To combat the pervasive problem of self-attribution...

"To combat the pervasive problem of self-attribution we really need to keep a written record of the decisions we take and the reasons behind those decisions. We then need to map those into a quadrant diagram. That is, was I right for the right reason? (I can claim some skill, it could still be luck, but at least I can claim skill), or was I right for some spurious reason? (In which case I will keep the result because it makes the portfolios look good, but I shouldn’t fool myself into thinking that I really knew what I was doing). Was I wrong for the wrong reason? (I made a mistake and I need to learn from it), or was I wrong for the right reason? (After all, bad luck does occur). Only by cross-referencing our decisions and the reasons for those decisions with the outcomes, can we hope to understand when we are lucky and when we have used genuine skill."

To combat the pervasive problem of self-attribution...