On investing, golf, skill and luck
21 May 2026
Every year millions of golf fans look forward with great anticipation to The Masters tournament played at the prestigious Augusta course in Georgia, USA. Held in mid-April 2026, this year’s winner was Rory McIlroy, who made history by becoming only the fourth player ever to clinch the title back-to-back. But the path to victory was not straight forward, with one shot determining the difference between winning and losing. When it comes down to it, is it luck or skill that determines the outcome, and how should investors think about the role of each?