it took me back to one my earliest posts on this blog.If the “process” is correct, then you don’t have to worry about the “outcome.” When playing 21, that means sticking to flawless basic …