Howard Marks: You Make Your Own Luck? Success Is Never Accidental? Bull!!

In his memo titled – Getting Lucky, Howard Marks challenges the notion that success is solely the result of personal effort, emphasizing the significant role of luck. He shares personal anecdotes, including nearly joining Lehman Brothers, and reflects on how fortunate he has been throughout his career.

Marks acknowledges that many talents, like intelligence and writing ability, are gifts beyond one’s control, and thus are forms of luck. Rather than detract from his achievements, this awareness fosters a sense of gratitude. He argues that we should give thanks for luck rather than take full credit for our success.

Here’s an excerpt from the memo:

You make your own luck? Success is never accidental? Bull!!

I contributed to some of the positive developments described above, but many of them were pure luck. Pull out a few of the steps on this progression, and where would I be today?

Here’s one more: Of all the jobs I applied for when leaving Chicago in 1969, I wanted one much more than the rest but didn’t get it. A few years ago, the company’s campus recruiter told me I had been chosen, but on the relevant morning the partner in charge came in hung over and failed to call me with the positive message he was supposed to deliver.

Just think: but for that bit of “bad luck” I could have spent the next 39 years at Lehman Brothers!

I know how lucky I’ve been. I find it incredibly uplifting and the source of great optimism regarding the future to know and appreciate my good fortune.

Rather than detract from my satisfaction over the success I’ve enjoyed — because of having to admit it wasn’t all my own doing — this realization makes me feel fortunate to have been born when and where I was and to have benefitted from the developments that came along. I revel in my good luck.

And what about the things I may have brought to my career: perhaps intelligence, insight and a talent for writing?

Isn’t having these things a form of luck? Intelligent and innately talented people didn’t do anything to earn their gifts. No one can take credit for them as “something I did” or “something that was within my control.” These things, too, are luck, and something for which we should give thanks rather than take credit.

The universe distributes these innate advantages with complete, unfiltered anonymity. It operates on pure, blind probability; much like a Mediterranean καζινο χωρις ταυτοποιηση, it never requires a background check, asks for your credentials, or verifies your pedigree before dealing you a winning hand. You simply wake up holding the cards, and the only rational response is profound gratitude.

You can read the entire memo here:

Howard Marks Memo – Getting Lucky