Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors all. Mauboussin mauboussin mens watch between tradition and. Michael mauboussin measuring the moat the most important thing to me is figuring out how big a moat there is around the business. Assessing the magnitude and sustainability of value creation. Mauboussin born february 1964 is head of consilient research at counterpoint global.
Harnessing the power of counterintuition and more more than you know. If you ask people to offer adjectives that they associate with good decision makers, words like intelligent and smart are generally at the top of the list. Michael porter says there are two generic ways to get a. More than you know is a lucid explanation of the exciting new developments in behavioral economics and cognitive science on the rationality and irrationality of peoples economic choices. Assessing the magnitude and sustainability of value creation sustainable value creation is of prime interest to investors who seek to anticipate expectations revisions. View michael mauboussins professional profile on linkedin. Buffett linda grant, striking out at wall street, u. Michael mauboussin active asset management invest like the best, ep. Harnessing the power of counterintuition, and the success equation. Sustainable value creation is of prime interest to investors who seek to anticipate expectations revisions. Michael mauboussin is director of research at bluemountain capital management.
Decision making under conditions of uncertainty cuts to the heart of the investment process. Finding financial wisdom in unconventional places is that we need an interdisciplinary toolkit to give us the diversity to make good decisions. Reflections on the ten attributes of great investors. Assessing the magnitude and sustainability of value creation sustainable value creation is of prime interest to investors who seek to anticipate. Prior to joining bluemountain in july of 2017, he was a managing director and head of global financial strategies at credit suisse. Here is his most recent piece untangling skill and luck how to think about outcomespast, present, and future pdf mauboussin also happens to be in my film broke note. You need diverse cognitive tools to deal with diverse problems. Harnessing the power of counterintuition paperback november 6, 2012 by michael j. Ideally, corporate managers try to allocate resources so as to generate. Mauboussin is a managing director and head of global financial strategies at credit suisse.
Credit suisses global financial strategies team has published an updated version of the report, measuring the moat. As evidenced by the two pdfs below, mauboussin continues to provide a unique perspective. Before rejoining credit suisse, he was chief investment strategist at legg mason capital management from 20042012. Michael mauboussin, chief investment strategist at legg mason and our first interview on the podcast, offers two simple techniques to improve the quality of your decision making. This website is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by sorfis investments, llc sorfis or any other entities related to or owned by sorfis. An interview with behavioral investing expert michael mauboussin. This is not diversity in groups, but diversity in thinking. Prior to joining bluemountain, he was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Assessing the magnitude and sustainability of value creation illustration by sente corporation. Assessing the magnitude and sustainability of value creation, written by michael j. Those who are unfamiliar with his pieces for legg mason may remember him for his highly acclaimed book more than you know.
More than you know finding financial wisdom in unconventional places. I have the original he wrote in 2002, this seems to be the same one but with updated info. Create a decision journal and starting using it many years ago when i first met danny kahneman, and kahneman is one of the preeminent psychologists in the world. Smart people, dumb decisions by michael mauboussin originally found via simoleon sense. I had the opportunity to speak to bill miller and michael mauboussin about the book trend following at an educational seminar hosted at their offices. Michael mauboussin on his book, more than you know moi. Linkedin is the worlds largest business network, helping professionals like michael mauboussin discover inside connections to. Michael mauboussin research papers from credit suisse. Michael mauboussin active asset management invest like.
As you point out, 9% is what the market does over the long term. Yeah, steve, those are the most probably depressing statistics in all of investing, right. Measuring the moat updated version hurricane capital. Mauboussin is director of research at bluemountain capital management in new york. Asking me to select my favorite book written by michael mauboussin is like asking me to pick my favorite child. Finding financial wisdom in unconventional places, think twice. S and the strong listings around the world have created what is now a large gap.
Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other reallife decisions. I have long posted white papers from michael mauboussin. Join facebook to connect with michael mauboussin and others you may know. Pdf measuring the moat assessing the magnitude and. Previously, he was director of research at bluemountain capital and head of global financial strategies at credit suisse, where he advised clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making.
Think twice harnessing the power of counterintitution by michael j. What makes it interesting is the way it shows you the possible reasons. Michael mauboussin is head of financial strategies at credit suisse and adjunct professor of finance at columbia business school. This report develops a systematic way to explain the factors behind a companys economic moat. Michael mauboussin not only understands the separation between skill and luck, but he also provides a mental framework to deal with the reality.
Over the holidays i recalled a conversion i had with a colleague where in early 2019 we spoke about the results of the q1 2019 cfo survey, which had the headline recession expected by late 2020 and stated that sixtyseven percent of u. He is also chairman of the board of trustees of the santa fe institute, a leading center for multidisciplinary research in complex systems theory. Greenwald credited michael porter for his work on strategy and his focus on competitors. The incredible shrinking universe of stocks 3 in the past, economists considered frequent initial public offerings ipos to be a strength of the u. Businessweeks guide to the best business schools highlighted him as one of the schools outstanding faculty, a distinction received by only seven professors. Paul depodesta, vice president of player development and scouting, new york mets. By browsing this site, you accept the use of cookies in order to offer you advertising and commercial offers tailored to your interests. If you didnt know who you were professionally, the exposure to each of.
Prior to rejoining cs in 20, he was chief investment strategist at legg mason capital. Assessing the magnitude and sustainability of value creation, credit. We wont get far with compelling anecdotes and metaphors. An interview with behavioral investing expert michael. Michael mauboussin, one of wall streets most creative and influ. Michael has been an adjunct professor of finance at columbia business school since 1993, and received the deans award for teaching excellence in 2009 and 2016. What i love, of course, is a big castle and a big moat with piranhas and crocodiles. Michael mauboussin is the author of numerous books, including more than you know. Financial thought leader michael mauboussin, chief investment strategist of legg mason capital management, explains why its getting harder to beat the market and why doing less can actually make.
Measuring the moat assessing the magnitude and sustainability of value creation authors michael j. He was previously the chief investment strategist at legg mason capital management. Michael mauboussin is a managing director and the head of global financial strategies at credit suisse. Untangling skill and luck in business, sports, and investing a book that found its way to warren buffetts desk. Below is an excerpt of a complete checklist of questions to guide the strategic analysis published in the paper measuring the moat. Individual decisions can be badly thought through, and yet be successful, or exceedingly well thought through, but be unsuccessful, because the recognized possibility of failure in fact occurs. Security analysis b836801 spring 2020 bidding syllabus. But if i had to choose one book it would probably be the success equation. Smart people, dumb decisions by michael mauboussin. We spent the first few months in classroom training and then rotated through more than a dozen departments, including various trading desks, equity research, investment banking, and operations.