Investment success: How much is down to luck or hard work?

'Luck can artificially boost returns'

In the third and final part of the series, Didier Saint-Georges, managing director and member of the investment committee at Carmignac, takes a closer look at what makes a successful manager.

Luck often gets a bad rap, and it is true that it is not something you can count on. But even the most successful people owe their good fortune at least in part to luck.  Sergey Brin's and Larry Page's extraordinary success at the head of Google is rightfully seen as the result of their visionary genius. But just a year after founding their company, they tried to sell it for $1m - and failed because they could not find a buyer.  The art of risk management: Part I Luck is probably the most underrated factor in investment performance (except among those who like to blame their poor p...