I’ve thought about this comment a lot since you wrote it. I’m reminded of Bill Gross, “the bond king,” who founded PIMCO. Skilled, wanting to win at all costs, but who built a strategy primarily for a declining interest rate macro (“structural alpha”).

I’m not ignoring the varying degrees of skill, education, and intelligence. I’m emphasizing the luck required for all that to be effective.

Great comment, appreciate the history lesson and teachable moment.