1.2.15

"Survivorship Bias and the Psychology of Luck" - 2014: David McRaney,




How to be lucky. Unlucky people are narrowly focused, goal oriented,
seek security and control, and prefer routines. Lucky people are open to
new experiences, easily abandon routines, and fail often. Lucky people
go to a different tree in the apple orchard every time. Luck is just how
people interact with chance and "lucky" people are better at
interacting with chance than "unlucky" people.

Advice from successful people isn't as useful as everyone thinks because they don't
truly understand why they are successful because of survivorship bias.
Most success boils down to serially avoiding catastrophic failure while
routinely absorbing manageable damage. But in order to know how to avoid
catastrophic failure, you need to know about the failures, not just the
successes, but you never know because the failures disappear leaving
only the successes. Survivorship bias causes a "missing data" problem
that leads to incorrect decisions.