The Reformed Broker site by Barry Ritholz, of Michael Mauboussin:
"Masters of Business Interview"
that will help you answer this question. Both participants are serious thinkers about the investment process and are well-versed in behavioral finance.
Michael Moubousin is head of Global Financial Strategies at Credit Suisse. Barry Ritholz is CIO of Ritholz Wealth Management and a widely-published author.
The wide-ranging interview discusses luck and skill in investing, the roles of process versus outcome, seeking an edge, understanding the role of time, the paradox of skill, how to manage your luck, and other topics with a number of interesting examples bearing on the process of investing.
Taking the time to listen to this interview will make you a smarter investor.
If you are seeking investment help, look at the video here on my services. If you are seeking a different approach to managing your assets, you have landed at the right spot. I am a fee-only advisor registered in the State of Maryland, charge less than half the going rate for investment management, and seek to teach individuals how to manage their own assets using low-cost indexed exchange traded funds. Please call or email me if interested in further details. My website is at http://www.rwinvestmentstrategies.com. If you are new to investing, take a look at the "DIY Investor Newbie" posts here by typing "newbie" in the search box above to the left. These take you through the basics of what you need to know in getting started on doing your own investing.