Two reasons for a person’s success or failure

There are a couple of reasons for a person’s success or lack of success:

  • Luck: success is not necessarily an indicator of skill or foresight, but may be the result of fortuitous circumstances. That is, success may be the result of luck.
  • The right skills for the situation: intelligence is not fungible — it is not equally effective in every context. The skills and knowledge that a person has may be perfectly suited to a certain situation at a certain time, but change the situation slightly or shift the time and the skill set may no longer be suitable. (Lesson learned: continually update your knowledge and skills.)

— Extracted from The Wisdom of Crowds by James Suroweicki

[Definition] Fungible: When two or more things are inter-changeable, can be substituted for each other, or are of equal value, they are described as fungible.  (Source: http://www.pathtoinvesting.org/dictionary/words_f.htm)

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