Luck … there is a lot of luck in the investment process … and a lot of luck involved in life.
To be born in the western world … and to be born in Australia … and to be born a bloke … Slack Investor acknowledges his debt to the luck Gods … and he is grateful! (… further research has revealed that not all feel the same … Ms Slack Investor, for instance, is quite glad she is not a bloke OR an Australian!)
The great Warren Buffet talks about the “Ovarian Lottery”
“It’s 24 hours before your birth, and a genie appears to you. He tells you that you can set the rules for the world you’re about to enter — economic, social, political — the whole enchilada. Sounds great, right? What’s the catch?
Before you enter the world, you will pick one ball from a barrel of 6.8 billion. That ball will determine your gender, race, nationality, natural abilities, and health — whether you are born rich or poor, sick or able-bodied, brilliant or below average, American or Zimbabwean.”
“You’re going to get one ball out of there, and that is the most important thing that’s ever going to happen to you in your life.”
Slack Investor is well aware that defining life in terms of income is a narrow view. However, as a point of comparison, the Global Rich List offers some sobering perspectives.
For example, an Australian on an annual income of $50 000 is in the top 1% of world citizens by income.
And the western world in general offers opportunities for education and reward for effort … but most of all there is an environment where luck can at least enhance outcomes.
There are things that you can do to increase your luck. The golfer Gary Player adopted the aphorism
“The harder I practice, the luckier I get”
This is not against the Slack Investor ethos … there is some practice or research that you must do to become a good investor … however, we like to keep it too a minimum … and, as a rule, always remember to be grateful!