The Hard Truth: Successful Investing Involves a Lot of Luck

Of all the traits needed for success -- hard work, intelligence, creativity -- the most overlooked is luck.

Bill Gates went to one of the only high schools in the United States that had a computer. Warren Buffett was born in a capitalist country. Donald Trump had a wealthy father. All of these guys earned their success, but in slightly different circumstances outside of their control, things could have turned out far differently. To put it another way: People with just as much ambition and intelligence are broke nobodies only because they were born in a different time and place.

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