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Top 10 Michael J. Mauboussin Quotes (2024 Update)

Michael J. Mauboussin Quote: “There’s a quick and easy way to test whether an activity involves skill: ask whether you can lose on purpose.”

1. “There’s a quick and easy way to test whether an activity involves skill: ask whether you can lose on purpose.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “When luck plays a part in determining the consequences of your actions, you don’t want to study success to learn what strategy was used but rather study strategy to see whether it consistently led to success.”

2. “When luck plays a part in determining the consequences of your actions, you don’t want to study success to learn what strategy was used but rather study strategy to see whether it consistently led to success.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “Once an innovation reaches a certain level of popularity, its success is virtually assured. By the same token, great innovations can fail because the domino effect doesn’t kick in.15.”

3. “Once an innovation reaches a certain level of popularity, its success is virtually assured. By the same token, great innovations can fail because the domino effect doesn’t kick in.15.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “If you are the stronger player, simplify the interaction to emphasize your skill. If you are the underdog, complicate the game to introduce more luck into the outcome.”

4. “If you are the stronger player, simplify the interaction to emphasize your skill. If you are the underdog, complicate the game to introduce more luck into the outcome.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “Statistics don’t appeal to our need to understand cause and effect, which is why they are so frequently ignored or misinterpreted. Stories, on the other hand, are a rich means to communicate precisely because they emphasize cause and effect.”

5. “Statistics don’t appeal to our need to understand cause and effect, which is why they are so frequently ignored or misinterpreted. Stories, on the other hand, are a rich means to communicate precisely because they emphasize cause and effect.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “In a probabilistic environment, you are better served by focusing on the process by which you make a decision than on the outcome.”

6. “In a probabilistic environment, you are better served by focusing on the process by which you make a decision than on the outcome.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “Deliberate practice works when skill dominates, while a focus on process and probability is appropriate when luck is the greater force.”

7. “Deliberate practice works when skill dominates, while a focus on process and probability is appropriate when luck is the greater force.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “The main issue is that putting yourself in a position to enjoy good luck also puts you in a position to lose.”

8. “The main issue is that putting yourself in a position to enjoy good luck also puts you in a position to lose.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “Our minds have an amazing ability to create a narrative that explains the world around us, an ability that works particularly well when we already know the answer.”

9. “Our minds have an amazing ability to create a narrative that explains the world around us, an ability that works particularly well when we already know the answer.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “When competing one-on-one, follow two simple rules: If you are the favorite, simplify the game. If you are the underdog, make it more complicated.”

10. “When competing one-on-one, follow two simple rules: If you are the favorite, simplify the game. If you are the underdog, make it more complicated.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “However, once you realize the answer to most questions is, “It depends,” you are ready to embark on the quest to figure out what it depends on.”

11. “However, once you realize the answer to most questions is, “It depends,” you are ready to embark on the quest to figure out what it depends on.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “There are no good or bad horses, just correctly or incorrectly priced ones. This principle holds across all probabilistic domains: again, the goal is to get more than you pay for.”

12. “There are no good or bad horses, just correctly or incorrectly priced ones. This principle holds across all probabilistic domains: again, the goal is to get more than you pay for.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “When most people come to believe the same thing, large gaps open up between price and value.”

13. “When most people come to believe the same thing, large gaps open up between price and value.”

— Michael J. Mauboussin

Michael J. Mauboussin Quote: “Randomness and luck are related, but there is a useful distinction between the two. You can think of randomness as operating at the level of a system and luck operating at the level of the individual.”

14. “Randomness and luck are related, but there is a useful distinction between the two. You can think of randomness as operating at the level of a system and luck operating at the level of the individual.”

— Michael J. Mauboussin

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