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The Morgan Housel Podcast

Lucky vs. Repeatable

The Morgan Housel Podcast

Morgan Housel

Business

4.91.1K Ratings

🗓️ 11 April 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

Luck plays such a big role in the world. But few people want to talk about it. If I say you got lucky, I look jealous. If I tell myself that I got lucky, I feel diminished.

Maybe a better way to frame luck is by asking: what isn’t repeatable?

And maybe better yet: The way to get luckier is to find what’s repeatable.

Transcript

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0:00.0

Welcome back.

0:07.0

Nice to see you.

0:11.0

Thanks again for being here. I've always been really interested in the topic of

0:16.8

luck. For a few reasons. Luck plays such a big role in the world,

0:26.0

but few people want to talk about it.

0:29.0

And I think it's really clear why this happens.

0:32.0

If I say you got lucky in whatever you did, I look jealous and bitter

0:39.7

and a little bit mean. And if I tell myself that I got lucky, I feel diminished in whatever I

0:48.1

accomplished. I think it's like this for almost everyone. Luck is everywhere, it has such a big influence on the world,

0:56.0

particularly the very successful outcomes that we pay the most attention to,

1:00.0

but no one wants to talk about it.

1:03.0

So maybe a better way to frame luck

1:07.0

is just by asking,

1:09.0

what is not repeatable?

1:18.3

Lucky implies a random event that you or anyone else could not see coming. But asking what isn't repeatable is very different.

1:25.0

Did Jeff Bezos get lucky when he created Amazon?

1:30.0

Well, not in the same way that a lottery winner got lucky, of course.

1:35.0

It's different than that.

1:37.0

Jeff Bezos was visionary and ambitious and savvy to a degree that you only see maybe a few times per century.

1:46.8

But could he, could Jeff Bézos starting today

1:51.5

without any money or name recognition could he create a new

1:56.4

multi trillion dollar business from scratch? I think the answer is

...

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