Robert Frank on the 'Myth of Meritocracy'

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
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This week on our Masters in Business podcast, we speak with Robert Frank, economics professor as Cornell University’s S.C. Johnson Graduate School of Management.

Frank, who was studying income inequality long before it became a topic of cocktail-party chatter, is perhaps best known for his 1995 book, "The Winner-Take-All Society." His latest book, "Success and Luck: Good Fortune and the Myth of Meritocracy," examines the tendency of people to underestimate the impact of chance -- and overestimate their own skills -- in terms of financial outcomes. The implications for investors are many and broad.

You can stream the full podcast below, or download it on Apple iTunes,Bloomberg, or SoundCloud. All of our earlier podcasts are at iTunesSoundcloud and Bloomberg.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

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

To contact the editor responsible for this story:
James Greiff at jgreiff@bloomberg.net