Michael Mauboussin began his career at Drexel Burnham Lambert in the 1980s through what he describes as a random stroke of good luck. He worked closely with Bill Miller, former chairman of Legg Mason Capital Management, and is now head of global financial strategies at Credit Suisse.

The role of luck and randomness in the investing process has fascinated Mauboussin for years. Some of his earlier work looked at problems of cognitive bias and why investors find it so difficult to change their minds, even when presented with overwhelming evidence of error and failure. He is the author of numerous books, most recently "The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing." You can listen to the full interview with Mauboussin here or download an MP3 of the podcast here.

This is the fourth episode in our new series "Masters in Business" that I've created with Bloomberg Radio and Bloomberg View. You can listen to the show on Bloomberg AM on weekends and nationally on Sirius XM channel 119. Next week I'll speak with Jack Brennan, former Vanguard chief executive officer and current chairman emeritus.

To contact the author of this article: Barry Ritholtz at britholtz3@bloomberg.net.

To contact the editor responsible for this article: Kirsten Salyer at ksalyer@bloomberg.net.