Podcasts about global financial strategies

Is contrarian investing a solid strategy, or a fool's errand? In this episode, Barry Ritholtz discusses the issue with Michael J. Mauboussin. Mauboussin is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. 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.See omnystudio.com/listener for privacy information.

Is it better to be lucky or good? How much of a role does luck pay in investing? And how can you tell the difference between chance and skill? In this episode of At the Money, Barry Ritholtz discusses the issue with Michael J. Mauboussin. Mauboussin is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. 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.See omnystudio.com/listener for privacy information.

Brought to you by Athletic Greens's AG1 all-in-one nutritional supplement, House of Macadamias delicious and nutritious nuts, and Shopify global commerce platform providing tools to start, grow, market, and manage a retail business. Michael Mauboussin (@mjmauboussin) is Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management.Prior to joining Counterpoint Global, Michael was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management. Michael originally joined Credit Suisse in 1992 as a packaged food industry analyst and was named Chief U.S. Investment Strategist in 1999.Michael 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. More Than You Know was named one of "The 100 Best Business Books of All Time" by 800-CEO-READ, one of the best business books by BusinessWeek (2006), and best economics book by Strategy+Business (2006). Michael is also co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns. 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 received the Dean's Award for Teaching Excellence in 2009 and 2016 and the Graham & Dodd, Murray, Greenwald Prize for Value Investing in 2021.Michael earned an A.B. from Georgetown University. He is chairman emeritus of the board of trustees of the Santa Fe Institute, a leading center for multidisciplinary research in complex systems theory.Please enjoy!This episode is brought to you by Shopify! Shopify is one of my favorite platforms and one of my favorite companies. Shopify is designed for anyone to sell anywhere, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great-looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.Go to shopify.com/Tim to sign up for a one-dollar-per-month trial period. It's a great deal for a great service, so I encourage you to check it out. Take your business to the next level today by visiting shopify.com/Tim.*This episode is also brought to you by House of Macadamias delicious and nutritious nuts! I love macadamia nuts and have been enjoying them often since keto expert Dr. Dominic D'Agostino recommended them on the podcast in 2015. They taste great, and with more healthy, monounsaturated fat than both olive oil and avocados, 27% fewer carbs than almonds, and more than 50% fewer carbs than cashews, they're the perfect low-carb, keto-friendly, nutty snack. In fact, I just ate a handful of lightly white-chocolate-covered macadamias about an hour ago to keep me going through the afternoon until dinner. And I will say this: ​House of Macadamias produces the best-tasting macadamia nuts I've ever eaten… by far.Listeners of The Tim Ferriss Show can use code TIM20 to get 20% off all orders, plus, for a limited time, a free, premium, extra-virgin, cold-pressed macadamia oil with any order, valued at $20. Visit HouseOfMacadamias.com/Tim to discover some of the most delicious and nutritious nuts on the planet.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and 5 free travel packs) with your first subscription purchase! That's up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*[07:12] Latin roots.[09:14] No business education? No problem![12:15] The best food industry analyst.[15:36] Consilience.[19:58] Complex adaptive systems.[23:26] Diversity.[26:23] The wisdom of crowds.[32:42] The minimum effective dose of cognitive diversity.[36:02] Designing experiments.[43:49] Against the Gods and Complexity.[49:56] Value investing and the Santa Fe Institute.[53:57] A brief 21st-century asset class tour.[57:47] Base rates and horses.[1:06:16] Good vs. great investors.[1:13:22] Expanding options when making decisions.[1:18:56] Favorite failures.[1:20:35] Counteracting overreliance on experts.[1:24:34] Intuition.[1:34:15] Time management tenets.[1:40:59] Parental resources.[1:43:42] Perspectives gained by learning about complex adaptive systems.[1:46:12] Recommended reading.[1:47:32] Michael's billboard.[1:50:33] Parting thoughts.*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim's email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim's books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Margaret Atwood, Mark Zuckerberg, Peter Thiel, Dr. Gabor Maté, Anne Lamott, Sarah Silverman, Dr. Andrew Huberman, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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

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 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 

Saurabh Madaan, Managing Member of Manveen Asset Management, and Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, joined members for a fireside chat at Latticework on December 15, 2021. Saurabh and Michael explored the topic, “Expectations Investing as Applied to Growth Businesses”. Michael is co-author with Al Rappaport of the revised and updated edition of Expectations Investing: Reading Stock Prices for Better Returns.   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 session host: Saurabh Madaan serves as Managing Member of Manveen Asset Management, based in Glen Allen, Virginia. Prior to founding Manveen Asset Management, Saurabh was a Managing Director and Deputy Chief Investment Officer at Markel Corporation (NYSE: MKL), where he worked closely with Markel's Co-Chief Executive Officer Tom Gayner. Saurabh also spent more than seven years at Google in various roles, including Senior Data Scientist, Engineering. Saurabh holds an MS degree in Engineering from the University of Pennsylvania. About the featured guest: Michael J. Mauboussin is Head of Consilient Research at Counterpoint Global. Prior to joining Counterpoint Global in January 2020, he was Director of Research at BlueMountain Capital Management in New York. Before joining BlueMountain, he was a Managing Director and Head of Global Financial Strategies at Credit Suisse. Before rejoining Credit Suisse, he was Chief Investment Strategist at Legg Mason Capital Management from 2004-2012. Michael joined Credit Suisse in 1992 as a packaged food industry analyst and was named Chief U.S. Investment Strategist in 1999. Michael is the author of three books, including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns. 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 earned an A.B. from Georgetown University.

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. Michael's Episode Notes  Checkout my Newsletter Connect with us! Whatgotyouthere MCTco Collagen Protein Bars www.mctco.com 20% off with code “WGYT” http://michaelmauboussin.com/ Michael’s Books The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing  More Than You Know: Finding Financial Wisdom in Unconventional Places Think Twice: Harnessing the Power of Counterintuition   Michael’s Investing Essay’s

Today’s conversation is with Michael Mauboussin, Head of Consilient Research at Counterpoint Global. Before joining Counterpoint Global, Michael was the Director of Research at BlueMountain Capital Management in New York and previously the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. Michael has also authored several books and has been an adjunct professor of finance at Columbia Business School since 1993, where he is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. As of this recording, the university campus is quiet and empty, with classes moving online for the spring semester. Of course, this is due to the coronavirus global pandemic which hit the world quite suddenly and has required extreme public health measures. The markets have responded as expected to the crisis and the economy is in a tailspin. In light of all of this, I wanted to take a slightly different approach to today’s episode and have a discussion about not only how to think about markets, but also the psychological stress caused by the crisis. For that, I couldn’t think of anyone better than our first repeat guest, Michael Mauboussin. On this episode, Michael and I talk about the debate on the economic impact of the coronavirus pandemic, the argument for the centralized implementation of public health solutions, using the expectations infrastructure to analyze companies, how stress affects investment decisions, how risk attitudes are shaped by loss and crisis, and so much more!   Key Topics: The two main sides of the debate on the economic impact of coronavirus (5:11) What pandemics and wars in the past demonstrate about the resilience of the economy (7:14) How Michael believes the economic impact of coronavirus will compare to previous world wars and pandemics (8:48) Why the response to the coronavirus crisis has been so different in Asia, Europe and the US (12:05) The argument for the centralized implementation of public health solutions (14:57) Framing the current crisis as an externality (16:21) Our theories about the sharp correction in equity prices (18:15) Will the current crisis measures result in long-term changes to our collective behavior? (20:03) The consistency of the underlying reality of financial markets (21:38) Assessing the effect of increasing concentration (24:11) Why it’s so important to have a protocol in place for tackling the crisis (26:30) Using the expectations infrastructure to analyze companies (30:37) Measuring volatility as an indicator of risk in the short-term (35:01) Why psychological stress can have a bigger impact than physical stress (38:07) The conditions for psychological stress (38:44) How stress affects investment decisions (39:24) The interaction between psychological and agency issues during periods of massive uncertainty (40:28) How to reduce the stresses of social isolation during the coronavirus crisis (42:51) Teaching without in-person classes (45:04) What is myopic loss aversion? (46:42) How risk attitudes are shaped by loss and crisis (47:44) And much more! Mentioned in this Episode: Michael Mauboussin’s Website Michael Mauboussin’s Books Michael Mauboussin and Alfred Rappaport’s Book | Expectations Investing: Reading Stock Prices for Better Returns Tyler Cowen’s Bloomberg Article | Bill Gates Is Really Worried About the Coronavirus. Here’s Why. Mancur Olson’s Book | The Logic of Collective Action: Public Goods and the Theory of Groups   Thomas Philippon’s Book | The Great Reversal: How America Gave Up on Free Markets     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!  

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).

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: Michael Mauboussin’s Website Michael Mauboussin’s Books BlueMountain Capital Management Alfred Rappaport’s Book | Creating Shareholder Value: A Guide for Managers and Investors Journal Articles: Franklin Allen | Do Financial Institutions Matter? Solomon E. Asch | Opinions and Social Pressure Sanford J. Grossman and Joseph E. Stiglitz | On the Impossibility of Informationally Efficient Markets Scott Page, Leonid Hurwicz Collegiate Professor of Complex Systems, Political Science, and Economics, The University of Michigan Daniel Kahneman, Professor of Psychology and Public Affairs Emeritus at the Woodrow Wilson School, the Eugene Higgins Professor of Psychology Emeritus at Princeton University Michael Gazzaniga, Director of the SAGE Center for the Study of Mind at the University of California, Santa Barbara Benjamin Graham’s Book | The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel   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!

Today is another mega eclectic episode featuring Douglas Emlen, Toby Crabel, Robert Aumann, Ryan Holiday, Sally Hogshead and Michael Mauboussin. Douglas Emlen is a professor at the University of Montana. He is the recipient of the Presidential Early Career Award in Science and Engineering from the Office of Science and Technology Policy at the White House. He has also earned multiple research awards from the National Science Foundation, including their five-year CAREER award. Toby Crabel is founder of Crabel Capital Management. His approach is very different from Covel’s, but there are some commonalities: price action driven, systems, models, risk management. Crabel works on a whole different timeframe than the typical trend follower, typically turning his portfolio over in less than a day. Crabel, a former pro tennis player, has a philosophical nature and discusses how he executes these philosophies in the trading world. Robert Aumann is an Israeli-American mathematician and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew University of Jerusalem in Israel. Aumann is the 4th Nobel Prize Laureate in economics to be a guest on the podcast. Ryan Holiday is an American author, writer, and marketer. He is the media strategist behind authors Tucker Max and Robert Greene, the former Director of Marketing for American Apparel and an editor-at-large for the New York Observer. Sally Hogshead is an American speaker, author, former advertising executive, as well as the Chief Executive Officer of Fascinate, Inc. Hogshead’s newest book is “How The World Sees You: Discover Your Highest Value Through The Science of Fascination.” Michael Mauboussin is an author, 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, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. In this episode of Trend Following Radio: Humans and animals International hacking Game theory Economics World champions of peace The book writing process Flow state Personal branding Multi-disciplinary thinking Luck vs. Skill Outcome bias

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. -- Sponsored by TradeStation.com: Open an account with online broker, TradeStation, to enjoy; low-cost commissions, no software fees, free real-time data and free professional-grade scanning tools.

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

August 12 (Bloomberg) -- Bloomberg View columnist Barry Ritholtz interviews Michael Mauboussin, who is a managing director and head of Global Financial Strategies at Credit Suisse. He is also the author of three books, including "More Than You Know: Finding Financial Wisdom in Unconventional Places." This commentary aired on Bloomberg Radio.u0010u0010(Barry Ritholtz is a Bloomberg View columnist. The opinions expressed are his own.)

Do you want to improve your decision-making a build a better mental toolkit? In this episode we explore the psychology behind making better decisions with Michael J. Mauboussin. Michael is the Head of Global Financial Strategies at Credit Suisse. He is 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. Michael also serves as an adjunct professor of finance at Columbia Business School. We discuss the following topics:   -The interconnectedness of knowledge across many different disciplines -How to switch to the “outside view” to make better predictions and decisions -How to improve your results without being any smarter or better trained  -A fascinating psychology study that demonstrates how we deceive ourselves -The biggest biases that cause investors to make bad decisions (and how to combat them) -Why the right tools aren’t enough to make you a successful investor -Concrete steps to start down the path of better decision-making -How to understand the difference between luck and skill in complex fields like business, investing, and entrepreneurship -How to become “numerate” and understand the physics and mathematics of misjudgment -What statistical base-rates are and how they can improve your decisions -How reversion to the mean really works and why you’ve been misunderstanding it Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Michael Mauboussin, an 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, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. The topics are his books More Than You Know and Think Twice: Harnessing the Power of Counterintuition. In this episode of Trend Following Radio we discuss: Multi-disciplinary thinking and its influence on Covel Looking at larger reference classes The Swiss Franc Mauboussin's personal take on the recent oil move Fundamentals and expectation Luck or skill when it comes to trading profits The paradox of skill, absolute, and relative skill Whether scientific principles of luck exist Defining luck utcome bias The general public perception of behavioral economics Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Michael Covel speaks with Michael Mauboussin today on his second visit to the podcast. Mauboussin is an author ("More Than You Know", "Think Twice: 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, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. Covel and Mauboussin discuss multi-disciplinary thinking and its influence on Covel; looking at larger reference classes; the Swiss Franc; Mauboussin’s personal take on the recent oil move; fundamentals and expectation; luck or skill when it comes to trading profits; the paradox of skill, absolute, and relative skill; whether scientific principles of luck exist; defining luck; outcome bias; and the general public perception of behavioral economics. For more information on Michael Mauboussin, visit michaelmauboussin.com. Want a free trend following DVD? Go to trendfollowing.com/win.