Shows
ValueLettersCompetitive Advantage Period CAP Michael J. Mauboussin 1997This extended audio edition explores key insights from a foundational research paper on the Competitive Advantage Period CAP, a critical yet frequently overlooked driver of long term corporate valuation and shareholder returns.The research challenges the traditional reliance on accounting metrics and short term financial ratios, arguing that they fail to explain why certain companies generate exceptional value over time. Instead, CAP focuses on the duration for which a company can sustain returns on invested capital above its cost of capital, identifying the length of excess returns as the true economic engine behind valuation.By shifting attention from near...
2025-12-2334 minValueLettersProbabilities and Payoffs: Michael Mauboussin and Dan CallahanThis extended audio edition presents a detailed exploration of the February 2025 article by Michael J. Mauboussin and Dan Callahan, CFA, focusing on the central role of expected value in investment decision making. The episode explains why understanding both probabilities and payoffs is essential for long term success, highlighting the distinction between the observable price of a security and its far more complex underlying value.Key concepts include the Babe Ruth effect, which illustrates how the magnitude of gains can outweigh the frequency of losses; the impact of behavioral challenges such as loss aversion, overprecision, and confirmation bias; and the...
2025-12-1640 minValueLettersMichael Mauboussin Insights on Investment Strategy and Market BehaviorThis extended audio edition explores selected excerpts from Legg Mason Capital Management, featuring interviews and research papers by Michael Mauboussin. The material offers a deep examination of investment strategy, market behavior, and decision making, emphasizing the importance of a disciplined process in probabilistic environments where short term outcomes can be misleading.The episode expands on core ideas such as expectations investing, which identifies mispriced opportunities by comparing a company’s fundamentals with the market’s implied expectations. It also covers the long established phenomenon of mean reversion in corporate performance and investor returns, along with Mauboussin’s work on decisi...
2025-12-1627 minValueLettersMauboussin on Corporate Cash Holdings Trends InsightsThis extended audio edition explores the August 2025 research report by Michael J. Mauboussin and Dan Callahan, CFA, offering a deeper and more detailed examination of the long term rise in corporate cash holdings among U.S. public companies. Compared with the standard episode, this audio version expands on the underlying data, theory, and structural forces shaping modern corporate balance sheets.The discussion explains why cash as a share of total assets has increased sharply since 2000, tracing the shift to the growing dominance of intangible assets such as research and development, software, and intellectual property. Because these assets provide limited...
2025-12-1537 minValueLettersCapital Allocation- Mauboussin, November 2025This episode explores key insights from the report Capital Allocation (Published Nov 05 2025) by Michael J. Mauboussin and Dan Callahan, CFA, examining how effective capital allocation drives long-term shareholder value. The authors argue that capital allocation, the most critical responsibility of any CEO, is often poorly executed due to unclear decision frameworks or misaligned incentives. Drawing on data from 1970 to 2024, the report provides a comprehensive analysis of how companies deploy capital through mergers and acquisitions, investments in tangible and intangible assets, dividends, and share repurchases.The framework highlights how investors and analysts can assess management’s capital allocation sk...
2025-11-1206 min
ValueLettersCapital Allocation: Assessing Management’s Skills by Mauboussin, November 2025This episode explores key insights from the report Capital Allocation (Published Nov 05 2025) by Michael J. Mauboussin and Dan Callahan, CFA, examining how effective capital allocation drives long-term shareholder value. The authors argue that capital allocation, the most critical responsibility of any CEO, is often poorly executed due to unclear decision frameworks or misaligned incentives. Drawing on data from 1970 to 2024, the report provides a comprehensive analysis of how companies deploy capital through mergers and acquisitions, investments in tangible and intangible assets, dividends, and share repurchases.The framework highlights how investors and analysts can assess management’s capital allocation sk...
2025-11-1049 min
Excess ReturnsThe Most Powerful Investing Tool You Aren’t Using | Four Lessons from Michael MauboussinFollow us on Substackhttps://excessreturnspod.substack.comIn this episode, we kick off our book project, The Most Important Investing Lesson: What the World’s Best Investors Would Teach You, with a deep dive into the ideas of Michael Mauboussin. We explore his most enduring lessons—concepts that have reshaped how we think about investing, decision making, and life. From base rates to expectations investing, we unpack how Mauboussin’s frameworks can help investors build better models of the world and make more rational, probabilistic decisions.Main topics covered:Why...
2025-11-0947 min
Two Quants and a Financial PlannerThe Most Underutilized Concept in Investing | Four Lessons from Michael MauboussinIn this episode, we kick off our book project, "The Most Important Investing Lesson: What the World’s Best Investors Would Teach You", with a deep dive into the ideas of Michael Mauboussin. We explore his most enduring lessons—concepts that have reshaped how we think about investing, decision making, and life. From base rates to expectations investing, we unpack how Mauboussin’s frameworks can help investors build better models of the world and make more rational, probabilistic decisions.Main topics covered:Why base rates are the most underused yet powerful tool in investing and life
2025-11-0846 min
Skippy and Doogles Talk InvestingMichael Mauboussin, PE Ratios & The Art of Future ValueWhat do Apple and a Southern California utility have in common? In 2013, they traded at the exact same PE ratio — and Michael Mauboussin’s framework explains why. Skippy & Doogles break down the steady-state vs. future value equation, revisit the Apple vs. Edison International case, and pull fresh insights from Mauboussin’s recent conversation with investing legend Seth Klarman. Packed with valuation wisdom, brain-breaking math, and practical takeaways for today’s market.Join the Skippy and Doogles fan club. You can also get more details about the show at skippydoogles.com, show notes on our Substack, and send comments...
2025-08-1133 min
Create More ValueMichael Mauboussin on valuation, capital allocation, and competitive advantageValuation virtuoso, Michael Mauboussin, joins us to explore the core drivers of long-term value creation. We explore how valuation multiples are often misleading, why the rise of intangible assets requires new valuation frameworks, and how investors and corporate managers alike can better evaluate strategy and competitive advantage. We cover practical frameworks on capital allocation, sustainable competitive advantage, and why truly understanding economic fundamentals is key to avoiding “value traps.” This episode is a must-listen for finance professionals, executives, and serious investors. Michael is Head of Consilient Research at Counterpoint Global, a Morgan Stanley Investment Management fund and a finance prof...
2025-06-2442 min
InderesInderesin Kirjakerho: Expectations Investing – Michael J. Mauboussin, Alfred RappaportTässä Kirjakerhon jaksossa Sara ja Frans-Mikael käsittelevät Michael J. Mauboussinin ja Alfred Rappaportin kirjoittamaa Expectations Investing-teosta, joka käsittelee saman nimistä sijoitusprosessia. Kyseessä on vaihtoehtoinen prosessi osakekurssin ja arvon välisten erojen tunnistamiseen, jossa sen sijaan, että sijoittajat ennustaisivat kassavirtoja, heidän tulisi aloittaa arvioimalla, millaisia odotuksia yhtiön osakekurssiin on jo hinnoiteltu. Aiheet:00:00 Intro03:26 Kirjan ja kirjailijan esittely05:29 Frans-Mikael sijoituskirjojen lukijana10:22 Miten päädyit lukemaan Expectations Investing-kirjan?13:24 Expectations Investing-prosessi17:36 3 mieleen painuneinta asiaa kirjasta25:30 Jäikö kirjasta käteen konkreettisia työkaluja, joita hyödyntää omassa sijoi...
2025-04-2258 min
Generating Alpha PodcastEpisode 9: Michael Mauboussin - Head of Consilient Research at Counterpoint GlobalToday, we had the privilege of speaking with Michael Mauboussin, one of the most respected minds in value investing. With a career spanning decades in finance, Michael has been at the forefront of applying behavioral science, probability, and market efficiency to investment strategy.Michael began his career after earning his degree from Georgetown University, later becoming a longtime Chief Investment Strategist at Legg Mason Capital Management. He has since held senior roles at Credit Suisse and Morgan Stanley, where he has shaped investment thinking with his deep research into expected value, skill vs. luck...
2025-02-2545 min
The Rational Reminder PodcastMichael Mauboussin: The One Job of an Equity InvestorWhat if the key to successful investing is about understanding how market expectations, intangible assets, and even your own biases shape the outcome? In this episode, Cameron sits down with Michael Mauboussin, a renowned expert in investment strategies and behavioural finance, to explore how the evolving dynamics of investing influence valuation, investor decision-making, and market efficiency. Michael is the head of Consilient Research at Counterpoint Global, part of Morgan Stanley Investment Management, and an adjunct professor at Columbia Business School, where he teaches courses on investing and decision-making. His work focuses on behavioural biases, skill versus luck, complex adaptive...
2025-02-131h 04
JuJu Talks成功與運氣, 解構商業,運動與投資,預測成功的決策智慧, The Success Equation, 麥可.莫布新 (Michael J. Mauboussin)成功與運氣, 解構商業,運動與投資,預測成功的決策智慧, The Success Equation, 麥可.莫布新 (Michael J. Mauboussin) 在成功的公式中，你認為運氣占了多少比例呢？作者用簡單易懂的統計分析，解釋了能力和運氣在不同情況下對成功的影響。讓我們翻開這本書，看看如何判斷何時應該努力，何時應該抓住運氣。最終目的是要明白，在做決策時如何面對運氣。 Powered by Firstory Hosting
2024-10-1312 minTwo Quants and a Financial PlannerPractical Lessons from Michael MauboussinIn 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...
2024-09-231h 01
The Meb Faber Show - Better InvestingMichael Mauboussin on Market Concentration, Capital Allocation & Attributes of Great Investors | #545Today’s guest is Michael Mauboussin, Head of Consilient Research at Counterpoint Global, a $70 billion equity manager. In today’s episode, Michael covers some of his latest research on market concentration, equity issuance and stock buybacks, and how the boom and bust cycle relates to AI today. He also shares some common attributes among great investors, lessons from Elon Musk & Tesla, and more.(1:31) Guest Introduction: Michael Mauboussin(2:41) Capital allocation and stock-based compensation(9:58) Trivia question on the top performing stock(15:56) Market concentration(23:13) Moder...
2024-09-1059 min
The Intrinsic Value Podcast - The Investor’s Podcast NetworkMI364: Lessons From Michael Mauboussin w/ Shawn O'MalleyIn today’s episode, Shawn O’Malley (@Shawn_OMalley_) shares his favorite insights from Michael Mauboussin’s excellent book, More Than You Know.You’ll learn how the stock market is like a complex adaptive system, the importance of having a clear investment philosophy, the psychology of investing, how innovation and competition affect stock returns, how Mauboussin uses complexity theory as an investor, plus so much more!IN THIS EPISODE, YOU’LL LEARN00:00 - Intro02:00 - Why multi-disciplinary thinking matters so much to investors03:55 - What a good inv...
2024-08-1253 min
Risk Parity RadioEpisode 359: Portfolio Analyzers, The Logo, The Website, Best In Class ETFs And Portfolio Reviews As Of August 9, 2024In this episode we answer emails from Frank, Michael and Aaron. We discuss four good portfolio analyzer tools, the hidden meanings in the Risk Parity Radio logo, the deficiencies of the website and where to find good international funds to use for portfolio construction.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Father McKenna Center Donation Page -- Remember to mention "The Financial Quarterback match" in new donations: Donate - Father McKenna CenterPortfolio Vi...
2024-08-1137 min
The Best Investment WritingMichael Mauboussin, Counterpoint Global – Everything Is a DCF ModelToday's episode features Michael Mauboussin reading Everything Is a DCF Model. Michael Mauboussin is Head of Consilient Research of Counterpoint Global at Morgan Stanley Investment Management.-----The Best Investment Writing features top research pieces shared via The Idea Farm e-mail newsletter. Subscribe so you get these sent to you each week.-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing li...
2024-08-1028 min
Scaling Theory#7 – Michael Mauboussin: The Fascinating World of Increasing ReturnsMy guest today is Michael Mauboussin (@mjmauboussin), one of the world’s leading experts in finance. Michael serves as Head of Consilient Research at Counterpoint Global, Morgan Stanley. He has authored three books and regularly appears in the Wall Street Journal, Financial Times, New York Times, and other publications. Since 1993, Michael has been an adjunct professor of finance at Columbia Business School and is also the chairman emeritus of the board of trustees at the Santa Fe Institute.
In our conversation, we delve into the dynamics of markets, discuss all sorts of increasing returns, and explore topics su...
2024-07-1547 min
The Investors First PodcastMichael Mauboussin – Market Concentration, Buybacks & Luck vs. SkillIn this episode, we have the pleasure of hosting Michael Mauboussin, Michael is a highly respected figure in finance, celebrated for his deep insights into decision-making, behavioral economics, and investing. Michael is currently the Head of Consilient Research at Counterpoint Global (part of Morgan Stanley Investment Management). He also serves as an adjunct professor of finance teaching Security Analysis at Columbia Business School (since 1993), teaching essentially the same class that Ben Graham started teaching in 1920. Michael is chairman emeritus of the board of trustees of the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory. M...
2024-07-111h 05
Podcast Notes Playlist: StartupBill Gurley & Michael Mauboussin - Putting Theory into PracticeInvest Like the Best
Key Takeaways The question to consider: Does AI help the strong get stronger, or does AI allow for new businesses to emerge and disrupt the incumbents? The top five technology companies are spending 2x on capital expenditure than the top five energy companies Companies should strive to increase the consumer’s willingness to pay“Regulation is the friend of the incumbent.” – Bill Gurley Venture capital is one of the few asset classes that has high persistence: the past winners tend to be future winnersDevelop a framework that allows you to benefit from the group dy...
2024-04-291h 32Invest Like the Best with Patrick O'ShaughnessyBill Gurley & Michael Mauboussin - Putting Theory into PracticeMy guests today are Bill Gurley and Michael Mauboussin. Bill is a General Partner at Benchmark, and Michael is the Head of Consilient Research for Counterpoint Global. While they are longtime friends with one another, I’d never heard them appear somewhere together so it was a real treat to be able to do this with the two of them. They are two of the leading minds in their fields, and we combined their decades of expertise into one wide-ranging conversation. We discuss the different kinds of increasing returns to scale, the issue of regulatory capture, AI, and hardware. Pl...
2024-04-231h 33
The Investing for Beginners Podcast - Your Path to Financial FreedomIFB339: Applying Base Rates to Stock Picks: Insights from Michael Mauboussin's ExpertiseAndrew: Welcome to episode 339 of The Investing For Beginners Podcast. I’m Andrew.Dave: And I'm Dave. Today we are examining the crucial interplay between market expectations and the evolution of companies, underscored by recent executive changes at Disney.Andrew: Our focus extends to the practical applicability of base rates in valuation—a method for investors to ground their growth expectations in reality, inspired by the meticulous research of Michael Mobison.Dave: We will delve into the pivotal metrics, such as CFROI, that savvy investors should monitor to judge a company's reinvestment efficiency and...
2024-03-2546 min
How I WriteMichael Mauboussin: How To Find Your Edge As A WriterPerhaps the best-kept secret of any writer is the ability to find inspiration in unconventional places. And that’s Michael Mauboussin in a nutshell. Investing, business, reading, writing, luck, skill — name a topic he’s passionate about, and he’s found a way to make money from it in his writing. How? By subverting “The Curse of Knowledge.” With his decades-long career on Wall Street, you’d think that reading Michael’s work would be like trying to learn Latin on the fly. But the opposite is true. “I put my arm around the reader, and we ga...
2024-03-061h 07
Capital Allocators – Inside the Institutional Investment IndustryMichael Mauboussin - Pattern Recognition and Public MarketsMichael Mauboussin is the Head of Consilient Research at Counterpoint Global, a $70 billion equity manager. Michael is renowned for his ability to articulate important investment concepts backed by academic research. His first of three prior conversations on the show is replayed in the feed. You can find the rest at capitalallocators.com. Our conversation explores Michael's most recent piece on pattern recognition, including when it works and when it doesn't. We then transition to discussing the changing nature of public markets, inspired by another of Michael's recent research reports entitled Birth, Death, and Wealth Creation.
2024-02-1949 minCapital Allocators – Inside the Institutional Investment Industry[REPLAY] Michael Mauboussin – Active Challenges, Rational Decisions and Team DynamicsMichael Mauboussin currently is the Director of Research at BlueMountain Capital, a multi-billion dollar hedge fund and asset manager. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at Credit Suisse and nearly a decade alongside Bill Miller at Legg Mason. Michael has been an Adjust Professor at Columbia Business School for 24 years. Our conversation covers Michael's early career, the paradox of skill, academic research more favorable to active management, decision-making, optimal size and composition of teams, unsettling features in the market, data analysis in...
2024-02-191h 11
Masters in BusinessAt the Money: Contrarian InvestingIs contrarian investing a solid strategy, or a fool's errand? In this episode, Barry Ritholtz discusses the issue with Michael J. Mauboussin. Mauboussin is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. Previously, he was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management.See omnystudio.com/listener for privacy information.
2024-01-0312 min
Masters in BusinessAt the Money: Investing Skill vs. LuckIs it better to be lucky or good? How much of a role does luck pay in investing? And how can you tell the difference between chance and skill? In this episode of At the Money, Barry Ritholtz discusses the issue with Michael J. Mauboussin. Mauboussin is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. Previously, he was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management.See omnystudio.com/listener for privacy information.
2023-12-0612 min
Money Maze PodcastWhy Do Companies Die? Value Creation in Public Equity Markets - With Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management.In his report ‘Birth, Death, and Wealth Creation’, Michael Mauboussin observes and then claims that corporations are surviving longer and winning more. This week, we welcome Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, to discuss the unique patterns of wealth creation in public equity markets. After explaining the similarities between ice hockey and investing, Michael discusses why corporate ‘death rate’ is higher than firms’ ‘birth rates. He describes why firms are increasingly choosing forgo IPOs, opting to stay private for longer. He also covers Hendrick Bessembinder’s theory of wealth destruct...
2023-11-2319 min
The Knowledge with David Elikwu59: Ergodicity and Decision-making with Luca DellannaDavid speaks with Luca Dellanna, a management advisor and author.Luca is the author of multiple books, including "Ergodicity" and "Best Practices for Operational Excellence".His work emphasizes the importance of understanding risk, maximizing longevity, and making high-quality decisions in various domains.They talked about:💡 The concept of ergodicity: Survival matters more than performance, and irreversible losses can absorb future gains.🚧 The importance of avoiding extremes: Finding a balance between extremes is crucial to minimize risks and maintain well-being.📊 Optimise for average: Consistently being average over time can lead...
2023-06-151h 03
Read & RepeatEP43 The Success Equation by Michael MauboussinMichael Mauboussin’s book “The Success Equation” walks through how to distinguish skill from luck and its impact on everything from investing to sports. Mauboussin is the author of one of my favorite books of all time, Expectations Investing, and this one has similarly powerful insights. He teaches us how to develop skill through deliberate practice and how to overcome stronger opponents as an underdog. He also shares the counterintuitive paradox of skill, where as skill improves, luck becomes even MORE important, a framework affecting financial markets and sports leagues today. Lastly, Mauboussin shows us the value of persistence in ski...
2023-06-1355 min
Customer Confidential: Untold Stories of Earned GrowthEp. 215: Michael Mauboussin | Adjusting Your Aim: Forecast Better to Invest Better How can companies get revenue forecasting and value creation right? By slowing down. Michael Mauboussin, head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, and Rob Markey discuss the metrics and methods businesses can use to grow their long-term value. Make sure to listen to part two. · Get your copy of Michael's book, Expectations Investing, here. ·
2023-06-0828 minCustomer Confidential: Untold Stories of Earned GrowthEp. 214: Michael Mauboussin | Beating Expectations: The Impact of Loyalty on Corporate Valuations Investing in customer happiness can be the surest way to high Net Promoter Scores. But how do you accomplish that while maintaining a healthy business? Michael Mauboussin, head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, and Rob Markey discuss how expectations investing impacts valuations and business growth. The two also share insights on how companies can build a long-term investment strategy that can withstand changes in the market while attracting and retaining loyal customers. Get your copy of Michael's book, Expectations Investing, here. If you'd like to learn more about M...
2023-05-2519 min
The Tim Ferriss Show#659: Michael Mauboussin — How Great Investors Make Decisions, Harnessing The Wisdom (vs. Madness) of Crowds, Lessons from Race Horses, and MoreBrought to you by Athletic Greens’s AG1 all-in-one nutritional supplement, House of Macadamias delicious and nutritious nuts, and Shopify global commerce platform providing tools to start, grow, market, and manage a retail business. Michael Mauboussin (@mjmauboussin) is Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management.Prior to joining Counterpoint Global, Michael was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management. Michael originally joined Credit Suisse in 1992 as a packaged food industry analyst and was named Chief U...
2023-03-032h 03Risk Parity RadioEpisode 238: CAPE Crusading, NEWMAN! And Portfolio Reviews As Of January 27, 2023In this episode we answer emails from Justin and Arun. We discuss the last decade of history of the failed use of CAPE ratios as a crystal ball and the general problems with those approaches, and the inherent limitations and problems with using the personal finance recommendations of theoretical economists.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:CAPE Ratios Article:
2023-01-2936 min
RiskReversal PodThe Bad News Bears & A Conversation Michael MauboussinGuy Adami and Danny Moses discuss SBF’s $250 million bail and David Teper’s bearish outlook going into 2023 (5:15). The Bank of Japan shook markets on Tuesday, what do we make of the dollar/yen trade (8:40)? Central bankers continue to take action, should we be buying gold as a hedge (10:30)? Micron will cut 10% of its workforce due to a lack of demand for computer chips, will the tech downturn leak into 2024 (14:15)? The Tesla sell-off continues, could we see a Friday Night Dirty? (19:35). CarMax is putting a hold on stock buy backs, citing a “used-vehicle recession” (24:45). The OG meme stock AMC is ticki...
2022-12-231h 13
Invest Like the Best with Patrick O'ShaughnessyMichael Mauboussin - Sharpening Investor & Executive ToolkitsMy guest this week is Michael Mauboussin. Many of you will know Michael and his work well. He’s Head of Consilient Research at Counterpoint Global, one of the sharpest investment minds I know, and a frequent guest on this show. In this discussion, we go deep into his recent work on market share, returns on capital, and capital allocation - all of which are coming under increasing scrutiny for different reasons. Please enjoy this great conversation with my friend Michael Mauboussin. Listen to Founders podcast Founders Episode #136 A Success Story: Este...
2022-12-201h 08
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch20VC: Michael Mauboussin on Good vs Bad Investment Decision-Making Processes, How To Improve Your Process, How To Know When it Needs Improving and The Single Biggest Mistakes People Make In Their Decision-Making Process Michael Mauboussin is Head of Consilient Research at Counterpoint Global. Previously, he was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management. He is also the author of three incredible books, including More Than You Know: Finding Financial Wisdom in Unconventional Places, named in The 100 Best Business Books of All Time by 800-CEO-Read. Michael has taught at Columbia Business School since 1993 and received the Dean's Award for Teaching Excellence in 2009 and 2016. In Today's Episode with Michael Mauboussin We Discuss:
2022-11-0449 minRisk Parity RadioEpisode 206: Mauboussin, Cowbell and Bogle, Oh My!In this episode we answer questions from MyContactInfo, Wesley and Adam. In a tour de force presentation, we discuss Michael Mauboussin's book, "The Success Equation: Untangling Skill and Luck in Business, Sports and Investing", the implications of an all small-cap value portfolio and applying the ideas of Bruce Lee and Emerson to Jack Bogle's "Common Sense Investing". And we also take a frolic and detour into the Twilight Zone.Links:CFA Institute Book Review the The Success Equation: The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing (a review) (cfainstitute.org)...
2022-09-2134 min
Explore Your Day With A Soul-Stirring Full Audiobook.Expectations Investing by Michael J. Mauboussin, Alfred RappaportPlease visithttps://thebookvoice.com/podcasts/2/audible/154941to listen full audiobooks.
Title: Expectations Investing
Author: Michael J. Mauboussin, Alfred Rappaport
Narrator: Steve Routman
Format: mp3
Length: 6 hrs and 59 mins
Release date: 09-20-22
Ratings: 4.5 out of 5 stars, 12 ratings
Genres: Analysis & Strategy
Publisher's Summary:
Expectations Investing offers a unique and powerful alternative for identifying value-price gaps. Rappaport and Mauboussin provide everything the listener needs to utilize the discounted cash flow model successfully. And they add an important twist: They suggest that rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price.
2022-09-206h 59
Frederik Journals🎙Audio Repost: Reflections on the Investing Process with Michael MauboussinYou can listen to this conversation on Spotify, Apple, anchor (and via RSS) or find a full transcript at Compound.“This is the nature of what we do. It's the intersection of business and people and psychology and sociology and numbers. There's a lot of stuff that's always going on that makes sure you never have the game beat, never.”This past June I had the opportunity to interview Michael Mauboussin. I tremendously enjoyed this conversation and I believe it captures Michael’s deep curiosity and passion about investing, business, the research process, and be...
2022-09-131h 10
The Meb Faber Show - Better InvestingMichael Mauboussin, Counterpoint Global – Everything Is a DCF Model (The Best Investment Writing Volume 6)Today’s episode features Michael Mauboussin reading his piece, Everything Is a DCF Model. Michael is Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management. He joined Morgan Stanley in 2020 and has 33 years of investment experience.The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week.Check out the past series of The Best Investment Writing below:Volume 5 Volume 4 Volume 3Volume 2Vo...
2022-08-0528 min
What Got You There with Sean DeLaneyMichael Mauboussin- Frameworks for Better Decision Making, Learning & InvestingMichael Mauboussin is the author of The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, Think Twice: Harnessing the Power of Counterintuition, and More Than You Know: Finding Financial Wisdom in Unconventional Places. Michael is currently Head of Consilient Research at Counterpoint Global. Michael has also held roles as Director of Research at BlueMountain Capital Management, he was a Managing Director and Head of Global Financial Strategies at Credit Suisse, and he was Chief Investment Strategist at Legg Mason Capital Management. Mr. Mauboussin has been an adjunct professor of finance at Columbia B...
2022-07-171h 14
Investment UncutS3 Ep. 41 Multiples are not valuation with Michael MauboussinThis week we’re speaking to Michael Mauboussin. Michael is head of consilient research at Counterpoint Global, as well as a prolific author and professor at Columbia Business School. We discuss the basics of security valuation, why using simple multiples is not valuation, how intangibles have reshaped valuation, market efficiency, good losses vs bad losses, and a framework for understanding sources of inefficiency. This episode is packed with insight and investing goodies which I am sure all listeners will value!
2022-07-0653 min
This Week in Intelligent InvestingMichael Mauboussin’s ”Man Overboard Moment” and Sector RotationIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the "man overboard moment" Michael Mauboussin wrote about in a 2015 white paper entitled, "Managing the Man Overboard Moment." We also talk about the concept of "sector rotation."
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific i...
2022-06-0544 min
Prime TalksEp. 22 Michael Mauboussin | Navigating Today's MarketsMichael Mauboussin, Head of Consilient Research of Counterpoint Global and Morgan Stanley, shares some useful decision-making frameworks and the paradox of skill vs. luck. Recorded on November 24, 2021.This episode is from our Lunches with Legends™ virtual investor series. To view our upcoming event schedule, visit www.primequadrant.com/eventsBe the first to find out about our latest events by following us on LinkedIn or subscribing to our mailing list.All opinions expressed by participants in the video are solely their own, do not reflect the opinion of Prime Quadrant or its affiliates an...
2022-03-291h 03
The Disruptive Voice89. Expectations Investing & More: A Conversation with Michael Mauboussin and Matt ChristensenMichael Mauboussin and Matt Christensen’s paths first crossed over two decades ago, just before the first edition of Expectations Investing: Reading Stock Prices for Better Returns, co-authored by Michael and Alfred Rappaport, was published. In this episode, Michael and Matt discuss the revised and updated edition of the book, which came out in 2021 and reflects the many changes that have occurred in the business landscape over the last twenty years, along with a number of related topics. From capital markets to metrics; from team building to cognitive diversity; from the ramifications of game theory to consilience; and from disruption as...
2022-03-2243 min
We Study Billionaires - The Investor’s Podcast NetworkTIP421: Expectations Investing w/ Michael MauboussinTrey Lockerbie chats with a very special guest and that is investing legend Michael Mauboussin. Michael is the Head of Consilient Research at Counterpoint Global. He is also the author of three books as well as an adjunct professor at Columbia Business School, where he’s been teaching the Security Analysis course for 30 years. IN THIS EPISODE, YOU’LL LEARN:
01:52 - Michael's early career working under the tutelage of Bill Miller.
06:08 - His introduction to the Santa Fe Institute and how it shaped his investing style.
15:49 - The 3 steps of what Michael calls Expec...
2022-02-111h 05
The Long ViewMichael Mauboussin: Finding Easy GamesOur guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in January 2020, Michael was director of research at BlueMountain Capital Management and prior to that held research leadership roles at Credit Suisse and Legg Mason Capital Management. Michael is the author of three books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also coauthor with Alfred Rappaport of Expectations Investing: Reading Stock Prices for Better Returns. He has been an adjunct professor of finance at Columbia Business School since 1993 and is...
2022-01-2554 minThis Week in Intelligent InvestingSPECIAL: Michael Mauboussin and Saurabh Madaan on Expectations InvestingSaurabh Madaan, Managing Member of Manveen Asset Management, and Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, joined members for a fireside chat at Latticework on December 15, 2021.
Saurabh and Michael explored the topic, “Expectations Investing as Applied to Growth Businesses”. Michael is co-author with Al Rappaport of the revised and updated edition of Expectations Investing: Reading Stock Prices for Better Returns.
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor an...
2022-01-041h 06
Excess Returns10 Lessons From Our 5 Most Popular Podcasts of 2021 - Rob Arnott, Michael Mauboussin, Ben Inker, Cullen Roche, Tobias CarlisleOur goal when we started the Excess Returns podcast was to hopefully use the platform to help educate investors, and to learn ourselves in the process. Initially, we didn’t have outside guests on the podcast, but it quickly became evident that bringing in voices other than our own would significantly help us in achieving our goal. Starting with our first interview in 2020 with Tobias Carlisle up until our most recent one with Dave Wright from Sierra Investment Management, we have tried to put together the best group of guests we could with the goal of learning what has ma...
2022-01-0250 minExcess ReturnsMichael Mauboussin on Valuation, Base Rates and Expectations InvestingMichael Mauboussin is one of the most insightful long-term thinkers in the investing world. For decades, his research has taken deep dives into markets, valuation and how we can all become better long-term investors. He is currently Head of Consilient Research at Counterpoint Global.
We talk to Michael about a wide range of topics, including factor investing, the dangers of simple valuation multiples, the importance of intangible assets, the proper application of base rates and the process of expectations investing.
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is...
2021-12-1958 min
Masters in BusinessMichael Mauboussin on How to Read Stock Prices (Podcast)Bloomberg Opinion columnist Barry Ritholtz speaks with Michael Mauboussin, who is head of consilient research at Morgan Stanley Investment Management's Counterpoint Global and co-author of the recently revised and updated book "Expectations Investing: Reading Stock Prices for Better Returns." Mauboussin joined Morgan Stanley in 2020 and has more than three decades of experience. He previously served as director of research at BlueMountain Capital Management, head of global financial strategies at Credit Suisse, and chief investment strategist at Legg Mason Capital Management. He is also an adjunct professor of finance at Columbia Business School and chairman of the board of trustees...
2021-12-171h 30This Week in Intelligent InvestingMichael Mauboussin‘s Expectations Investing | The Right Amount of LyingIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the new edition of Michael Mauboussin's book, Expectations Investing; and (ii) the "right" amount of lying -- prompted by Rohit Krishnan's essay, "How Much Should You Lie?"
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security s...
2021-12-1255 min
Investing by the Books#10 Michael Mauboussin: Expectations InvestingMichael Mauboussin is a thought-leader on decision-making, the role of complexity in markets, and most topics related to investing. His latest contribution to the investor community is the updated version of "Expectations Investing", published in 2021. To us, the book is a must-read and our conversation with Michael is both an introduction to the big concepts as well as an in-depth exploration into the art of valuing stocks.For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Mauboussin & Expectations Investing(04:05) Michael’s motivation to educate (05:35) Readi...
2021-11-301h 42
FEI PodcastYour Cash Flows Don't Make Any SenseWhen it comes to public company disclosures, the statement of cash flows does not receive a great amount of attention. Seemingly a straightforward accounting of a company’s cash position, many preparers and investors spend more time debating the makeup of the balance sheet or income statement.
But for Counterpoint Global’s Michael Mauboussin, anyone that treats the cash flow statement as an “afterthought” is making a mistake. In his new research piece titled “Categorizing for Clarity”, he argues that the cash flow statement needs to be completely overhauled to keep pace with the ways that companies absorb and p...
2021-11-1035 min
AcquiredMichael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot MoreWe sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! Sponsors:WorkOS: https://bit.l...
2021-10-051h 25The Long ViewTadas Viskanta: Luck Plays a Big Role in InvestingOur guest on the podcast today is Tadas Viskanta. Tadas is the director of investor education at Ritholtz Wealth Management. He's also the founder and editor of the popular financial and investing blog Abnormal Returns, which he launched in 2005. Tadas is the author of the book Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere and has coauthored a number of papers that have appeared in esteemed academic publications like the Financial Analysts Journal. Tadas earned his bachelor's degree in economics and political science from Indiana University and his MBA from the University of Chicago Booth School...
2021-10-0546 min
Wall Street Vision Investment Podcast26. Are You a Good Investor, or Just Lucky? Luck vs Skill in Investing and Lessons From Michael MauboussinIn investing it’s really important to separate out luck vs skill. Luck is fleeting, but skill is where investors can get better investment performance over time. Michael Mauboussin wrote a great book on the topic called “The Success Equation”.
In this week’s episode we cover a few takeaways from the book and we discuss how investors can shift from relying on luck to using skill. We also discuss the importance of having good decision-making, and that bad results don’t always mean a flawed decision-making process.
Sources:
https://www.amazon.com/Success-Eq...
2021-08-0917 min
Low Rates High ReturnsThe Ten Best Books mini-series #4: Mauboussin and MoriartyIn this episode Pete and Steve choose the next two books in their top 10 investment books.This week their selections are:1. Michael Mauboussin - The Success Equation - Untangling Skill and Luck in Business, Sports, and Investing2. Pete Wargent and Steve Moriarty - Low Rates High Returns - Timeless Investment Principles the Low Risk WayOther books referenced:Bill Bryson - A Short History of Nearly EverythingThanks for listening!Download a free copy of our latest book, Total Money Management – How to escape the rat race and unlock your financial independence.www.gonextlevelwealth.com.au/podcastPete Wargentwww.petewargent.com/www.linkedin.co...
2021-07-1543 minCapital Allocators – Inside the Institutional Investment IndustryBONUS – Michael Mauboussin on the Decision Education PodcastI am excited to share the first episode of a new podcast called The Decision Education Podcast. It's the brainchild of the Alliance for Decision Education, a non-profit on whose Advisory Board I serve, whose mission is founded on the belief that better decisions lead to better lives and a better society. In the first season of the podcast, Dr. Joe Sweeney talks to experts and shares tips on all things related to decision making. Today's special episode is Joe's interview with Michael Mauboussin, entitled Base Rates and Bees. Please enjoy this introduction to The De...
2021-02-0442 min
The Decision Education PodcastEpisode 001: Base Rates and Bees with Michael MauboussinHow might our decision-making improve if we ask ourselves, “What happened when other people were in this situation before?” Michael Mauboussin, Head of Consilient Research at Counterpoint Global, joins your host Dr. Joe Sweeney, Executive Director of the Alliance for Decision Education, to discuss the importance of considering base rates and reference classes when making tough choices, the undervalued impact of keeping a decision journal, and the overlooked role of luck in the outcomes we observe. And when it comes to the choice between exploring and exploiting our resources, you’ll learn what ants and bees can teach us about...
2021-01-2741 min
Conversation SixAnnie Duke and Michael MauboussinAnnie Duke and Michael Mauboussin on how to improve the quality of your decisions.
2020-11-0906 min
Odd LotsMichael Mauboussin On Valuing Intangible AssetsMeasuring a company's book value is a classic practice among investors seeking to understand how much a firm's actual assets are worth. But what happens when a firm's assets are not things like buildings, factories, and land, but intangible assets, such as intellectual property and brand value? How does that change the task of analyzing a company's intrinsic worth? On this episode, we speak with Michael Mauboussin, Head of Consilient Research at Counterpoint Global (part of Morgan Stanley) about valuing these assets, and how investors can use this information to get a better read on their investments....
2020-11-0542 min
Invest Like the Best with Patrick O'ShaughnessyMichael Mauboussin – Great Migration Public to Private EquityMy guest this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other fascinating topics like the rise of intangible asset investments, employee-based compensation as a form...
2020-09-011h 01
What Got You There with Sean DeLaney#203 Michael Mauboussin- Untangling Skill and Luck in Business, Sports, and InvestingMichael Mauboussin is the author of The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, Think Twice: Harnessing the Power of Counterintuition, and More Than You Know: Finding Financial Wisdom in Unconventional Places. Michael is currently Head of Consilient Research at Counterpoint Global. Michael has also held roles as Director of Research at BlueMountain Capital Management, he was a Managing Director and Head of Global Financial Strategies at Credit Suisse, and he was Chief Investment Strategist at Legg Mason Capital Management. Mr. Mauboussin has been an adjunct professor of finance at Columbia B...
2020-07-191h 12What Got You There with Sean DeLaneyMichael Mauboussin- Untangling Skill and Luck in Business, Sports, and InvestingMichael Mauboussin is the author of The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, Think Twice: Harnessing the Power of Counterintuition, and More Than You Know: Finding Financial Wisdom in Unconventional Places. Michael is currently Head of Consilient Research at Counterpoint Global. Michael has also held roles as Director of Research at BlueMountain Capital Management, he was a Managing Director and Head of Global Financial Strategies at Credit Suisse, and he was Chief Investment Strategist at Legg Mason Capital Management. Mr. Mauboussin has been an adjunct professor of finance at Columbia B...
2020-07-191h 12
Market Makers#141 Sommar Med Michael MauboussinSommarserien 2020 rullar på och denna vecka låter vi Michael Mauboussin guida oss till hur man blir en bättre investerare. Michael Mauboussin är en riktig legendar som undervisar inom finans på samma universitet som självaste Warren Buffett studerat vid. Han har även skrivit ett antal böcker om investeringar, bland annat More Than You Know som är vår utgångspunkt för veckans avsnittBoken som refereras till i podden:Thinking, Fast and Slow (av Daniel Kahneman)Twitter-tråd om att analysera sina investeringar:https://twitter.com/alden_niklas/sta...
2020-07-1635 min
Investors' ChronicleIC Interviews: Michael MauboussinFew financial experts speak with such authority about psychology in investing as Michael Mauboussin. He’s written the book on behavioural finance – literally, many times. In this interview, he and Algy Hall pick through the main discussion points of his latest research paper – ‘BIN there, done that’, which analyses the sources of mistakes people make when forecasting. Hosted on Acast. See acast.com/privacy for more information.
2020-07-1354 min
OutsideVoices with Mark BidwellIgnoring the siren call of sameness creates lasting value with Scott PageIn this episode, we are joined by Scott E. Page, a Professor of Complex Systems, Politcal Sciences, and Economics at the University of Michigan, Ann Arbor. Scott is an external faculty member at the Santa Fe Institute and is an author and speaker who has worked with Google, Bloomberg, Blackrock and NASA. Today, he discusses his book, The Diversity Bonus. What was covered Why diversity within teams must be based on cognitive differences and not solely differences in identity How the best problem-solvers and forecasters use several models and equations to assess the best strategy for...
2020-05-0951 minCapital Allocators – Inside the Institutional Investment IndustryMichael Mauboussin – Consilient Observations in a CrisisMichael Mauboussin is the Head of Consilient Research at Counterpoint Global and fortunately, a regular guest on the show. Michael is an astute researcher of behavior, decision-making and complex systems, and I reached out to him to get his reasoned temperature on the current climate. We discussed frameworks for making a good decision in turbulent markets, monitoring stress, assessing valuation, and determining where to look for opportunities. We then touch on Michael's current research and detour to our inevitable topic of sports. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or...
2020-03-2342 min
Value Investing with LegendsMichael Mauboussin – Investing in times of (the Coronavirus) CrisisToday's conversation is with Michael Mauboussin, Head of Consilient Research at Counterpoint Global. Before joining Counterpoint Global, Michael was the Director of Research at BlueMountain Capital Management in New York and previously the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. Michael has also authored several books and has been an adjunct professor of finance at Columbia Business School since 1993, where he is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. As of this recording, the university campus is quiet and empty, with classes...
2020-03-2353 minCapital Allocators – Inside the Institutional Investment Industry[REPLAY] Michael Mauboussin – Who's on the Other Side (Capital Allocators, EP.99)Michael Mauboussin is the well-known investment strategist currently plying his wares at Blue Mountain Capital. He joined me for the second time to discuss his new research entitled "Who's on the Other Side?" Our conversation dives into the work, discussing how investors can focus on process over outcome, the four types of investment edges, behavioral traits of single and group portfolio managers, portfolio position weighting, informational edges available from paying attention and complexity, the principal-agent issues that create cycles and opportunities during dislocations, the growth of private markets, and implementing his research. We close with a discussion...
2020-03-2355 minCapital Allocators – Inside the Institutional Investment Industry[REPLAY] Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)Michael Mauboussin currently is the Director of Research at BlueMountain Capital, a multi-billion dollar hedge fund and asset manager. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at Credit Suisse and nearly a decade alongside Bill Miller at Legg Mason. Michael has been an Adjust Professor at Columbia Business School for 24 years. Our conversation covers Michael's early career, the paradox of skill, academic research more favorable to active management, decision-making, optimal size and composition of teams, unsettling features in the market, data analysis in...
2020-03-231h 11
The Jim Rutt ShowEP29 Michael Mauboussin on The Success EquationMichael Mauboussin talks with Jim about his latest book, SFI, investment, using variance & complexity, luck & skill, bias, IQ vs RQ, forecasting, and more...
Michael Mauboussin, Director of Research at BlueMountain Capital Management, Author, and Adjunct Professor at Columbia University talks with Jim about how he came to be the Chairman of the Board at the Santa Fe Institute, his perspective on investing & its challenges, the Colonel Blotto game, using variance & complexity in game theory, defining luck & skill and their relative importance in several domains, outcome bias, the importance of understanding sample size, intelligence quotient (IQ) vs. rationality quotient (RQ), bad...
2019-12-031h 27
The Acquirers PodcastBig Decisions: Michael Mauboussin talks luck, skill, success, risk, mean reversion and the base rate to Tobias Carlisle on The Acquirers PodcastMichael J. Mauboussin is Director of Research at BlueMountain Capital Management. Prior to joining BlueMountain, he was Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. He is also the author of three books, including More Than You Know: Finding Financial Wisdom in Unconventional Places, named in the The 100 Best Business Books of All Time by 800-CEO-Read. Michael has been an adjunct professor of finance at Columbia Business School since 1993, and received the Dean's Award for Teaching Excellence in 2009 and 2016. He is also chairman of the board of trustees of the...
2019-10-1158 min
Value Investing with LegendsMichael Mauboussin - Overcoming Biases for Effective Decision-MakingToday's conversation is with one of the finest intellectual investors and academic at heart, Michael Mauboussin. Michael is the Director of Research at BlueMountain Capital Management in New York and was formerly the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. While rising to the top in his corporate career, Michael authored three books, including my favorite, More Than You Know: Finding Financial Wisdom in Unconventional Places, which was named one of the best business books by Businessweek and which features prominently in today's show. Michael has been...
2019-05-3156 min
Capital Allocators – Inside the Institutional Investment IndustryMichael Mauboussin – Who's on the Other SideMichael Mauboussin is the well-known investment strategist currently plying his wares at Blue Mountain Capital. He joined me for the second time to discuss his new research entitled "Who's on the Other Side?" Our conversation dives into the work, discussing how investors can focus on process over outcome, the four types of investment edges, behavioral traits of single and group portfolio managers, portfolio position weighting, informational edges available from paying attention and complexity, the principal-agent issues that create cycles and opportunities during dislocations, the growth of private markets, and implementing his research. We close with a discussion of...
2019-05-1355 min
Capital Allocators – Inside the Institutional Investment IndustryREPLAY - Michael Mauboussin – Active Challenges, Rational Decisions and Team DynamicsMichael Mauboussin currently is the Director of Research at BlueMountain Capital, a multi-billion dollar hedge fund and asset manager. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at Credit Suisse and nearly a decade alongside Bill Miller at Legg Mason. Michael has been an Adjust Professor at Columbia Business School for 24 years. Our conversation covers Michael's early career, the paradox of skill, academic research more favorable to active management, decision-making, optimal size and composition of teams, unsettling features in the market, data analysis in sp...
2019-05-131h 11
Michael Covel's Trend FollowingEp. 750: Eclectic Mega Episode with Michael Covel on Trend Following RadioEclectic Mega Episode with Michael Covel on Trend Following Radio featuring: William Poundstone Michael Mauboussin Charles Poliquin Steven Pinker
2019-04-0100 min
Invest Like the Best with Patrick O'ShaughnessyMichael Mauboussin – The Four Sources of AlphaMy guest this week for the third time is Michael Mauboussin. If there is a major question about markets and investing, Michael has usually written one of the best pieces of research on that topic. Today’s conversation is a mix of several of his research pieces, but focuses on the sources of alpha. The framing of the conversation is the brilliant question “who is on the other side” of a given trade. If you are buying, who is selling, and why? Knowing the answer to this question is one key to understanding where excess return comes from. As is usu...
2019-03-261h 09
Le Podcast de Thibaud EigleRésumé du livre More Than You Know de Michael Mauboussin (2/2)2ème partie du résumé du livre More Than You Know de Michael Mauboussin. More Than You Know de Michael Mauboussin a été sélectionné par le Cercle de Vinci dans le cadre de nos travaux de recherche et d’identification des modèles mentaux à maîtriser pour mieux comprendre le monde des affaires et de l’investissement.Le modèle mental identifié est la consilience - c’est-à-dire une approche multi-disciplinaire de la résolution de problèmes. Le thème du livre est une approche multi-disciplinaire du monde des affaires et de l’inves...
2019-03-041h 20Le Podcast de Thibaud EigleRésumé du livre More Than You Know de Michael MauboussinMore Than You Know de Michael Mauboussin a été sélectionné par le Cercle de Vinci dans le cadre de nos travaux de recherche et d’identification des modèles mentaux à maîtriser pour mieux comprendre le monde des affaires et de l’investissement.Le modèle mental identifié est la consilience - c’est-à-dire une approche multi-disciplinaire de la résolution de problèmes. Le thème du livre est une approche multi-disciplinaire du monde des affaires et de l’investissement qui doit permettre au lecteur de porter un regard plus réaliste sur l’économie...
2019-02-041h 05
The Knowledge Project#28 Michael Mauboussin: A Decision Making JediMichael Mauboussin returns for a fascinating encore interview on the Knowledge Project. We geek out on decision making, luck vs. skill, work life balance, and so much more. *** Michael Mauboussin is back as a returning guest on the Knowledge Project! He was actually the very first guest on the podcast when it was still very much an experiment. I enjoyed it so much, I decided to continue with the show. (If you missed his last interview, you can listen to it here, or if you’re a member of The Learning Community, you ca...
2018-01-231h 17