The Book ‘How to Get Lucky’ is written by Max Gunther whose earlier Book ‘The Zurich Axioms’ is considered an investing classic.
We Indians very well know the importance of luck in life.In our chaotic country of 1.3 Billion people, we know that many things happen due to luck-good or bad.
The author starts with the premise that it isn’t enough to be good.You’ve got to be lucky too…the world is full of good, smart and hard working people…but without luck they can’t succeed
Luck being luck…is there any way to improve one’s chances of being lucky?Is there a way to be more lucky than unlucky?Are there any methods that lucky people use that unlucky ones don’t?
The author believes he has 13 techniques that can increase one’s chances of being lucky.They are:
- When you win something, acknowledge the role of luck in it.Don’t attribute the success only to your smarts and hard work.Especially true for bull market investors !
- Build connections, relationships and networks.The more people you know, the more opportunities come your way and the “luckier” you get
- Take risks.No risk, no gain.People who plod along, content with security and the comfort of a daily routine, rarely get lucky.Risk is a necessary ingredient of every successful life
- Don’t push your luck.Take money off the table…no tree goes to the sky
- Cut your losses if things are not going your way.Be comfortable with saying ‘I was wrong’ and move along
- Follow a zig-zag path.Be flexible.Have an open mind to new opportunities
- Luck really does not depend on God etc.It happens randomly.Yet if you believe prayers or harmless superstitions (like wearing a fav shirt) etc can help and comfort you, you can be true to your beliefs.Sometimes these beliefs can help in improving confidence and taking decisions
- Consider the worst-case analysis of any opportunity/risk
- Avoid excessive communication.Speak only when necessary.This will free you to explain and justify actions to other people
- Don’t mistake random events for “lessons to be learnt”.If you can’t identify the cause and effect, then the event is pure random.For e.g identifying repeatable patterns in stock prices etc
- Accept an unfair Universe.Fairness is a human concept.The rest of the universe knows nothing about it.So don’t go around thinking you “deserve” good luck or “didn’t deserve the tragedy that happened”
- Luckier people are busier people.They have so many side hustles going on that bad luck in one activity is often compensated by good luck in another
- Find your “destiny partner”….someone who can change your life and the quality of your luck
All in all, I found the Book to be an enjoyable quick read.
Do buy the Book to get more lucky !