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. Mauboussin from the october 2012 issue a bout a dozen years ago, when i was working for a large. Harnessing the power of counterintuition, and the success equation. We take the gross return of the fund minus the benchmark return, adjusted for risk, times aum. Despite being a writer, he also heads global financial strategies advising companies and individual investors on portfolio diversification. I was in the equity division, which generated fees and. A website for the success equation, a book by michael j. The maison mauboussin, founded in paris in 1827, presents its jewelry creations, watches and accessories for women and men. Central bankers in the united states have long fixated on the equilibrium real interest rate erir as their lodestar, an obsession that gmos james montier bemoans as a massive exercise in navel gazing, in the idolatry of interest rates according to montier, the broad acceptance of the theoretically dubious erir the real interest rate consistent with full employment of labor and. Prior to joining counterpoint global in january 2020, he was director of research at bluemountain capital management in new york. Prior to joining bluemountain in july of 2017, he was a managing director and head of global financial strategies at credit suisse. Image source, accessed 5 mar, 2017 one of our favorite investors here at the acquirers multiple stock screener is michael mauboussin.
The problem is that many ceos, while almost universally well intentioned, dont know how to allocate capital effectively. Daniel kahneman in conversation with michael mauboussin on intuition, causality, loss aversion and more reading time 2 minutes. Discover a large selection of mauboussin watches on chrono24 the worldwide marketplace for luxury watches. In the summer of 2015, the cfa institute surveyed 724 investors about which behavioral biases affect decision making the most. The base rate book 6 lovallo, clarke, and camerer created a matrix with the columns representing the reference class and the. Mar 09, 2017 image source, accessed 5 mar, 2017 one of our favorite investors here at the acquirers multiple stock screener is michael mauboussin. Michael originally joined cs in 1992 as a packaged food industry analyst and was named chief u. Capital allocationupdated, credit suisse, june 2, 2015. Ebitdac, ebitdao, ebitdap, ebitdar, ebitdare, ebitdas or ebitdasc, ebitdax, and.
Michael mauboussin columbia business school directory. Michael mauboussin reflects on thirty years of markets. Facebook gives people the power to share and makes the world more open and connected. March 2017 sharpening your forecasting skills global. Before rejoining credit suisse, he was chief investment. Mauboussin is director of research at bluemountain capital management in new york.
Security analysis b836801 tentative spring 2017 syllabus. Bluemountain investment research what does an evebitda. 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. Mauboussin born february 1964 is head of consilient research at counterpoint global. Journal of applied corporate finance volume 27 number 2 spring 2015 105 not only what the company is doing to meet the challenges of nonrenewable resources, but how and why it is in their inter ests to use fewer resources to make their products. Analytics the true measures of success by michael j. Michael mauboussin bio, books, papers, quotes, research. Michael mauboussin active asset management invest like. I published a list of books i read in 20, 2014 and in 2015, so thought id do the. Top articles and videos about michaelmauboussin on pocket. Michael mauboussin active asset management invest like the. Afterall, what could be more important than improving our decision making abilities. September 1, 2015 tam is an area where overconfidence and optimism are rife.
Mauboussin builds on the ideas of visionaries, including warren buffett and e. Mauboussin argues that we embrace the inside view for a few primary reasons. Created in 1993, an etf is an investment fund that trades on an exchange, similar to a stock. 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.
They were basically, they were trying to form an overall global impression of the individual, and assess how good a soldier that individual would be. The industries with the largest adjustments include healthcare, gaming, and. Finding financial wisdom in unconventional places, think twice. Before rejoining credit suisse, he was chief investment strategist at legg mason capital management from 20042012. A dozen things you can learn by reading the success equation by michael mauboussin october 1, 2016. Below en excerpt from the frontpage of the paper describing the content. Financial thought leader michael mauboussin explains the important roles luck and skill play in investment success and how to harness both to your advantage. Michael mauboussin is the author of numerous books, including more than you know. Join facebook to connect with michael mauboussin and others you may know. Michael is the coauthor, with al rappaport, of expectations investing, which harvard business school press published in 2001. Michael mauboussin common mistakes even smart investors.
He has also authored three books, and a bevy of articles for the harvard. More than you know finding financial wisdom in unconventional places. The wideranging conversation talks about disciplined intuition, causality, base rates, loss aversion and so much more. Check out the various simulations, game and other content below. Investment strategist at credit suisse first boston corporation. If you say something is likely, how likely do people think. Think twice harnessing the power of counterintitution by michael j. Countering the inside view and making better decisions. Harnessing the power of counterintuition harvard business press, 2009 and more than you know. The base rate book integrating the past to better anticipate the future. Financial thought leader michael mauboussin, chief investment strategist of legg mason capital management, explains why its getting harder. Second, is the illusion of optimism we see our future as brighter than that of others. Measuring the moat assessing the magnitude and sustainability of value creation authors michael j.
Prior to his role at bluemountain, michael was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Framed around eight common decisionmaking mistakes, mauboussin draws on disciplines including psychology, complexity theory and statistics. Total addressable market methods to estimate a companys potential sales authors. Mauboussin watches all prices for mauboussin watches on. Untangling skill and luck in business, sports, and investing a book that found its way to warren buffetts desk. Find all the books, read about the author, and more. Untangling skill and luck in business, sports, and investing hardcover november 6, 2012. The speakers offer concrete steps to address this in ones own life and to take advantage of it in business. Mauboussin is the managing director and head of global financial strategies at credit suisse. Prior to joining bluemountain, he was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Michael mauboussin on inefficiencies in equity markets.
So proclaimed rick dutrow on the likelihood that his race horse, big brown, would cap ture the coveted triple crown in. Michael mauboussin is currently the director of research at bluemountain capital management. Michael mauboussin is a managing director and the head of global financial strategies at credit suisse. Finding financial wisdom in unconventional placesupdated and expanded new york. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors allamerica research. T he santa fe institute board of trustees chair michael mauboussin interviews nobel prize winner daniel kahneman.
Michael mauboussin on the future of active management. The industries with the largest adjustments include healthcare, gaming, and technology. Mauboussin the trouble with earnings and priceearnings multiples wall street is a world filled with rules of thumb. Michael also teaches at columbia universitys business. Michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for. Besides classic index funds, the last two decades have seen the rapid rise of exchangetraded funds etfs. Michael mauboussin received the deans award for teaching excellence in 2009 and during 2001 businessweeks guide to the best business schools highlighted mauboussin as one of the schools outstanding faculty, a distinction received by only seven professors. In many ways this book distills the work of tetlock into a much more digestable format. Economic theory suggests that competitive forces will drive returns down to the cost of capital over time and perhaps below it. Michael mauboussin is director of research at bluemountain capital management. How passive investing shapes active management january 4, 2017. Michael mauboussin common mistakes even smart investors make.
Mauboussin is head of consilient research at counterpoint global. Mauboussin is director of research at bluemountain capital management and an adjunct professor at columbia business. Before joining bluemountain, he was a managing director and head of global financial strategies at credit suisse. Potential sales, credit suisse global financial strategies, september 1, 2015. Andrew mauboussin is a data scientist at twitter in san francisco. Finally, it is the illusion of control we think that chance events are subject to our control. Jun 20, 2015 another great read dated june 2, 2015 is out from mauboussin and callahan, both currently at credit suisse. Michael mauboussin, head of global financial strategies at credit suisse, joins us again to discuss his recent paper, thirty years. As a result, investing requires a clear sense of whats priced in today and possible future results. 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.
Observations for each base rate by decile, 1950 2015 80. Think twice is ultimately a reminder to those of us who make decisions ahem, that means all of us to take a step back think carefully about our decisions. If you say something is likely, how likely do people. Jun 24, 2011 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. Journal of applied corporate finance volume 27 number 2 spring 2015 103 models of best practice in integrated reporting 2015 1. The trouble with earnings and priceearnings multiples fin. Capital allocation is a senior management teams most fundamental responsibility. Michael mauboussin research papers from credit suisse. Harnessing the power of counterintuition is a multidisciplinary book on how to improve your decision making. Offering invaluable tools to better understand the concepts of choice and risk, more than you know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Behavioral investing equity investing investing essentials. Michael also teaches at columbia universitys business school. Competitive advantage period cap is the time during which a company is expected to generate returns on incremental investment that exceed its cost of capital. Michael mauboussin became chief investment strategist at legg mason capital management in 2004.
Mauboussin, dan callahan, and darius majd, the base rate book. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors allamerica research team and the wall street journal allstar survey in the food industry group. June 7, 2015 june 7, 2015 calminvestor 1 comment cairn india, deterministic system, investment process, michael mauboussin. He was previously the chief investment strategist at legg mason capital management. September 26, 2016 the base rate book 3 cash flow return on. Jan 07, 2015 michael is the author of the success equation. Michael mauboussin cfa institute enterprising investor. The base rate book 4 executive summary the objective of a fundamental investor is to find a gap between the financial performance implied by an asset price and the results that will ultimately be revealed. It is a widely used and misused approach to valuation. The interview is shared exclusively with members of the manual of ideas and below is a handpicked highlight from our conversation. We have provided some analytical approaches to check these biases and to come up with a reasonable assessment of whether the markets expectations are. How passive investing shapes active management 052017 the incredible shrinking universe of stocks credit suisse 11152016 michael mauboussin. Collection ht a reader last updated 12282017 also see michael mauboussin.
Ever want to be the fly on the wall for a fascinating conversation. Michael mauboussincredit suisse research papers the big. Mauboussin is the managing director and head of global financial strategies at credit suisse hes also written three books, hes been an adjunct professor of finance at columbia business school since 1993, and received the deans. Asking me to select my favorite book written by michael mauboussin is like asking me to pick my favorite child. Integrating the past to better anticipate the future, credit suisse global financial strategies, september 26, 2016. Mar 16, 2016 michael mauboussin, credit suisse i recently enjoyed a oneonone interview with michael mauboussin, head of global financial strategies at credit suisse, in his new york city office. Santa fe institute board of trustees chair michael mauboussin. The primary mechanisms to return cash to shareholders are dividends and share buybacks. He is also chairman of the board of trustees of the santa fe institute, a leading center for multidisciplinary research in complex systems theory. Get the entire 10part series on walter schloss in pdf. Yet there is a great deal of muddled thinking about the role that dividends and buybacks play in. What makes it interesting is the way it shows you the possible reasons. Michael mauboussin research papers from credit suisse full. The incredible shrinking universe of stocks cmg capital.
March 22, 2017 the incredible shrinking universe of stocks 5 costs of listing include a fee for listing on an exchange, expenses associated with mandatory disclosures, regulatory requirements, any competitive disadvantage from more expansive disclosure, and resources dedicated to communicating with current and prospective shareholders. Michael mauboussin and daniel kahneman in conversation. Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other reallife decisions. Mauboussin discusses the psychological and behavioral elements of investing, and why cognitive diversity is essential for your teams success. People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs. 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.
Michael mauboussin active asset management invest like the best, ep. Dec 14, 2012 financial thought leader michael mauboussin explains the important roles luck and skill play in investment success and how to harness both to your advantage. Michael mauboussin is the author of the success equation. Common investor biases and where they come from october 20, 2015. The iirc pilot programme business network came to an end in september 2014 after three years of developing and piloting the principles and concepts behind integrated reporting. The story that michael refers to is that these interviewers have had experience with a system, which was much looser. Real options offer a great way to wed strategic intuition with analytical rigoran increasingly important issue.
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