The Luck Factor: Why Some People Are Luckier Than Others and How You Can Become One of Them

by Max Gunther

Max Gunther's classic text brought back into print. Luck. We can't see it, or touch it, but we can feel it. We all know it when we experience it. It's an obvious description of obvious events. But does it go deeper than this? And if it goes deeper, does it do so in any way which we can harness to our own and others' advantage? Taking us on a richly anecdotal ride through the more popular theories and histories of luck - from pseudoscience to paganism, through mathematicians to magicians - Max Gunther arrives at a careful set of scientific conclusions as to the nature of luck, and the possibility of managing it. Based entirely on drawing out the logical truths hidden in some examples of outrageous fortune (and some of the seemingly absurd theories of its origins), he presents readers with the concise formulae which make up what he calls "The Luck Factor" - the five traits that lucky people have in common - and shows how anyone can improve their luck.

Genres: Self Help, Nonfiction

201 pages, Paperback

Published February 1, 2010

About the author

Max Gunther was an Anglo-American journalist and writer. He was the author of 26 books, including his investment best-seller, The Zurich Axioms.

Born in England, Gunther moved to the United States at age of 11 after his father, Franz Heinrich became the manager of the New York branch of a leading Swiss bank, SBC.

Gunther graduated from Princeton University in 1949 and served in the United States Army from 1950 to 1951.

He worked at Business Week magazine from 1951 to 1955 and during the following two years he was the contributing editor for Time Magazine. He also contributed to Playboy, True, Reader's Digest, TV Guide, McCall's, and Saturday Evening Post.

Reviews

[Vaishali · Rating 2 out of 5]

Quite dated, but still has some interesting interviews, observations, and instructions. Gunther is a Swiss banker's son, and a self-described “fascinated collector of luck stories and luck theories."


NOTES
==========

“Your own luck depends on other people’s luck.” - actor/interviewee Kirk Douglass

“I believe good luck comes to people who are ready for it and will use it unselfishly, to help others… The greediest people I know are also the unluckiest.” - two-time lottery winner/interviewee

“If luck was random, we should all get roughly equal shares of good and bad breaks… But there are people who win often… and there are people who never, ever win.” - professional gambler/interviewee

"A single word, rash, can do you a lot of damage if you let it."

"Keep your wits about you and your eyes wide open."

"Luck is the supreme insult to human reason. You can’t ignore it, yet you can’t plan for it. You can only wait around and know it will come into your life again and again and again."

"The human intellect is always trying to make order. Luck is always making chaos."

"With good luck, any half-baked plan will get you somewhere. With bad luck, no plan will work."

"What is luck to me is certainty to someone else."

"In this vast turbulent sea of endless happenings, it would be astonishing if coincidences didn’t occur."

"Runs of luck can be seen coming in advance, and within certain limits can be managed."

"Luck, when it finally comes, seems to come in embarrassingly generous bunches."


Four Traits of Lucky People :
========================

1. They create great webs

“She had put herself in a position to receive luck by making herself known to many people. She had talked to everyone in sight… impressed, as well as charmed and amused, by (her) eager friendliness.”

"Lucky people have a certain magnetism that make them targets of other people’s friendly approaches."

“If you don’t genuinely like your customer, the chances are he won’t buy.” - IBM founder Tom Watson

"Go out of the way to talk to people, including strangers, and notice how much they want to like and be liked."

"One of the quickest ways to bring a smile to a stranger’s face is to ask for help."


2. They handle hunches well

"... A hunch [is] a piece of mindstuff that feels something like knowledge but doesn’t feel perfectly trustworthy."

"Once you learn to focus you become your own therapist forever."

"Luck is having a serene life, with occasional splashes of joy."

“The final act of business judgement is intuitive.” - Alfred P. Sloan

"A hunch is only as good as the sum of past experiences that produce it."

"Hunches are made of facts, but they come as feelings."

"Unlucky people tend to make commitments on the basis of first impressions. Lucky people go back for a second look."

"If a hunch tells you something is true, and you badly want it to be true, regard the hunch with suspicion."

"Keep forcing yourself to perceive more than you see."

“Is it conceivable that I’ve gathered a pool of data on this situation without realizing it?"

"Learn to assess the database... Never trust a hunch about somebody you have just met... Never fall back on hunching to avoid work. Hungrily seek the facts."

"Never confuse a hunch with a hope."

"Make room for hunches to grow... Don’t smother a hunch by 'figuring it out'... Collect soft facts along with the hard."


3. They know Fortune Favors the Bold

"Take risks very frequently."

"Be eternally ready to inspect opportunities when they drift into view."

"Know the difference between boldness and rashness."

"Don’t insist on having total advance knowledge on any situation you are about to enter."

"You don’t make your own luck. Luck comes and goes on its own. But you can make your own fortune, by staying alert and using luck wisely."

"Since the chances the lucky take are small, the losses tend to be small."

"Fortune favors neither the timid nor the rash. Fortune favors the bold because they operate from a middle ground in between the two extremes. They are not afraid to move once they determine the odds are solidly on their side."


4. They are ratchets

"... Ratchet : a device that preserves gains, allowing a wheel to turn forward but prevents it from slipping backward."

"If the wheel starts to turn the wrong way, lucky people are prepared to stop it. Cut your losses."

"Boldness and the ratchet effect are twins. If you are bold, your ratchet mechanism is likely to work fast and decisively when you need it."

"Your potential losses are limited, but your potential gains are not. Within limits, your luck is under your control."

“When I go into any business deal, my chief thoughts are on how I’m going to save myself when things go wrong.” - J. P. Getty

"Never, never assume you are fortune’s darling."

"Just when life is at its best and brightest, just when you seem to be lifted up and nourished by unassailable good luck - that is when you are most vulnerable to bad luck."

"Most people lose because of an over-supply of optimism."

"People who trust luck the most are among the least lucky. The laws of probability forbid it."

"Successful, professional gamblers don’t merely expect something to go wrong, they expect it to go wrong in the worst possible way. They don’t just prepare for average luck, but for outrageously bad luck."

"Never enter a situation without knowing what you will do when it goes wrong."


.

[Liam Polkinghorne · Rating 3 out of 5]

A lot of luck is just randomness. But there are some traits that consistently lucky people share compared to those that are considered unlucky. (1) those that form wide social networks - increasing the odds a break will come your way, (2) follow hunches where it is conceivable you have collected appropriate data - we take in so much data, a lot of it is stored subconsciously, we can rarely make decisions with perfect information (but never confuse a hunch with a hope) (3) be bold when an opportunity comes your way - often the downsides are smaller than we think and there is big upside - don't be afraid to zigzag. (4) the ratchet effect - when things start to go wrong, cut your losses quickly (which is hard because we don't like to admit we've been wrong and it can be hard to abandon investments of time, money etc we've made). (5) the pessimism paradox - have a healthy pessimism - if something can go wrong it will, and when you think you have a grip on life, you're wrong. Would have been a much better book without chapters 4-8.

[Milan · Rating 4 out of 5]

The Luck Factor by Max Gunther provides a very good introduction to the importance of luck in our life. Luck is a factor which is usually not paid much attention to. However, there are factors which affect our luck in all walks of life. A lot of things come our way due to good luck and we are not even able to recognize that. And a lot of things happen due to bad luck. Gunther lists some factors which can enhance one's luck but most of these things are already built into our personality and it will take a lot of effort to change.

[Arielle · Rating 3 out of 5]

This is a different book (same title) than what I meant to read, but still interesting. A bunch of common sense life tips and habits to develop that really have nothing to do with luck at all but I guess that, if you implement them, eliminate a lot of potential bad decision making and thus make you "lucky".

[Romina Pons · Rating 3 out of 5]

What I liked about this book is that it isn't about how to get lucky, but rather the way different disciplines approach luck. Of course some things are outdated as its was written in the seventies but the way the author grabs the subject and explains it is very interesting. The best thing about it are the true stories the author uses to explain every side of luck. A very interesting book.

[Peter · Rating 5 out of 5]

I've learned a lot from this book

[Sandra · Rating 5 out of 5]

This book contains a lot of good insights. I learned a lot from it.

[jeon · Rating 3 out of 5]

Yếu tố may rủi - bạn không gặp may vì bạn chưa bao giờ nhập cuộc.

Có lẽ điều tôi ấn tượng nhất khi đọc xong "Yếu tố may rủi" chính là câu chuyện về hai người đàn ông Issur Danielovitch và Charlie Williams. Cả hai đều có cha là lao động nhập cư và gia cảnh nghèo khó. Hai người cùng lớn lên trong cùng một thế giới, bị lôi kéo, vùi dập và chứng kiến những biến động xã hội to lớn. Sinh ra và lớn lên trong điều kiện như nhau nhưng phần đời còn lại của họ thì hoàn toàn khác biệt. Charlie Williams giờ được bạn bè biết đến với cái tên mũi quả chuối, một người ăn mày ở Bowery. còn Issur Danielovitch chính là ngôi sao Hollywood và triệu phú Kirk Douglas.

Câu chuyện của họ có lẽ sẽ khiến tôi không mấy ấn tượng nếu nguyên nhân sâu xa của sự khác biệt này không đến từ những giáo viên hồi trung học của họ. Khi biết đến thời trung học đầy khó khăn của Charlie Williams, tôi thực sự tức giận trước người giáo viên vô lương tâm. Cô ấy không chỉ không giúp đỡ Charlie Williams mà còn là nguyên nhân trực tiếp khiến cậu ấy bị cả lớp chế nhạo và tẩy chay. Một khiếm khuyết trên cơ thể nào phải là một lỗi lầm lớn, chẳng ai mong bản thân trở thành trò cười cho thiên hạ. Ấy thế mà, người giáo viên nọ đã nhẫn tâm đẩy cậu bé Charlie Williams đáng thương ấy vào tận cùng của sự xấu hổ và suy sụp. Trong khi đó, Issur Danielovitch từ một cậu bé chỉ biết ăn chơi và những cô gái, đã trở nên quyết đoán và mạnh mẽ hơn trên con đường thực hiện giấc mơ nhờ người giáo viên đầy tận tuỵ và yêu thương.

Đương nhiên, sự khác biệt của họ đến từ nhiều lý do. Tôi sẽ không biện hộ cho cuộc đời tối tăm của Charlie Williams chỉ vì người giáo viên. Nhưng có lẽ, đó chính là nguyên nhân sâu xa và quan trọng nhất cho cuộc đời đầy những xui xẻo ấy.

Đọc "Yếu tố may rủi", tôi càng suy nghĩ nhiều hơn về số phận của con người, những người luôn may mắn và những người luôn xui xẻo. Tôi cảm thấy đau lòng trước sự thật rằng, có những người dành cả cuộc đời để vượt lên số phận kém may mắn ấy nhưng bất thành. Họ cứ quanh quẩn trong vòng xoáy của số phận và cuối cùng là chết trong cô độc. Có lẽ nguyên nhân là do chính họ, nhưng tôi hiểu, chẳng ai muốn cuộc đời mình là một bể bề bộn không lối thoát. dù đau lòng, nhưng giá như, có ai đó đã dang tay ra cứu lấy cuộc đời họ, dù chỉ một chút.

Số phận của mỗi người là khác nhau, nhưng tuỳ thuộc vào việc vận dụng cơ chế điều chỉnh may rủi như thế nào, chúng ta có thể đổi thay số phận và làm chủ cuộc đời.

[Lisa LaCarrubba · Rating 4 out of 5]

Informative

Gunther has created an objective study of luck. The majority of the book is a case study on lucky and unlucky individuals. As these cases are presented the theory of why they are lucky or unlucky is explored. Gunther is clear that he is exploring theories such as random occurrences, religion and astrology not espousing any one of them.

The final section is about traits of lucky individuals. Again presented as case studies, this section is clear and relevant. The tips are not about winning the lottery but are about how to maximize your opportunities in life. The suggestions are clear and make sense regardless of your personal beliefs about luck.

[Michael Powell · Rating 5 out of 5]

If you like reading books that don't really teach you anything new, but prove with stories and statistics what you already thought to be true, then you'll enjoy this book. We know innately that people make their own luck, and this book gives us data to stick to that assumption. It also gives us practical advise on how we can live in a way that will increase our "luck." We already knows these tricks, since they are not tricks, but hard work and positive thinking, etc. Still, it is a great reminder and a good book. An easy and entertaining read.

[Ned · Rating 4 out of 5]

Still a relevant as when it was written

Just because The Luck Factor was written in the seventies does not make it irrelevant. Human nature remains the same. The author has a flair for storytelling that makes for an enjoyable read, and the book contains some interesting, and sometimes counterintuitive, insights. Don't expect earth shattering revelations, just a handful of well considered observations that you will probably not encounter elsewhere.

[J Crossley · Rating 4 out of 5]

This book suggests some ways to improve your luck. Some of the ideas that I found useful follow. Follow your hunches where you have gathered data. You may have gathered more information subconsciously than you think, and that will help with your “luck.” Be bold when acting. The “ratchet effect” is for when things go wrong, jettison quickly. Often we are afraid to appear wrong.

[Nicky Abell-Francis · Rating 5 out of 5]

fantastic book on research done on who is luck and who considers themselves unlucky. Looking at personality extroverts, opportunities ect well written with exercises to do looking at how you are placed in the luck game.

[Curtis · Rating 5 out of 5]

I really liked this book. It was very well put together with examples that I could relate to. I liked his premise that we can imporve our luck by changing our actions and perceptions.