I’ve ever seen a student who is delusional. When he gets right, he’ll claim that he’s smart and clever. Especially if he didn’t put in the effort compared to those ‘muggers’ who studied all day and night but scored worse than him. When he gets it wrong, he’ll blame circumstances (oh he’s sick, the paper is too hard, he’s studying for another subject etc). What I think is that he didn’t study at all, and it’s just luck that got him good results, or luck that got him bad results. Basically, it’s not consistent.

There are people like that when they participate in the stock market too. Except that they research deep into the company and bought it, and when the bullish market brings everything up, they mistook it for skill. These are the people whom you see screaming x% returns in y days. But when the market turns down, …