When it comes to the factors that lead to success, there’s a tendency in folks to discount the role of luck. We like to think we’re the complete masters of our fortune -- that we can control everything that happens to us and make our own luck. But by not giving luck its due, we actually prevent ourselves from effectively managing this force so we can experience success in the long run.
My guest today has written a book on the math of success, skill, and luck. His name is Michael Mauboussin and he’s the author of "The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing."