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Podcast interviews featuring Michael Mauboussin as a guest as well as Podcast Recommendations from Michael Mauboussin himself. Find episodes with Michael Mauboussin on different podcasts, Interviewed on Masters in Business, The Knowledge Project, Invest Like the Best and many more. And find episodes he recommends from his Twitter account from podcasts such as The Knowledge Project, Capital Allocators, FT AlphaChat, The Drive with Dr. Peter Attia, Conversations with Tyler and many more.

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Podcast interviews featuring Michael Mauboussin as a guest as well as Podcast Recommendations from Michael Mauboussin himself. Find episodes with Michael Mauboussin on different podcasts, Interviewed on Masters in Business, The Knowledge Project, Invest Like the Best and many more. And find episodes he recommends from his Twitter account from podcasts such as The Knowledge Project, Capital Allocators, FT AlphaChat, The Drive with Dr. Peter Attia, Conversations with Tyler and many more.

Michael Mauboussin – Who’s on the Other Side (Capital Allocators, EP.99)

Capital Allocators
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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 of data analytics in the game of lacrosse.

Learn More Discuss show and Read the Transcript Join Ted's mailing list at CapitalAllocatorsPodcast.com Join the Capital Allocators Forum Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast

May 13 2019

57mins

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Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]

Invest Like the Best
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My guest today is Michael Mauboussin, who is the head of global financial strategies at Credit Suisse and is on my short list of must read writers on all things investing. If you read his entire catalogue, Howard Marks's memos, and Buffett's shareholder letters, you be sitting pretty. Michael was also a big reason for the early success of this show appearing as my second guest and now my 37th. He and his team have been prolific in the last six months, publishing several long research reports on the most interesting aspects of the investing landscape. In this conversation, we talk about business moats, industry analysis, and how to combine man and machine when building an investment strategy and portfolio. As I tell Michael at the end, you won't be able to listen to this episode at two times speed, because we go deep quickly.

For comprehensive show notes on this episode go to http://investorfieldguide.com/michael

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

May 16 2017

1hr 29mins

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Michael Mauboussin – The Four Sources of Alpha - [Invest Like the Best, EP.126]

Invest Like the Best
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My 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 usual with Michael, we also explore tons of other interesting ideas that will serve as food for thought. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:23 - (First Question) – An outline of the syllabus for the course he teaches

4:02 – What are smart people missing when it comes to decision making

5:33 – Why Michael went down the path of defining major investing concepts

            7:41 – On the impossibility of informational inefficient markets

9:14 – Beware behavioral finance

12:03 – What are the behavioral errors that people can take advantage of in a trade

15:14 – Timing opportunities

            17:25 – Modest Proposal Podcast Episode

17:47 – Where the analytical edge comes from

21:16 – Is there an advantage to exhibit time arbitrage

23:53 – Technical arbitrage

29:34 – What impact do flows into ETFs play on the market

32:25 – Informational edge and how you source that edge

36:39 – Biggest changes that he has seen on the buy side

43:18 -  How would Michael apply this as a sports GM

48:35 – His views on stock buybacks

            51:02 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

52:55 – EBIT to EBITDA paper

            54:43 – What Does a PE Multiple Mean?

59:28 – The concept of benign myths

1:02:06 – What the future holds of Michael

            1:04:17 – The Myth of Capitalism: Monopolies and the Death of Competition

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Mar 26 2019

1hr 6mins

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121: Michael Mauboussin – Tactics for better decision making, and skill versus luck

Chat With Traders
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Michael Mauboussin is a Managing Director and Head of Global Financial Strategies at Credit Suisse. He’s also a professor of finance at Columbia Business School, and the author of several books, such as; The Success Equation and More Than You Know.

Michael is widely-recognized as a thought leader on the subject of decision making, as well as thinking about things in the way of process over outcome, and skill vs luck.

And it’s these three things which are the over-arching theme of this episode. So hopefully, you’ll pick up a few good tips from Michael, that will help to improve your ability of making better decisions (and creating better processes) as a trader.

--

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Apr 20 2017

54mins

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Big Decisions: Michael Mauboussin talks luck, skill, success, risk, mean reversion and the base rate to Tobias Carlisle on The Acquirers Podcast

The Acquirers Podcast
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Michael 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 Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory.

Michael's website: http://michaelmauboussin.com/

MIchael's Twitter: https://twitter.com/mjmauboussin

ABOUT THE PODCAST

Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast.

The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.

We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.

SEE LATEST EPISODES

https://acquirersmultiple.com/podcast/

SEE OUR FREE DEEP VALUE STOCK SCREENER

https://acquirersmultiple.com/screener/

FOLLOW TOBIAS

Website: https://acquirersmultiple.com/

Firm: https://acquirersfunds.com/

Twitter: https://twitter.com/Greenbackd

LinkedIn: https://www.linkedin.com/in/tobycarlisle

Facebook: https://www.facebook.com/tobiascarlisle

Instagram: https://www.instagram.com/tobias_carlisle

ABOUT TOBIAS CARLISLE

Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®.

He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.

Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.

He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Oct 11 2019

59mins

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REPLAY - Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)

Capital Allocators
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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 sports, career risk, the Santa Fe Institute, and Michael’s new research on the horizon.

Every time I speak to Michael I come away thinking better and feeling smarter, and this time was no exception.

Learn More Discuss show and Read the Transcript Join Ted's mailing list at CapitalAllocatorsPodcast.com Join the Capital Allocators Forum Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast

May 13 2019

1hr 11mins

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EP29 Michael Mauboussin on The Success Equation

The Jim Rutt Show
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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 … Continue reading EP29 Michael Mauboussin on The Success Equation →

The post EP29 Michael Mauboussin on The Success Equation appeared first on The Jim Rutt Show.

Dec 02 2019

1hr 27mins

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Michael Mauboussin - Overcoming Biases for Effective Decision-Making

Value Investing with Legends
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Today’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 an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He is also Chairman of the Board of Trustees of the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory.

On this episode, Michael and I talk about the early epiphany he had that set him on the path to Chief U.S. Investment Strategist, the importance of teaching value investing alongside psychology, the main contributors to investment bias, the importance of cognitive diversity, the top three techniques you can use to mitigate against bias in your investment processes, and so much more!

Key Topics:

  • The epiphany Michael had from reading Creating Shareholder Value early in his Wall Street career (3:32)
  • Why we should teach value investing in a way that includes both finance and psychology (5:38)
  • How Michael’s focus on strategy and valuation issues helped him move from food analyst to Chief U.S. Investment Strategist at Credit Suisse (7:02)
  • Why analyzing the investment process has been an underlying theme throughout Michael’s career (7:30)
  • The three aspects to consider when examining how biases get incorporated into market valuations (9:54)
  • The effect of market structure on the incorporation of biases (11:45)
  • The conditions which have to be in place for the wisdom of crowds to operate efficiently (12:13)
  • Why market prices don’t directly reflect information (14:05)
  • The impact of financial institutions on the workings of the economy at large (16:04)
  • Why cognitive diversity leads to better decision-making for complex issues (17:33)
  • Applying the Diversity Prediction Theorem (18:47)
  • What the Asch experiment teaches us about biased decision-making (22:07)
  • The surprising neurological findings behind the results of the Asch experiment (24:56)
  • Value investing means being a contrarian and a calculator (26:52)
  • The difference between experience and expertise (28:36)
  • How technology has led to “the expert squeeze” (31:17)
  • Our thoughts on the future of machine-learning versus human judgment for investment decision-making (34:15)
  • The important difference between outcome and process (36:25)
  • Why you should audit your processes as an investor, even when you’re doing well (38:10)
  • Using a base rate to incorporate an outside view into your investment decisions (40:52)
  • How a pre-mortem helps you to identify bias and weaknesses by triggering the interpreter in your brain (43:57)
  • Applying red teaming to investment process analysis and decision-making (46:28)
  • Translating the margin of safety into decision processes (47:30)
  • The types of scenarios which are well-suited to routinizing (51:24)
  • Michael’s thoughts on passive investing (53:12)
  • And much more!

Mentioned in this Episode:

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

May 31 2019

56mins

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Michael Mauboussin shares his experiences of how decision-making biases effect investment managers

Decisions Over Coffee
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Michael Mauboussin, Director of Research at BlueMountain Capital, where he shares his experiences and deep expertise of how decision-making biases effect investment managers, and how he has worked through the years to help his fund managers limit the effect such biases have on performance. Michael brings a fascinating perspective to the topic, drawing on his experiences across finance, academia and learnings from all other walks of life. Being the true polymath that he is, he never disappoints,  who else would you expect to draw relevant learning from why Zebras don’t get ulcers to how investors can improve their decision making processes.  

May 15 2019

22mins

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Michael Mauboussin – Active Asset Management - [Invest Like the Best, EP.02]

Invest Like the Best
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Michael Mauboussin, Managing Director and Head of Global Financial Strategies at Credit Suisse, joins Patrick to discuss the current state of the asset management business, explore all of the stages of the investment process, and what edges might exist for those trying to beat the market. 

For comprehensive show notes on this episode go to investorfieldguide.com/mauboussin/

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Sep 20 2016

1hr 34mins

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