One of the best ways to measure how much luck is involved in the outcome of any competitive event is to ask how easy it would be to lose that event on purpose[i]. It would be very easy, for example, to lose a round of golf or a tennis match on purpose—implying that skill determines the outcomes in those sports, not luck. But what about investing? Here, the answer is less certain. Just as it’s hard to consistently pick stocks that beat the market, it is also difficult to consistently pick those that lose to the market.