If your takeaway from this is most, if not all, investment is pure speculation, you are either very naive or willfully ignorant.

I'm nit saying talent per se is a signifixant factor, but this view suffers frim the sane nakady that a lot if wconomic theories do... an idealized situation/world where everyone plays by the rules. To some individuals, life is not a game, but a winner take all conflict and they will Kobayashi Maru the situation whille others are still playing a game of chance