Recently a well known financial advisor wrote a very good
article concerning the difference between investing process and investing
outcome. It is easy to read and he
provides some great examples so I encourage you to check it out:
I think his final paragraph summarizes the concept very well:
“We never really know
what the source of a good outcome is; however, we have a high degree of
confidence what the probabilities are for a good process. A strong process is a
guarantee — not of outcome or results, but of the highest probability of
obtaining desired results. That’s why it is so important to investors.”
