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Michael Mauboussin

45 Podcast Episodes

Latest 9 Feb 2023 | Updated Daily

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Michael Mauboussin - Sharpening Investor & Executive Toolkits - [Invest Like the Best, EP.308]

Invest Like the Best with Patrick O'Shaughnessy

My 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: Estee Lauder  Invest Like the Best with David Senra: Passion & Pain For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. ----- Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:46] - [First question] - Overview of Michael’s recent research on market share [00:05:48] - Market share dynamics in modern history [00:08:43] - How market share data is useful for investors [00:12:30] - Investing in early breakout companies from low-concentration markets [00:14:34] - Surprises from his recent research project [00:15:29] - Using the value stick for stakeholder satisfaction [00:19:12] - Examples of value creation using the value stick [00:23:33] - Market power in relation to markups and willingness to pay [00:32:00] - Identifying a company’s real ROIC numbers [00:44:00] - How important absolute ROIC is when picking investments [00:47:07] - Research on capital generation and allocation trends [00:54:25] - Characteristics of great capital allocation strategies [00:59:26] - Surprises in the market since his deep-dive research [01:02:54] - Artificial intelligence and other sources of disruptive innovation

1hr 6mins

20 Dec 2022

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20VC: 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

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

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: 1.) Entry into Venture and Finance: What does Michael actually do as "Head of Consilient Research"? What does Michael know now that he wishes he had known when he entered finance? How did Michael and Bill Gurley meet in business school? What does Michael believe makes Bill such a special investor today? 2.) Booms and Busts: How This Compares? How does the current macro downturn compare to prior crashes Michael has worked through? What is the same? What is different? How do political and health events impact the macro? Why was 1987 the end of the world at the time? How did the recovery take place? How does Michael analyze the duration of bull markets vs the duration of recovery time? What advice does Michael give to young people today questioning if they are good investors? 3.) The Investment Decision-Making Process: How does Michael advise on the structuring of your decision-making process? What makes a good process vs a bad process? What can be done to remove politics from the decision-making process? What can be done to ensure all people, regardless of hierarchy feel safe in the process and feel they can share their thoughts without repercussions? What are the single biggest mistakes Michael sees people make in their decision-making process? How do you know when is the right time to change your process? 4.) Everything is a DCF: What does Michael mean when he says that "everything is a DCF"? How does Michael advise and apply this thinking to early-stage venture investors? How does Michael think through highly diversified portfolios vs super concentrated portfolios in venture? Items Mentioned in Today's Episode: Michael's Favourite Book: Consilience: The Unity of Knowledge by E.O Wilson

49mins

4 Nov 2022

Similar People

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Reflections on the Investing Process with Michael Mauboussin

Neckar's Minds and Markets

This conversation was recorded in June 2022. You can find a full transcript at manual.withcompound.com.

1hr 10mins

13 Sep 2022

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Michael Mauboussin, Counterpoint Global – Everything Is a DCF Model (The Best Investment Writing Volume 6)

The Meb Faber Show

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 3 Volume 2 Volume 1 ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls.  With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to the Santa Fe Institute on behalf of Michael Mauboussin. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

28mins

5 Aug 2022

Most Popular

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Michael Mauboussin- Frameworks for Better Decision Making, Learning & Investing

What Got You There with Sean DeLaney

Michael 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 Business School since 1993 and currently is Chairman of the Board of Trustees for the Sante Fe Institute. Checkout the Show Notes from Michael's Episode & Reading List Transcript Watch on YouTube Watch my Persistent Patterns of Greatness Master Class You Unleashed Course  50% off You Unleashed is an online personal development course created by Sean DeLaney after spending years working with an interviewing high achievers.The online course that helps you ‘Unleash your potential’! You Unleashed teaches you the MINDSETS, ROUTINES and BEHAVIORS you need to unleash your potential and discover what you’re capable of. You know you’re capable of more and want to bring out that untapped potential inside of you. We teach you how. Enroll Today & Receive 50% off by using code “WGYT”- Click Here Subscribe to my Momentum Monday Newsletter Connect with us! Whatgotyouthere TikTok YouTube Twitter Instagram 

1hr 14mins

17 Jul 2022

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S3 Ep. 41 Multiples are not valuation with Michael Mauboussin

Investment Uncut

This 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!

53mins

6 Jul 2022

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Michael Mauboussin’s ”Man Overboard Moment” and Sector Rotation

This Week in Intelligent Investing

In 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 information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time. About the Co-Hosts: Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department. Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

44mins

5 Jun 2022

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Ep. 22 Michael Mauboussin | Navigating Today's Markets

Prime Talks

Michael 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/events Be 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 and are subject to change at any given time for any reason without notice. The information in this audio production is for informational and entertainment purposes. It does not constitute financial, investment, tax, or legal advice and should not be construed as such. Please see the appropriate professional advisor for advice specific to your situation. References herein to Prime Quadrant refer to Prime Quadrant Corp., which is registered as a Portfolio Manager and Exempt Market Dealer in Alberta, British Columbia, Manitoba, Ontario, and Quebec, and as an Investment Fund Manager in Ontario and Quebec.

1hr 3mins

29 Mar 2022

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89. Expectations Investing & More: A Conversation with Michael Mauboussin and Matt Christensen

The Disruptive Voice

Michael 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 a business model problem to the creation of long-term shareholder value, this thoughtful and engaging conversation is impressive in both its depth and breadth!

43mins

22 Mar 2022

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TIP421: Expectations Investing w/ Michael Mauboussin

We Study Billionaires - The Investor’s Podcast Network

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 Expectations Investing.19:37 - The concept of reflexivity.25:26 - The problem with investing is based simply on multiples.30:35 - The rise of intangibles, what are they, and how to look through them.39:40 - The golden rule of share buybacks and why they are controversial to some.55:00 - How to calculate a company's competitive moat.58:09 - How Michael has updated the Security Analysis course at Columbia.1:04:33 - How to determine your own cost of capital.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESMichael Mauboussin's website.Michael Mauboussin's Twitter.Measuring the Moat paper. Expectations Investing book.Increasing Returns by Brian Arthur book.Scale by Geoffrey West book. Understanding Michael Porter by Joan Magretta book.Against the Gods by Peter Bernstein book.Valuation by McKinsey book. A Random Walk Down Wall Street by Burton Malkiel book. Trey Lockerbie Twitter.Preston, Trey & Stig’s tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Join Commonstock’s community of engaged investors to access exclusive financial data, follow and chat with fellow investors, get alerts when friends buy or sell, and make trades directly through the platform.Send, spend and receive money around the world easily with Wise.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Eat clean 24/7, with fresh—never frozen—prepared meals that are so delicious with Factor. Use code wsb120 to get $120 off over your first 5 weeks of meals.Canada’s #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Let TurboTax Live Experts help you however you need, and if you need an extra hand, hand your taxes off to them and they’ll do it all for you!Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

1hr 2mins

11 Feb 2022

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