Скачать или смотреть Luck vs. Skill in Investing

In investing, success often looks like genius… until it doesn’t.
So, is it really skill that drives results, or just luck?

Like poker, markets are crowded, competitive, and unforgiving. And while a few hot streaks may look impressive, decades of research from Nobel laureates and S&P Indices versus Active (SPIVA) data tell a different story:

✅ Over time, most active managers underperform their benchmarks.
✅ Even “winning” streaks rarely persist once costs and taxes are factored in.
✅ True, lasting investment skill is nearly impossible to prove statistically.

So what does matter?
👉 Costs – keep them reasonable.
👉 Tax efficiency – don’t let turnover eat your returns.
👉 Diversification – across sectors, geographies, and asset classes.
👉 Goal alignment – measure success by your progress, not your neighbour’s portfolio.

At Westmount Wealth Management, our approach is simple: focus on the evidence, control what can be controlled, and align investments with what truly matters, your long-term goals.