My interviews with Howard Marks, Chairman of Oaktree Capital, and famed for his “Chairman’s Memos,” were instructive.¹ The first time he mentioned his good fortune, I pushed back, asking, “What about intelligence, hard work, and perseverance?”

His answer:

“Everybody in my MBA class at the University of Chicago was very smart and very hard working. But hard work and intelligence are mere table stakes. Not everybody has fortune smile on them; not everybody gets lucky.”

Serendipity: The Role of Luck in Your Life and Career – https://ritholtz.com/2026/06/recognize-the-role-of-luck-in-your-life-and-career/

The older you get you do develop a better understanding of luck and random events. Interesting article.

Not everyone gets lucky.