I don't like the word luck I think the word I prefer to use is randomness because

luck implies a certain positive connotation right and you can have randomness to the

upside and the downside so there's always in life and. There's always going to be an element of

randomness. Now, how big of a level that randomness has on the outcome, I think probably

depends on, you know, different businesses, different time periods, what whatnot but what I do is I try to to

Jim's earlier point separate what is randomness versus what is process because you cannot

control randomness you can't do it.

I'm Mary Long and that's Emily Flippin, a lead advisor here at the Motley Fool.

The St. Patrick's Day, we're playing a part of a conversation

from our members only live stream, Motley Fool Live.

In this segment, Emily is joined by fellow fool analyst

Jim Gillies and Nexipel for a conversation about the role of

luck in investing. They also discuss how journaling can act as a hedge,

intertwining luck with skill, and a built-in inoculation against risk.

What is the role of luck in investing?

This is hard to separate sometimes in the short term how a

company has performed its business performance relative to how the market has

has driven a company. I think a longer term maybe luck plays less of a role but but Jim

Pro Shop guys question is addressed to you I'll let you go first how do you think

about the role of luck in investing and do you have some stories of being

lucky and unlucky to maybe share with the class to help us learn?

I think the concept of luck, it is important, but I think the more important thing is to recognize

...