On an earnings call in february 2015, elon musk, the chairman and chief executive. Get the entire 10part series on walter schloss in pdf. How passive investing shapes active management 052017 the incredible shrinking universe of stocks credit suisse 11152016 michael mauboussin. Strictly speaking, security analysis may be carried on without reference to any definite program or standards of investment, such a specialization of functions would be quite unrealistic. If you didnt know who you were professionally, the exposure to each of. 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.
Harnessing the power of counterintuition and more more than you know. A website for the success equation, a book by michael j. Michael mauboussin not only understands the separation between skill and luck, but he also provides a mental framework to deal with the reality. Author michael mauboussin states on page 143 that almost everyone agrees decisionmaking is important yet we dont teach students how to make good decisions. View notes security analysis mauboussin sp2015 from span 2015 at bowling green state university. Capital allocationupdated, credit suisse, june 2, 2015. Find all the books, read about the author, and more. He was previously the chief investment strategist at legg mason capital management. 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. Finally, it is the illusion of control we think that chance events are subject to our control. Michael mauboussin columbia business school directory. Apr 07, 2020 michael covel speaks with michael mauboussin today on his second visit to the podcast.
Michael mauboussin on inefficiencies in equity markets. Bluemountain investment research what does an evebitda. Michael mauboussin is the author of the success equation. Dec 17, 2015 michael mauboussin research papers full collection michael mauboussin research papers from credit suisse along with a brief summary of each one. Jan 07, 2015 michael is the author of the success equation. Journal of applied corporate finance volume 27 number 2 spring 2015 103 models of best practice in integrated reporting 2015 1. Finding financial wisdom in unconventional places, and think twice. Michael mauboussin cfa institute enterprising investor. Paul depodesta, vice president of player development and scouting, new york mets. T he santa fe institute board of trustees chair michael mauboussin interviews nobel prize winner daniel kahneman. 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. Assessing value creation requires understanding how much a company can invest and the returns those.
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. S and the strong listings around the world have created what is now a large gap. 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. More than you know finding financial wisdom in unconventional places.
Michael mauboussin is currently the director of research at bluemountain capital management. Michael mauboussin on the future of active management. Michael mauboussincredit suisse research papers the big. Mauboussin discusses the psychological and behavioral elements of investing, and why cognitive diversity is essential for your teams success. He has also authored three books, and a bevy of articles for the harvard. 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. Untangling skill and luck in business, sports, and investing hardcover november 6, 2012.
Harnessing the power of counterintuition harvard business press, 2009 and more than you know. Prior to joining counterpoint global in january 2020, he was director of research at bluemountain capital management in new york. Uta werner getting real about customer lifetime value 1. My sense is that there has been a simplistic association between value investing and the basic idea of buying statistically cheap stocks. Before joining bluemountain, he was a managing director and head of global financial strategies at credit suisse. The economics of customer businesses hurricane capital. The incredible shrinking universe of stocks cmg capital. Harnessing the power of counterintuition, investment strategist in the financial services industry, professor at the columbia graduate school of business, and serves on the board of trustees at the sante fe institute an independent. Michael mauboussin on intuition, technology, and making better decisions the knowledge project ep.
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. Michael mauboussin, bluemountain capital management. Afterall, what could be more important than improving our decision making abilities. Michael mauboussin is a managing director and the head of global financial strategies at credit suisse. Second, is the illusion of optimism we see our future as brighter than that of others. Michael mauboussin research papers from credit suisse full. Observations for each base rate by decile, 19502015. Countering the inside view and making better decisions. Untangling skill and luck in business, sports and investing, think twice. Prior to joining lmcm in 2004, michael was a managing director and chief u. Check out the various simulations, game and other content below. It is a widely used and misused approach to valuation. Mauboussin is head of consilient research at counterpoint global. The speakers offer concrete steps to address this in ones own life and to take advantage of it in business.
Mauboussin born february 1964 is head of consilient research at counterpoint global. Jul 25, 2012 decision making under conditions of uncertainty cuts to the heart of the investment process. Capital allocation notes from michael mauboussin pdf here. Security analysis mauboussin sp2015 security analysis. Measuring the moat assessing the magnitude and sustainability of value creation authors michael j.
Michael mauboussin and daniel kahneman in conversation. The barriers have to do with the way companies are organized, make decisions and track information. Michael mauboussin began his career at drexel burnham lambert in the. The interview is shared exclusively with members of the manual of ideas and below is a handpicked highlight from our conversation. People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs. Mauboussin is chief investment strategist at legg mason capital management. Despite being a writer, he also heads global financial strategies advising companies and individual investors on portfolio diversification. The wideranging conversation talks about disciplined intuition, causality, base rates, loss aversion and so much more. Michael also teaches at columbia universitys business school. Michael mauboussin research papers from credit suisse. Global financial strategies total total addressable market. As a result, investing requires a clear sense of whats priced in today and possible future results.
Michael joined cs in 1992 as a packaged food industry analyst. Michael mauboussin is considered an expert in the field of behavioral finance and has some famous books on the topic including, the success equation. The problem is that many ceos dont know how to allocate capital effectively. 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. Capital allocation is a senior management teams most fundamental responsibility. Mauboussin argues that we embrace the inside view for a few primary reasons. Michael mauboussin on the sfi business network youtube.
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