In this brief interview, Michael J. Mauboussin, author of The Success Equation, considers the continuum between luck and skill as it pertains to investing. He also shares his thoughts on the price/earnings multiple as a valuation tool, the hallmarks of an effective investment process, and how professional investors might mitigate some of the most common behavioral biases.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.