Vitaliy Katsenelson’s article in Real Clear Markets is a must read.
Spend more time focusing on the process than on the end results. If it was not for randomness, every decision we made would be right or wrong based solely on the outcome. If that were the case, the process could be judged solely on the end result.
But randomness is constantly present in investing (as it is in gambling). Though we are drawn to judge our own decisions, and those of others, on their outcomes, that is dangerous. Randomness may teach us the wrong lessons.
The minority of investors who understand this concept are the ones who make all of the money over the long term.
Posted by Andy Hyer 
