Rappaport and mauboussin provide everything the reader needs to utilize the discounted cash flow model successfully. As heirs of the knowhow passed down through generations for almost 200 years now, we constantly remain relevant at the forefront by always exploring the best talents for the creation. Prior to joining lmcm in 2004, michael was a managing director and chief u. Michael joined cs in 1992 as a packaged food industry analyst. An interview with behavioral investing expert michael. And make no mistake we all are guilty of sloppy thinking and can use improvement and an improved process. Measuring the moat assessing the magnitude and sustainability of value creation authors michael j. Find a group of situations, or a reference class, that is broad enough to be statistically significant but narrow enough to. Mauboussin has managed to write a book that is interesting for everyone.
Mauboussins popular guide to wise investing has been translated into eight languages and has been named best busines, isbn 9780231143721 buy. Well mike i think that goes back to what we were talking about with diversity. In this article, i interviewed the author, michael mauboussin. Michael mauboussin active asset management invest like. Read unlimited books and audiobooks on the web, ipad, iphone and android. In think twice, now in paperback, michael mauboussin argues that we often fall. Think twice is a fantastic book for people interested in decision making. The ability to compare effectively is a vital skill in investing. Michael mauboussin active asset management invest like the best, ep. Jan 19, 2017 michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for an exclusive strategy session on how investors can.
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. 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. I recall going to an equity research morning call and hearing the utility industry analyst suggest the slowgrowing companies under his coverage deserved priceearnings pe multiples in the high teens and the tobacco industry analyst imply that his fastgrowing companies should trade at pes in the midteens. What makes it interesting is the way it shows you the possible reasons. A dozen things you can learn by reading the success. It is rare to find a book that fundamentally changes how you think about investing, and beyond that, learning. He mentioned that he played a lot of poker when he was young, became pretty good at it, and made some money. And they go back to this idea of these foxes, people that are willing to consider different points of view. Mauboussin by cerval and a great selection of related books, art and collectibles available now at. The hidden forces that shape our decisions new york.
An interview with behavioral investing expert michael mauboussin. Below is an interview we conducted with michael mauboussin, author of the recently published book think twice. In fact, some of the worst disasters in recent historythe collapse of major investment banks, the global financial meltdownwere the result of seemingly reasonable decisions made by a lot of smart people. An interview with michael mauboussin columbia university. Harnessing the power of counterintuition, and more on. Mauboussin s popular guide to wise investing has been translated into eight languages and has been named best busines, isbn 9780231143721 buy the more than you know ebook. In the early 1990s, i started teaching a course at columbia business school. Mauboussins think twice is a wonderful book that provides a framework for improving ones decision making skills. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors allamerica research team. Think twice hardcover january 1, 2009 by michael j. Think of it as a football game, if the team plays well, the shortterm defeats will not suffocate the longterm progress.
Finding financial wisdom in unconventional placesupdated and expanded new york. Fascinating facts about the elephants ancient relatives. Mauboussin relies on a simple, but fundamentally nonconsensus idea that finding useful links between disparate fields, rather than focusing exclusively on one discipline, can make you a better investor. Making sound investment comes on top even if the end result doesnt satisfy the requirements simple as that. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money. Subscription to the economist magazineoptions offered affect choices source. Find a group of situations, or a reference class, that is broad enough to be statistically significant but narrow enough to be useful in analyzing the decision that you face. Harnessing the power of counterintuition harvard business press, and chief investment strategist at legg mason capital management. Harnessing the power of counterintuition and hes the chief investment strategist of lmcm. This is a thoughtprovoking book, supposedly a business book but one that. The crux of the book is the application of behavioral sciences to decision making, but having been written by an economist it often sidesteps into the realm of numbers, at which point my eyes glazed. You may be familiar with mauboussin as he is the chief investment strategist at legg mason capital management and he has also been an adjunct professor of finance at columbia business school. Think twice harnessing the power of counterintitution by michael j. And thats interesting because there have been these studies of how individuals think.
We use cookies to give you the best possible experience. Alpha and the paradox of skill 2 introduction jim rutt, formerly both the chief executive officer of network solutions and chairman of the board at the santa fe institute, recently gave a talk about his experience in business. More than you know comes at the world of investing from a very different perspective than the average book. More than you know is written with the professional investor in mind but extends far beyond the world of economics and finance. As a result, investing requires a clear sense of whats priced in today and possible future results. Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other reallife decisions. Oct 01, 2016 a dozen things you can learn by reading the success equation by michael mauboussin october 1, 2016. How does an individual or an investment committee make sense of the confluence of themes. Mauboussin is director of research at bluemountain capital management and an adjunct professor at columbia business school in new york city. Think twice is an interesting, at times fascinating, read but is never more than a collection of anecdotes from various sources of a similar ilk. Harnessing the power of countertuition by michael j. Harnessing the power of counterintuition and more more than you know.
Then ten thousand years ago, the mammoth disappeared, leaving only its bones. Michael mauboussin is an expert in decision making within the investment process and he has a game plan to help you figure it out. This ancient relative of the elephant inhabited a frozen ice age world. Think twice harnessing the power of counterintuition. Jul 26, 2014 2012 the true measures of success most companies use the wrong performance metrics. Dec 17, 2017 michael mauboussin is the author of the success equation. My bookshelf is filled with books that show what really works or the seven keys to success.
Michael mauboussin is the author of the success equation. Expectations investing offers a unique and powerful alternative for identifying valueprice gaps. Since 1827, mauboussin has been creating exceptional pieces of jewelry, dedicated to women who are passionate in unique designs of originality and sophistication. Where did the idea for the think twice book come from. It ranged from africa to alaska, and everywhere in between. More than you know is a book consisting of 50 short essays written mostly for new investors. Finding financial wisdom in unconventional places updated and expanded mauboussin, michael j. In think twice, mauboussin distills the work of kahneman and tversky into four steps and adds some commentary. Harnessing the power of counterintuition harvard business press, 2009. Apr 29, 2011 think twice by bret nicholaus, 1998, ballantine books edition, in english 1st ed. Mauboussin author see all 3 formats and editions hide other formats and editions.
Harnessing the power of counterintuition michael j. In think twice, now in paperback, michael mauboussin argues that we often fall victim to simplified mental routines that prevent us from coping with the complex realities inherent in important judgment calls. Think twice is an effort to help all professional decision. Can these nonconventional ideas really help an investor. In this book mauboussin, who is one of wall streets most creative and influential minds, offers provocative new ways of thinking about the stock market, investing, and how we. 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. Harnessing the power of counterintuition 06nov2012. But if i had to choose one book it would probably be the success equation. Harnessing the power of counterintuition by michael j. No matter your field, industry, or specialty, as a leader you make a series of crucial decisions every single day. Think twice michael mauboussin interview martinkronicle. Mauboussin is chief investment strategist at legg mason capital management. Mauboussin concludes the book by summarizing an effective action plan to put it simply, mauboussin admonishes us to think twice before we make a serious decision to ensure we dont fall victim to any of these pernicious errors.
Think twice by bret nicholaus, 1998, ballantine books edition, in english 1st ed. Jan 01, 2009 think twice hardcover january 1, 2009 by michael j. Mauboussin is head of global financial strategies at credit suisse and an adjunct professor at columbia business school. Big data, intuition, and decisionmaking in finance youtube. Asking me to select my favorite book written by michael mauboussin is like asking me to pick my favorite child. Untangling skill and luck in business, sports, and investing michael j. 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. Harnessing the power of counterintuition harvard business press, 2009 and more than you know. Untangling skill and luck in business, sports, and investing and think twice. Oct 23, 2017 think of it as a football game, if the team plays well, the shortterm defeats will not suffocate the longterm progress. Prior to joining lmcm in 2004, michael was a managing director and chief us investment strategist at credit suisse. Mauboussin groups his essays into four partsinvestment philosophy, psychology of investing, innovation and competitive strategy, and science and complexity theoryand he includes substantial references for further. Long ago, in the time of cavemen and sabertoothed tigers, lived an enormous hairy creature with huge tusksthe mammoth.
Mauboussin born february 1964 is head of consilient research at counterpoint global. In this engaging book, mauboussin shows us how to recognize and avoid common mental missteps. In more than you know, mauboussin shares his secret to becoming an insightful investor and provides invaluable tools to better understand the concepts of choice and risk. October, 2015 sfi board of trustees chair michael mauboussin interviews daniel kahneman, winner of the 2002 nobel prize in economics.
Read think twice harnessing the power of counterintuition by michael j. We hope you enjoy the interview and book as much as we did. Harnessing the power of counterintuition michael mauboussin. Finding financial wisdom in unconventional places, and think twice. Michael mauboussin active asset management invest like the. 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 who won a. Michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for.
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