In this episode of Two Quants and a Financial Planner, we dive deep into the investing wisdom of Michael Mauboussin, one of the most respected thinkers in finance. We revisit our interview with Michael and distill 10 key lessons that are still incredibly relevant for investors today.
We explore crucial concepts like:
The difference between investing and speculating
Understanding expectations investing
Why fundamentals still matter, even in today's market
The paradox of skill in investing
How to properly use multiples in valuation
The challenges of active management in an increasingly passive world
The usefulness (and limitations) of market forecasts
The importance of base rates in decision making
We hope you enjoy the discussion.
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