Stop confusing clever with lucky

Here is an excerpt from a post on my other blog, J delta rho where I decry the all too common practice of assuming people who made money in the stock market were somehow remarkable, rather than just extremely lucky.

I get very annoyed when I see idiotic journalism, such as this article (admittedly Business Insider does not exactly maintain high standards of journalism, but in this case they just copied CNBC). To recap: one 22-year old kid put all his savings into Tesla shares (and later options on Tesla shares) and today has made quite a hefty profit. But when his friends told him he was crazy, they were right.

 

read more here.

 

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