If X = Skill + Luck, with Skill and Luck both random variables, then selecting max(X) will get you something that has high Skill and high Luck.
If Estimate = TrueVal + Error, then max(Estimate) will have both high TrueVal and high Error.
This obvious insight has many applications, especially when the selection is done over a very large number of entities, e.g. trying to emulate the habits of billionaires in order to become rich.
If X = Skill + Luck, with Skill and Luck both random variables, then selecting max(X) will get you something that has high Skill and high Luck.
If Estimate = TrueVal + Error, then max(Estimate) will have both high TrueVal and high Error.
This obvious insight has many applications, especially when the selection is done over a very large number of entities, e.g. trying to emulate the habits of billionaires in order to become rich.