Book Review: How to Get Lucky: Author: Max Gunther

This is the review of the book 'How to Get Lucky - 13 Techniques for Discovering and Taking Advantage of Life's Good Breaks' written by Max Gunther, the author of Zurich Axioms. The book is divided into two parts; Part 1 contains 2 chapters which lays the foundation and Part 2 that goes deeper into 13 techniques of luck. The book closes with a matter-of-fact summary chapter on  how to use the techniques. 

This book was originally published in 1986 and was republished in 2010. 

All of us need luck to succeed. Just being good enough is not enough. Good luck is the essential component of success, no matter how we define success. Luck is the supreme insult to human reason, you can't ignore it and you can't plan for it. So can we do something about it? 

Yes. Probably more than we think

We can bring about a substantial improvement in the quality of our luck. 

The focus of the book is to answer the question 'How to get lucky'. What can we do to bring luck into our lives?

Despite the importance of luck, many people are reluctant to agree that they have been lucky. They don't acknowledge the role of luck in their lives. Why? 

To accept that we are lucky means that we are in control of random happenings. We lose the illusion of control over our lives. And that is scary. Another reason for not accepting the role of luck is fear that such acceptance will lower our dignity. We are no longer the 'hard working successes' that world thinks of us. We are just like them, only we were lucky. 

Another reason for the reluctance to accept the role of luck is our work ethic that has taught us that we can succeed only by hard work. I am good because I worked hard, I did not succeed because I did not put in enough effort. Luck has nothing to do with it, we maintain. We are culturally conditioned to deny the role of luck. 

Much of the time life is random and meaningless. It needs luck to pave direction.

Why are some people consistently lucky? It is because they organize their lives in such a way that they are able to experience good luck and avoid bad luck. They do in in thirteen different ways. They don't practice these technique constantly and no one practices all of them. The thirteen techniques are: 

1. Making the Luck / Planning Distinction: If you want to be a winner, you have to be keenly aware of the role luck plays in your success. Never confuse luck with planning. When you realize that an outcome is due to luck, you know that luck will turn soon. Loser's problem is in attributing to talent the success that was due to luck. There are successes that are completely attributable to planning and others due to luck. It is very important to identify the luck / planning ratio in every situation. The reverse is also true. Don't fall for the tendency to blame yourself for blame yourself for failures. It could have been bad luck.
   
2. Finding the fast flow: The rule is 'Go where events flow the fastest'. Surround yourself with churning mass of people and things happening. Get involved in activities and people. You never know who could end up helping you. Lucky people know that their chances of getting a break are in direct proportion to the number of people they knew. Try to get to know everyone, rich, poor, colour, race....People who reach a dead end are those who allow themselves to be isolated. Be in the network. Plunge into work If you are not in the network, you are not going to get opportunities. This rule takes advantage of the 'Power of weak link'. The weak links exert a profound influence in our lives. The fast flow works because we enjoy bringing each other lucky breaks.
   
3. Risk spooning: This refers to taking reasonable risks. Lucky people do not avoid risks, but they do not take high risks. Most people shun risks. If you want become lucky, you must be open to the possibility of being unlucky as well but still do what needs to be done. That is risk taking. Evaluate the risk-reward ratio. If it is in your favor, take that risk. Risk is necessary for success in life. Risk puts you in a position to win.
   
4. Run cutting: The old adage says 'all good things come to an end'. This is the concept of Run Cutting. You must be able to get out when you are on top. Always assume that a run of good news is going to end soon. (This is what Mohnish Pabrai says in his book. If a stock has grown three bagger in a year, you should sell it). Morgan Housel was illustrating this point when he said all successful people are pessimistic. They always except the worst to happen. Remember short runs are much more common than long ones.
   
5. Luck selection: Lucky people have the ability to select their luck. They quickly cut a run of bad luck and try something different till they hit luck. Luck selection is different because it involves need to abandon an investment. Investment may be time, money, love...(This is the principle of 'stop loss' in day trading). Another reason why luck selection is difficult because it involves admitting 'I was wrong'. Even though this is difficult, you must practice this if you seek good luck. Enter the situation and see what happens. If things do not go as you expect, quit and move on. This technique requires an unsentimental realism that do not come naturally to many.
   
6. The zigzag path: The lucky never take their long-range plans too seriously. Allow serendipity to work in your favour.You never know from which direction your lucky break will come.
   
7. Constructive super-naturalism: Lucky people seem to believe in super-naturalism. Some people have favorite number (yours truly, for example) others have other quirks. How does these help lucky person? The benefits of these quirks is that they help them to make impossible choices. These beliefs help the lucky get into the game. Fascinating.
   
8. Worst-case analysis: Lucky plans for failure. They decide how they will handle if situation turns against them. Opposite is 'Happy go lucky'. Lucky always ask the question 'how can this go wrong and what will I do if it does'. The example of Margaret Farrar who built a Crossword Puzzles empire is a classic example.
   
9. The closed mouth: Lucky people guard against unnecessary talk. Not talking too much gives you flexibility in decision making. Example is given of Calvin Coolidge who silently built networks that took him to Presidency. Another advantage of silence is that it frees people of unnecessary explanation and justification. 
10. Recognizing a non-lesson: Habit of learning false lessons from random happenings is a trait of the unlucky. Another non-lesson is that history will repeat itself.
    
11. Accepting unfair universe: Universe is neutral. It deliberately do not give you good fortune or punishment. Just accept what happens to you and move on.
    
12. The juggling act: Lucky people are busier. They always have many things going for them. Lucky people are busier even in adversity. The more activity you are involved in, more the chances that something will click.
    
13. Destiny pairing: Lucky people seem to find their Destiny Pair, another person who complements their strengths. Destiny partner is more than a friend. This person changes the course of your life. In many cases you find your destiny pair by accident, by being in fast flow. Sometimes you go seeking for your destiny pair.
    

In the last paragraph, author advises you to find the techniques that work for you. No one practices all the 13 techniques, but if you can practice six or seven of them, you are well on your way to success. One good way to start is to ask yourself which technique has been lacking for you. The author suggests that you read novels and as it progresses analyze which technique each character is using or not using. That will give a clarity on the techniques. 

First lesson in becoming lucky is to believe that luck exist. Then start looking for your personal examples to illustrate each technique. Author illustrates each point with many examples of how people used the techniques or should have used it. The examples are very simple and very relevant. Eye openers, really. 

What about me? I am lucky. I follow some techniques like Zigzag path, constructive super-naturalism etc. I also feel that I am very close to finding my destiny pair. What I should do more of is being in Fast Flow. 

Nice book. Loved reading it. Loved reading the book again to write this review. Loved reviewing it.