The question of luck versus skill is one that comes up quite regularly in investing. Interesting enough is that it is harder to tell the difference than one might think. It is not unusual for some investors to claim that the stock picks that have done well in their portfolios are down to skillful share selection. They will crow about their success to anyone and everyone. And, yet, in the same breath, they will assert that the ones that have not done so well – or have crashed – are the result of bad luck.
