The author has developed what he calls the "luck versus skill continuum," as shown below, based on extensive statistical analysis. You can readily see where investing fits on this scale ...

Skills can be classified according to how complex or difficult the movement is. The two different characteristics of the difficulty continuum are 'basic' and 'complex'. Complex skills are more ...

the venue and crowd Most skills are not totally closed or open but range between the two. They are somewhere on the environmental continuum between open and closed.