My favorite saying! "Better lucky, than smart!"
Lots of people are extremely smart and never lucky... and some really smart folks are just unlucky. We all should do our best to put ourselves in a position to GET LUCKY. If you don't ever try - then you're doomed to fail.
A buddy of mine is ultra conservative -- always in bonds for 35 years... an ardent, serious saver. While he's done very conservatively well for himself... He COULD HAVE put that bond money into dividend paying stocks - even half of what he saved - and he'd be living the life. He's smart and diligent but he's never been smart enough to do the work required to see that his investments weren't always in his best interest. A tax free return of 3 and 4% but zero growth in his capital always cost him total return. He WOULD HAVE BEEN REALLY LUCKY had he put himself into the Coke's and McDonalds and Mercks of the world years ago... He's always telling me how lucky I am... and I ask him - did I put myself in a position to get lucky? Is it really luck at all? Must be 'cause I'm not real smart.
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