{"id":22925,"date":"2024-02-28T23:56:00","date_gmt":"2024-02-28T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=22925"},"modified":"2025-12-12T15:00:33","modified_gmt":"2025-12-12T07:00:33","slug":"factor-luck","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/","title":{"rendered":"How big a factor does luck play in investment success?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Related_content_from_my_books\" >Related content from my books<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Buffetts_view_on_success\" >Buffett&#8217;s view on success<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Inspired_by_boat_trackers\" >Inspired by boat trackers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Lucky_sperm\" >Lucky sperm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Not_survive_in_primitive_society\" >Not survive in primitive society<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Started_very_early\" >Started very early<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Charlie_Mungers_view\" >Charlie Munger&#8217;s view<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Buffetts_success_factors\" >Buffett&#8217;s success factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Jesse_Livermores_Perspective\" >Jesse Livermore&#8217;s Perspective<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Luck_in_the_eyes_of_ordinary_people\" >Luck in the eyes of ordinary people<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Waiting_for_pie_to_fall_from_the_sky\" >Waiting for pie to fall from the sky<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Sour_grapes_psychology\" >Sour grapes psychology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#It_is_impossible_to_succeed_by_luck_alone\" >It is impossible to succeed by luck alone<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Luck_is_important_but_not_the_decisive_factor\" >Luck is important but not the decisive factor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Quick_judgment\" >Quick judgment<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_content_from_my_books\"><\/span>Related content from my books<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In my book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010889106\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of Super Growth Stocks Investing<\/a>&#8220;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Section 1-1<\/li>\n\n\n\n<li>Sections 1-4<\/li>\n<\/ul>\n\n\n\n<p>And in my book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010935641\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of 10 Baggers<\/a>&#8220;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In Sections 1-2, we discuss in detail for readers how big a factor does luck play in investment success? You are welcome to refer to this important issue.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_view_on_success\"><\/span>Buffett&#8217;s view on success<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Inspired_by_boat_trackers\"><\/span>Inspired by boat trackers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 1995, Buffett and Bill Gates traveled to China for the first time, he saw boat tracker who had been pulling fibers for a living in the Three Gorges of the Yangtze River for generations. He himself is glad that he was born in the United States, which allows him to give full play to his investment talents. He said with emotion: &#8220;There may be another Bill Gates among those trackers pulling boats, but he was born here and is destined to work hard pulling boats all his life, with no chance of getting ahead. We have the opportunity to gain such wealth. Success is purely luck.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lucky_sperm\"><\/span>Lucky sperm<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When <a href=\"https:\/\/abcnews.go.com\/ThisWeek\/week-transcript-giving-pledge\/story?id=12258827\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett interviewed ABC news<\/a> in 2010, he said: &#8220;I was born in the right country at the right time. Bill Gates has always told me if I had been born, you know, many thousands of years ago, I&#8217;d have been some animal&#8217;s lunch because I can&#8217;t run very fast, I can&#8217;t climb trees, and some animal would be chasing me and I say, well, I allocate capital. The animal would say, those are the kind that taste the best. You know?&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Not_survive_in_primitive_society\"><\/span>Not survive in primitive society<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On February 25, 2008, students from Emory oizueta Business School and McCombs School of Business at UT Austin visited stock investor Buffett. In a series of questions and answers, <a href=\"https:\/\/undergroundvalue.blogspot.com\/2008\/02\/notes-from-buffett-meeting-2152008_23.html\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett responded to the students\u2019 questions<\/a>: \u201cI was born in 1930 in the&nbsp;United States&nbsp;during the time of one of the greatest capital markets. I was born with the wiring for capital asset allocation. I had the right wiring at the right time.&#8221;<\/p>\n\n\n\n<p>&#8220;Temperament is a large part of my wiring. I was naturally good at it, and I used some feedback to develop it better. There is nothing to be arrogant about. Gates says if I had been born earlier, I would\u2019ve been some animal\u2019s lunch. I can\u2019t run, I can\u2019t climb. I\u2019d be talking about allocating capital and the animal would think, \u201cThose are the kind that taste the best.\u201d You have all won the ovarian lottery. There is no reason to feel guilty about it.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Started_very_early\"><\/span>Started very early<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/archive.nytimes.com\/dealbook.nytimes.com\/2014\/05\/03\/live-blog-berkshire-hathaways-2014-shareholder-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett said in 2024 shareholder meeting<\/a>: he was lucky to have settled on his niche early, and he would do the same thing that he started when he was 23 years old.<\/p>\n\n\n\n<p>\u201cI was very lucky because I found what fascinates me at 7 or 8 years of age,\u201d he says.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charlie_Mungers_view\"><\/span>Charlie Munger&#8217;s view<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&#8220;The records of&nbsp;<em>people<\/em>&nbsp;and&nbsp;<em>companies<\/em>&nbsp;that are outliers are&nbsp;<em>always<\/em>&nbsp;a&nbsp;<em>mix<\/em>&nbsp;of a reasonable amount of&nbsp;<em>intelligence<\/em>,&nbsp;<em>hard work<\/em>&nbsp;and a&nbsp;<em>lot<\/em>&nbsp;of&nbsp;<em>luck<\/em>.&#8221; Charlie Munger said.<\/p>\n\n\n\n<p>Charlie Munger shared what he believed to be the secret to success: &#8220;\u201cIt\u2019s so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification,\u201d he&nbsp;<a href=\"https:\/\/fortune.com\/2023\/05\/08\/warren-buffett-charlie-munger-berkshire-shareholder-meeting-life-advice-write-your-obituary\/\" target=\"_blank\" rel=\"noopener\">said at Berkshire Hathaway\u2019s annual shareholder meeting<\/a>&nbsp;in May. \u201cIf you do all those things, you are almost certain to succeed. If you don\u2019t, you\u2019re going to need a lot of luck.\u201d<\/p>\n\n\n\n<p>Charlie Munger accepted a six-hour interview at his home in Los Angeles on April 23, 2020. He mentioned: &#8220;Good partners will accompany worthy people. Everyone who believed in me when I was young and persisted to the end People are getting rich. That gives me great comfort. But I also think there is some luck involved. Of course, our outstanding performance is a combination of good luck and ability. How else could we be successful?&#8221;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/11\/29\/charlie-munger-these-basic-career-rules-made-me-successful-in-life-with-warren-buffett-i-had-all-3.html\" target=\"_blank\" rel=\"noopener\">Munger ever emphasized<\/a>&#8220;Another thing you have to do is have a lot of assiduity. I like that word because to me it means: \u201cSit down on your ass until you do it.\u201d I\u2019ve had marvelous partners, full of assiduity, all my life. I think I got them partly because I tried to deserve them, and partly because I was shrewd enough to select them, and partly because there was some luck.&nbsp;&#8220;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_success_factors\"><\/span>Buffett&#8217;s success factors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/archive.nytimes.com\/dealbook.nytimes.com\/2014\/05\/03\/live-blog-berkshire-hathaways-2014-shareholder-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Charlie Munger&#8217;s speech at the 2014 shareholders meeting<\/a>, he pointed out why Berkshire can do so well? Charlie Munger points to four factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Buffett&#8217;s constructive traits.<\/li>\n\n\n\n<li>Constructive characteristics of Berkshire.<\/li>\n\n\n\n<li>Luck.<\/li>\n\n\n\n<li>There is an unusually strong and contagious loyalty among some shareholders and other admirers, including some in the media.<\/li>\n<\/ul>\n\n\n\n<p>Charlie Munger acknowledges the role that luck plays in Berkshire&#8217;s success. But what does he mean by Buffett&#8217;s &#8220;constructive traits&#8221;? Buffett decided to limit his activities to a few types and focus on these activities to the maximum extent, and he persisted in these practices for 50 years\u2500\u2500He is indeed a very outstanding person.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Jesse_Livermores_Perspective\"><\/span>Jesse Livermore&#8217;s Perspective<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In an interview with Richard Wyckoff several years ago, Jesse Livermore said: &#8220;Anyone who figures that his success is dependent upon chance may as well stay out of the market.His attitude is wrong at the very start. The great trouble with the average man who buys securities is that he thinks the market is a gambling proposition.<\/p>\n\n\n\n<p>One should realize at the outset that the work requires the same study and preparation as law or medicine; that certain rules apply to it that are to be studied as closely as if he were a law student preparing for the bar. Many people attribute my success to luck. The fact is, for fifteen years I have studied this subject closely: you might say I have given my life to it.concentrating upon it and putting into it my very best.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Luck_in_the_eyes_of_ordinary_people\"><\/span>Luck in the eyes of ordinary people<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Waiting_for_pie_to_fall_from_the_sky\"><\/span>Waiting for pie to fall from the sky<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Of course any success has an element of luck! But the biggest difference between successful people and most people in the world is: most people think that since success requires luck, they should stop working hard and let luck create success for them, wait for the pie to fall from the sky or enjoy the gains, and regard gambling as the only way to turn luck around in life. possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sour_grapes_psychology\"><\/span>Sour grapes psychology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Why do most people tend to treat successful people with sour grapes? Because people tend to ignore the long-term efforts behind successful people&#8217;s success. This is an important factor that is difficult to see.<\/p>\n\n\n\n<p>This is why Buffett&#8217;s success has been recognized by most people in the world, and many people still think that he is just lucky. My previous post, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\" target=\"_blank\" rel=\"noreferrer noopener\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8221; was discussing this issue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"It_is_impossible_to_succeed_by_luck_alone\"><\/span>It is impossible to succeed by luck alone<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Don&#8217;t believe that investment can be successful by relying on luck alone. Believe in science, because stock market investment is indeed a game of chance. The difference is how do you judge which investment should you make a big bet? What it depends on is that you need to invest for a long time, work hard to filter, and have a high degree of certainty that the probability of success is very high. Assess risks and, with careful consideration, increase your chances of success.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Luck_is_important_but_not_the_decisive_factor\"><\/span>Luck is important but not the decisive factor<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Luck does play an important role in success, but it is definitely not the most critical or important &#8220;determining&#8221; factor &#8211; this is the reason for whether a person can be successful in life.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quick_judgment\"><\/span>Quick judgment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In my two books, as well as my post &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/10\/sustained-investor\/\">A investor can be sustained or not? how to verify?<\/a>&#8221; are analyzed in detail for everyone. List three quick and easy ways to judge an investor\u2019s success<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"158\" height=\"134\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2023\/12\/luck-1600x1200-1.jpg\" alt=\"luck \" class=\"wp-image-22926\"\/><figcaption class=\"wp-element-caption\">credit: Inc Magazine<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/17\/risk-vs-uncertainty\/\">Risk vs Uncertainty<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/06\/seeking-facts\/\">Seeking facts is the first step in investment<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\" target=\"_blank\" rel=\"noreferrer noopener\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/22\/investment-return-numbers\/\">Investment Return, be careful of the numbers pitfall<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/10\/game-of-chance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investing is a game of chance<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/16\/vaguely-right-than-wrong\/\">I would rather be vaguely right than precisely wrong<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/16\/risks-investors-should-face\/\">What are the risks investors should face up to?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/02\/investment-uncertainty\/\" target=\"_blank\" rel=\"noreferrer noopener\">The uncertainty in investment<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/10\/investment-vs-speculation\/\">Investment vs speculation<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/28\/factor-luck\/\">How big a factor does luck play in investment success?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/06\/chance-of-making-mistakes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Invest success depends on less chance of making mistakes<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/01\/25\/checklist-investment-return\/\">Checklist to see if your return on investment is good or not?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/10\/sustained-investor\/\">A investor can be sustained or not? how to verify?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/19\/investing-has-no-formula\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investing has no formulas, but there are ways to invest successfully<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/19\/successful-investors\/\" target=\"_blank\" rel=\"noreferrer noopener\">The main investment principles of successful investors are similar<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/06\/chance-of-making-mistakes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Invest success depends on less chance of making mistakes<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/03\/mistakes-of-omission-and-mistakes-of-commission\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mistakes of omission and mistakes of commission<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Luck does play an important role in success, but it is definitely not the most critical or important &#8220;determining&#8221; factor &#8211; this is the reason for whether a person can be successful in life.<\/p>\n","protected":false},"author":1,"featured_media":22926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,15,68,13,66,574,11],"tags":[],"class_list":["post-22925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-concept","category-charlie-munger","category-insight-second-level-thinking","category-investing-behavior","category-successful-investor-traits","category-temperament","category-buffett"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/22925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=22925"}],"version-history":[{"count":33,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/22925\/revisions"}],"predecessor-version":[{"id":40578,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/22925\/revisions\/40578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/22926"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=22925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=22925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=22925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}