Podcasts about Mauboussin

Javier Ruiz es gestor en Horos Asset Management, un fondo de inversión que sigue la metodología del value investing, que podría resumirse como comprar buenos productos a buenos precios. Entendí su filosofía cuando me contó la tesis del uranio. Los mercados presentan ineficiencias y los gestores activos intentan aprovecharse de ellas. Las oportunidades de arbitraje son incluso mayores con la popularidad reciente de la inversión pasiva. Javier detalla los aprendizajes en sus magníficas cartas trimestrales.Kapital es posible gracias a sus colaboradores:⁠⁠⁠La casa ESE⁠⁠⁠. ¿Cómo quieres vivir?Aquí de vuelta los pesaos queridos amigos de La casa ESE. Buscando la forma de seguir inventando cosas ya inventadas hemos creado mapadecasas.com, allí tendréis la oportunidad de encontrar, más que vuestra futura casa, vuestra futura vida. Sí, es muy ambicioso. En Madrid, por ejemplo, vamos a crear un conjunto residencial donde además de habitar, podamos llevar un poquito del Mediterráneo moral. No sólo una casa, sino un lugar que tenga zonas verdes, espacios comunitarios y hasta un edificio que pueda hacer las veces de coworking entre otras cosas. A 30 minutos de Madrid y buscando gente afín al mundo tecnológico, al emprendimiento, al marketing y a la cultura. Visita la propuesta de Distrito ESE.⁠UTAMED⁠. La universidad online del siglo XXI.UTAMED, la universidad oficial y online de la Fundación Unicaja, nace para romper las barreras que durante décadas han limitado el acceso a la educación y la cultura. Con exámenes 100 % online y financiación sin intereses, ofrecemos una formación accesible, flexible y comprometida con el presente. Porque hoy ya no basta con obtener un título: en UTAMED te preparamos para trabajar desde el primer año. Lo hacemos junto a la empresa, adaptando los contenidos académicos a sus demandas reales, para que nuestros estudiantes adquieran las competencias más valoradas en el mercado laboral. Por ser oyente de este podcast, tienes un descuento del 30% en todo el catálogo de grados y másteres, oficiales y propios.Patrocina Kapital. Toda la información en este link.Índice:2:25 La estafa del Forúm Filatélico.9:28 Rivalidades personales en los mercados.17:43 Munger clasifica 25 errores de comportamiento.20:11 La última decisión de Kahneman.30:01 El instinto maladaptado de seguir al rebaño.35:21 Apalancamiento mortal.40:54 Fuentes de valor añadido según Mauboussin.53:26 Invertir en compañías aburridas.1:01:58 Comisiones en la gestión de activa.1:12:45 Explicárselo a un niño de cinco años.1:15:56 Refritos de ETFs con comisión del 2%.1:26:50 Objetivar el proceso de decisión.1:32:49 La paradoja del margen de seguridad.1:36:19 El criterio de Kelly.1:41:25 La fantástica tesis del uranio.1:51:37 Ampliación de capital para pagar dividendo.1:57:34 Anticipar el sentimiento colectivo.2:01:57 La historia de los tipos de interés.2:06:17 Teoría austríaca del ciclo económico.Apuntes:Measuring the moat. Michael Mauboussin & Dan Callahan.The adaptive market hypothesis. Andrew Lo.El enigma de la experiencia frente a la memoria. Daniel Kahneman.Cartas a los accionistas. Seth Klarman.Herbalife. Bill Ackman.Un paso por delante de Wall Street. Peter Lynch.The model. Richard Lawrence.El diccionario financiero del diablo. Jason Zweig.A man for all markets. Edward Thorp.Rendimientos del capital. Edward Chancellor.El precio del tiempo. Edward Chancellor.

In today's episode, Shawn O'Malley (@Shawn_OMalley_) shares his favorite insights from Michael Mauboussin's excellent book, More Than You Know. You'll learn how the stock market is like a complex adaptive system, the importance of having a clear investment philosophy, the psychology of investing, how innovation and competition affect stock returns, how Mauboussin uses complexity theory as an investor, plus so much more! IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:00 - Why multi-disciplinary thinking matters so much to investors 03:55 - What a good investment process looks like and how to build one 05:39 - Why results can be so blinding to investors 08:39 - Why the magnitude of returns can matter more than frequency 10:13 - What are the commonalities between top investors 19:04 - How stress and other biases distort our thinking 25:57 - What the original Dow Jones index looked like 29:07 - How the boom and bust cycle for new industries unfolds 30:57 - Why companies' assets don't last as long as they used to 36:29 - Why using historic P/E ratios can be fraught 44:28 - How the wisdom of the crowds works 45:04 - How extreme events shape markets and the St. Petersburg paradox And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Michael Mauboussin's book, More Than You Know. Nassim Taleb's book, The Black Swan. Richard Foster and Sarah Kaplan's book, Creative Destruction. Chris Zook and James Allen's book, Profit to the Core. Pulak Prasad's book, What Darwin Taught Me About Investing. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Public Airbnb Fundrise NetSuite Connect with Shawn: Twitter | LinkedIn | Email Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this episode, we have the pleasure of hosting Michael Mauboussin, Michael is a highly respected figure in finance, celebrated for his deep insights into decision-making, behavioral economics, and investing. Michael is currently the Head of Consilient Research at Counterpoint Global (part of Morgan Stanley Investment Management).  He also serves as an adjunct professor of finance teaching Security Analysis at Columbia Business School (since 1993), teaching essentially the same class that Ben Graham started teaching in 1920. Michael is chairman emeritus of the board of trustees of the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory. Mauboussin is best known for his influential books like "The Success Equation" and "Think Twice," which explore critical concepts such as the interplay of skill and luck in business and the power of counterintuitive thinking, which we will touch on in this episode.    In today's episode, we cover a wide range of topics, including the ongoing public vs. private equity discussion, luck vs. skill as skill increases, stock market concentration, buybacks, valuation and advice for aspiring investment professionals.    Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Chris Cannon (CIO/Principal, FirsTrust)   Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com

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.

A picture tells a thousand words and long before photography, jewellery was telling the stories of the wearer, memorialising loved ones and even harbouring secrets. Matthew and Alyce take a journey through the history of imagery in jewellery and celebrate a craft that became a dead art thanks to modern technology. People were capturing memories through imagery as far back as the 1500s and in this episode you'll hear about the array of different materials and techniques used to create them, capturing everything from animals, to portraits and even more risqué scenes for lovers. Plus, we've got the low-down on where you can find these extremely unique and valuable pieces for your own collection.  THINGS WE SPOKE ABOUT ●      An introduction to imagery in jewellery ●      Types of imagery in jewellery ●      How technology changed imagery in jewellery ●      Where to find the best pieces of this art form ●      The lovers eye of a doomed romance ●      Prolific military portrait miniatures from County Cork MORE INFORMATION Featured Ring: A fabulous French 1950s cluster ring by Mauboussin. Set with perfectly matches sapphires and emeralds, the combination of colours is striking. https://www.instagram.com/p/Cu9I6OCKydf/ For more information on Gem Pursuit or to browse the Courtville collection visit www.courtville.ie. To see some of the pieces discussed in this episode check out our Instagram instagram.com/matthew.weldons/ Gem Pursuit is produced for Courtville by Dustpod.io. SOCIAL MEDIA ●      IG - @CourtvilleAntiques ●      FB - @Courtvilleantiques ●      Tik Tok - @matthew.weldon    ●      YouTube - @courtvilleantique ●      Pinterest - @courtville QUOTES Imagery in jewellery is really an interesting one, because it follows us as we, as humans, and technology evolve. - Alyce Ketcher What's really interesting about a piece of jewelry that actually has an image on it is you can visualize who these particular jewels belong to, because there's a picture of someone either who owned it, or who gave it to somebody with their image on it. It gives you an insight into their life. - Alyce Ketcher They developed photography and that was the end of a lot of imagery in jewellery. Imagery across the board was affected but portrait miniatures was a massive industry. - Matthew Weldon I would say to people who are collecting, if you look at what material the images are on, that'll give you a really good idea of age. The image will tell you what time period it is based on clothes, etc. but if you actually look at the material, it'll help you know as well. - Matthew Weldon In the Georgian period, those who had a romantic connection, to kind of symbolize that connection or that relationship, by gifting one another their eternal gaze, which was done through a portrait of the eye. - Alyce Ketcher KEYWORDS #jewellery #imagery #portrait #antiques #art #victorianperiod #collector

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast We are live every Tuesday at 1.30pm E / 10.30am P. About Jake: Jake is a partner at Farnam Street. Jake's website: http://farnam-street.com/vah Jake's podcast: https://twitter.com/5_GQs Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of 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).

Mention légales : Vos données de connexion, dont votre adresse IP, sont traités par Radio Classique, responsable de traitement, sur la base de son intérêt légitime, par l'intermédiaire de son sous-traitant Ausha, à des fins de réalisation de statistiques agréées et de lutte contre la fraude. Ces données sont supprimées en temps réel pour la finalité statistique et sous cinq mois à compter de la collecte à des fins de lutte contre la fraude. Pour plus d'informations sur les traitements réalisés par Radio Classique et exercer vos droits, consultez notre Politique de confidentialité.

De meeste CEO's zijn slecht voor de aandeelhouder qua kapitaal allocatie. Hoe komt dit en hoe herken je goede en slechte kapitaal allocatie. Samen met Jan ontleden we dit belangrijke onderwerp aan de hand van een paper van beroemde belegger Mauboussin. En geven veel praktijkvoorbeelden uit onze eigen verleden. Dit is echt een topaflevering geworden. Check hem snel.Check hier de link naar de besproken paper van Mauboussin.Koop hier mijn boek Aandelen selecteren als een pro.Word onderdeel van een actieve community, waar je jouw bevindingen deelt met anderen en serieuze discussies voert over cijfers, waarderingen, nieuwe kansen en nog veel meer. Bovendien krijg je toegang tot diepgravende podcast analyses waarin Rowan een bedrijf volledig doorlicht met ons bekende beleggingsmodel. Tot slot lees je over de bedrijven die Rowan in portefeuille heeft en de afwegingen die hij maakt.  Meld je hier aan voor het lidmaatschap.Wil jij beter worden in het begrijpen van de financiën en het waarderen van bedrijven? Klik dan hier voor de videocursus financiën en waarderen:Daarnaast heb ik een breed aanbod van Trainingen en Masterclasses waar je aan deel kan nemen. Kijk hier voor het actuele aanbod.Elke zondagochtend wakker worden met lessen die jou een betere belegger maken? Schrijf je gratis in op de beleggersbrief.Kan je er geen genoeg van krijgen? Volg me ook op Instagram of LinkedIn. Disclaimer: Beleggen brengt risico's met zich mee. Je kan (een deel van) je inleg verliezen. Ik geef geen financieel advies en de content op dit kanaal is expertise vrij. Denk altijd zelf na voordat je een beslissing maakt.

What are the 10 attributes of great investors? According to Michael J. Mauboussin in his paper on investing, there are a number of qualities and skills you can acquire, that'll improve your performance as an investor. Mauboussin is the Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, a multi-book author and a Professor at Columbia. Tune in as Owen & Kate break down each of these items, and include examples, quotes and action steps, so you to can invest like the best! Paper that inspired this episode: Reflections on the Ten Attributes of Great Investors Ready-made ETF portfolios? Rask Core has you covered! Take one of our amazing money & investing courses (think ETFs, shares, property and FIRE) on Rask Education. ASK A QUESTION: https://bit.ly/3QtiY00 If you want to thank us for putting this show together, please give The Australian Finance Podcast a 5 star review on Apple Podcasts or Spotify - it's a 5 second task which really helps support the show (and puts a big smile on our faces). Pearler, the broker for long-term investors. Sign-up to Pearler using the code “RASK” for $15 of Pearler Credit: bit.ly/Pearler We're proudly supported by Global X ETFs. Learn more about the growing range of leading ETFs, on the Global X website: https://bit.ly/gx-funds Boost your investment potential, with FundLater. With InvestSMART's Fundlater, you can start a $10,000 investment portfolio, with only $4,000 upfront. Find out how: rask.com.au/inv-fundlater Investing Made Simple. Thanks to InvestSMART's ready-made ETF portfolios, you can start investing now in a portfolio managed by experts. Not only that, you can invest confidently knowing your investment fees are capped. Learn more: rask.com.au/inv-pma DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you're confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Full individual disclosures for each guest are available via the show notes page. Owen, Kate and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg Learn more about your ad choices. Visit megaphone.fm/adchoices

Samedi 18 février, Noémie Wira a reçu Alain Némarq, président Mauboussin, Christine Garabedian, directrice commerciale Alavia Disko, Jessica Warch, co-fondatrice et CEO de Kimaï. Ils sont revenus surles produits de luxe plus abordables et les stratégies pour rester plus désirables dans l'émission Focus Retail sur BFM Business. L'actualité retail de la semaine présentée par Eva Jacquot, journaliste BFM Business. Retrouvez l'émission le samedi et réécoutez la en podcast.

Intellectuels, chefs d'entreprises, artistes, hommes et femmes politiques... Frédéric Taddeï reçoit des personnalités de tous horizons pour éclairer différemment et prendre du recul sur l'actualité de la semaine écoulée le samedi. Même recette le dimanche pour anticiper la semaine à venir. Un rendez-vous emblématique pour mieux comprendre l'air du temps et la complexité de notre monde.

In this episode we answer questions from MyContactInfo, Wesley and Adam.  In a tour de force presentation, we discuss Michael Mauboussin's book, "The Success Equation:  Untangling Skill and Luck in Business, Sports and Investing", the implications of an all small-cap value portfolio and applying the ideas of Bruce Lee and Emerson to Jack Bogle's "Common Sense Investing".  And we also take a frolic and detour into the Twilight Zone.Links:CFA Institute Book Review the The Success Equation:  The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing (a review) (cfainstitute.org)Twilight Zone Episode Clips:  Twilight Zone: Of Late I Think Of Cliffordville - YouTubeEarn & Invest Podcast (#349) Interview of Paul Merriman:  Are We Leaving Money on the Table? — Earn & Invest (earnandinvest.com)Rational Reminder Podcast Interview of Vanguard's Former CIO:  Episode 216: Gus Sauter: Vanguard's Former CIO on Indexing, Active Management, and Private Equity — Rational ReminderSupport the show

Michael Mauboussin is an adjunct professor of finance at the Columbia Business School and the Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. Bill Mann interviewed Mauboussin in front of a live audience about a range of investing topics, including: - The approach of "expectations investing" and how to apply it - Why a company's base case for growth is so important - Peloton's faulty growth predictions - Businesses with real option value   Companies mentioned: SBUX, PTON, AMZN, GOOG, GOOGL, WMT, TGT   Host: Bill Mann Guest: Michael Mauboussin Producer: Ricky Mulvey Engineers: Tim Sparks

Trong sách nói Hơn Cả Điều Bạn Biết, Mauboussin đã chia sẻ những bí mật của mình trên đường trở thành một nhà đầu tư lão luyện, đồng thời cung cấp những công cụ vô giá để hiểu hơn những ý niệm về chọn lựa và rủi ro. Mauboussin đã phát triển những chiến lược đầu tư vững chắc bằng cách dựa vào những nguồn lực và lĩnh vực đa dạng. Ông xây dựng dựa trên các ý tưởng của nhiều con người uyên thâm, trong đó có Warren Buffett và E. O. Wilson, tuy nhiên ông còn thu nhận trí tuệ từ nhiều hoạt động và lĩnh vực vừa rộng vừa sâu, bao gồm cả đánh bạc, đua ngựa, tâm lý và sinh học tiến hóa. Mauboussin phân tích những chiến lược của chuyên gia bài poker David Sklansky và Puggy Pearson, xác định sự tương đồng giữa chuyện chọn bạn tình của loài cá sóc với những đợt bùng phát của thị trường chứng khoán. Những đàn kiến, những bữa tiệc Tupperware, những bàn tay có “duyên” trong môn bóng rổ, loài nấm nhầy, và cú bạt của Tiger Woods đều có nhiều điều để nói với chúng ta về quá trình đầu tư khôn ngoan.Hơn Cả Điều Bạn Biết được viết bằng một tư duy đầu tư chuyên nghiệp, nhưng còn mở rộng xa hơn cả thế giới kinh tế và tài chính. Mauboussin đã chia cuốn sách thành bốn phần: Triết lý đầu tư, Tâm lý học trong đầu tư, Đổi mới và Chiến lược cạnh tranh, Khoa học và Lý thuyết phức hợp. Ông còn đưa vào một danh sách tài liệu tham khảo rất hữu ích để nghiên cứu sâu hơn những đề tài mà ông đã đề cập.--Về Fonos:Fonos là ứng dụng sách nói có bản quyền. Trên ứng dụng Fonos, bạn có thể nghe định dạng sách nói của những cuốn sách nổi tiếng nhất từ các tác giả trong nước và quốc tế. Ngoài ra, bạn được sử dụng miễn phí nội dung Premium khi đăng ký trở thành Hội viên của Fonos: Tóm tắt sách, Ebook, Thiền định, Truyện ngủ, Nhạc chủ đề, Sách nói miễn phí cho Hội viên.--Tải ứng dụng Fonos tại: https://fonos.app.link/tai-fonosTìm hiểu về Fonos: https://fonos.vn/Theo dõi Facebook Fonos: https://www.facebook.com/fonosvietnam/Theo dõi Instagram Fonos: https://www.instagram.com/fonosvietnam/Đọc các bài viết thú vị về sách, tác giả sách, những thông tin hữu ích để phát triển bản thân: http://blog.fonos.vn/

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 

Chaque jour, Alexandre Le Mer reçoit une personnalité qui fait l'actualité économique. Aujourd'hui, Alain Némarq PDG de Mauboussin parle de la gestion de sa marque face à l'inflation.

What you'll learn in this episode: Why brand recognition and signed jewelry have become so important in the last 20 years What sets fine jewelry houses apart from other jewelers How antique shows have changed, and why it has become more difficult to find quality jewelry at shows What a jewelry wardrobe is and how to create one How Doyle adapted its auctions during the pandemic About Nan Summerfield Nan Summerfield joined Doyle New York as Director of the California office in Beverly Hills in 2014. Ms. Summerfield, a GIA Graduate Gemologist, has been in the appraisal and auction business for forty-two years. Nan began her career at the Gemological Institute of America in New York as a Staff Gemologist in the GIA Laboratory and later as an Instructor in the Education Division, before spending thirteen years as a Vice President in the Jewelry Department at Sotheby's, first in New York, then in Los Angeles. Nan continued to develop and direct Sotheby's jewelry auctions in Beverly Hills for eight years. For twenty years before joining Doyle, she owned Summerfield's, a successful firm in Beverly Hills that specialized in buying and selling estate jewelry. Additional Resources: Nan's Instagram Doyle's Website Doyle's Instagram Transcript: After more than four decades working in estate jewelry as a dealer and at auction houses, Nan Summerfield knows a thing or two about how to select the best jewelry. Now Senior Vice President of California Operations for the auction house Doyle, Nan joined the Jewelry Journey Podcast to talk about the pros and cons of purchasing jewels from the major houses versus lesser-known jewelers; why the auction industry began to court private buyers in the 80s; and when it makes sense to take a risk on an unsigned piece. Read the episode transcript here. Sharon: Hello, everyone. Welcome to the Jewelry Journey Podcast. This is a two-part Jewelry Journey Podcast. Please make sure you subscribe so you can hear part two as soon as it comes out later this week. Today, my guest is Nan Summerfield, Senior Vice President of California Operations for the auction house Doyle. Nan has extensive jewelry experience, having worked with several major auction houses. In addition, for 20 years she had her business as a jewelry dealer specializing in estate jewelry. We'll hear all about her own jewelry journey today. Nan, welcome to the program. Nan: Thank you, Sharon. It's great to be here. Sharon: So glad to connect with you. Tell us about your jewelry journey. You've covered a lot of ground. Were you a child when you started liking it? How did you get into the jewelry profession? Nan: I think I came out of the womb loving jewelry. When I was little girl, my favorite thing was to go through my grandmother's jewelry and try things on and look at them. I was that child that when I would be out with my parents at a mall, I'd see a jewelry store and I'd put my fingerprints and nose print on the windows to look at all the jewelry. I think I was just born loving jewelry from the day I came out of the womb. Sharon: Did you know you were going to go into jewelry? Did you think about making it? Did you want to sell it? Did you just want to be around it? To have it? Nan: It's so funny. I knew I always loved it, but I came back from a six-month backpack trip in Europe, and I had been invited to a Fourth of July party up at Lake Tahoe, where I was from. At that party, I was playing with a necklace my brother had given me with a small gold coin on it. This man that was at the party looked at me, and he said, “I sell jewelry like that. How would you like to work for me?” I thought, “Oh, my god, I love jewelry. I could actually work in it?” That's how it all started. He turned out to be kind of flaky, but I credit him with giving me the introduction into the business. Sharon: Flakey is a word. It's serendipitous. Nan: It certainly is. He veered off in other directions shortly after I got my introduction into the business, but I credit him with opening that door for me. Sharon: From there, how did you segue into auction houses? Nan: First, I had my own business for about a year. Through some people I met, I found out about the GIA. I applied and went to the GIA. When I finished, they offered me a job working for them in New York or Los Angeles. I thought, “Gosh, I've never been to New York. I've read all these books, like ‘The Catcher in the Rye' and ‘The Great Gatsby.'” It sounded so romantic to me. I thought if I didn't have a job, I wouldn't move to New York, but if I had a job, why not? So, I moved back to New York, and I worked in the lab doing certificates on diamonds for a year. Then they asked me to be a permanent instructor in the education department. I switched over to education and taught the residence program, the one-week classes. I feel very lucky because these strange coincidences happened that have led me to where I am. I had a colleague I was working with. He was a friend of mine, and he had taught the new head of the jewelry department all of these things. He had taken a one-week course with him at the GIA. He really liked my friend, and he offered him a job to work for Sotheby's. But my friend had fallen in love with this girl in California, so he was moving out there. He said to this gentleman, “I can't, but I've got the girl for you,” and he gave him my name and number. Then it all started. I went for an interview, they hired me, and I ended up spending eight years in New York with Sotheby's. Then I wanted to move back to California, so things finally worked out well. Part of what was happening at Sotheby's at that time was that Al Taubman had hired Bain & Company, the consulting firm, to look at the jewelry department worldwide and see how they could develop it and bring in more private clients. That was very interesting point in auction, too, the shift from dealers to embracing private clients. One of the recommendations Bain had come back with was that we start doing jewelry auctions in California again. We had them before, in 1981. In the crash of 1981, they closed down the big gallery we had. Anyway, I spent eight years with Sotheby's in California. It was a wonderful opportunity, and I had very generous people that I worked with. One of the things I found was that when I worked at the GIA, I had a number of friends that went out and worked for estate jewelry dealers in the business, but they were very close to the vest about the information they had. They didn't share why something was special, what made it important, what to look for. I was extremely fortunate because the other specialists that I worked with in New York were very generous with their knowledge. This is when the first reproductions of Deco and Edwardian were coming out, and they taught me so much. I'll be forever grateful for them being so generous with their knowledge. That's a long answer to your question. Sharon: It's an interesting answer. I'm still on the fact that you had your own business for a year before you started doing anything else. What were you doing? Were you buying and selling jewelry? Nan: Yeah, exactly. The gentleman that first brought me into the business, he took me to a sort of buying center of jewelry, a building that had multiple levels and booths of people selling. I would go down and choose the things I liked and then bring them back to Tahoe, and then I would sell them to my friends. Sharon: Wow! When you were talking about the auction houses, I never thought about the fact that some are selling to dealers, and some are more about developing private clients. Can you talk a little bit about that? Nan: Yes, absolutely. Initially, when I first started there, it was almost entirely dealers that bought at auction. Another thing I look back on now is that when we would have viewings and dealers would be looking at the jewelry, it didn't matter to them if something was Cartier or Van Cleef or Bulgari or any of the big names. It was, “Oh, that's nice,” but they never paid a premium or saw it in a substantially more valuable way. That's something that has dramatically changed from when I started to where I am today. As you know, anything that's signed by the big houses is going to bring a big premium today. During that period we had some private buyers, if I remember, but it was almost entirely dealers that were the buyers, and as I said, that started shifting. I think Al Taubman purchased Sotheby's in the mid-80s, and that's when he implemented these changes to make jewelry in the auction world more accessible to private clients and to demystify it. It was an interesting period. It was very transitional and very much a growth period in the auction world. Sharon: Was Al Taubman a catalyst in terms of moving everybody to look at signed pieces? Did he care? What happened there? Nan: No, that really wasn't his thing. He was all about getting the auction world out to private clients worldwide, which is where we are today. It's an enormous part of the auction market and the competition that we get. He was not focused on signed jewelry per se. I think that's something that happened—really, I started seeing that more in the 90s and going into the 2000s. It's been an upward trajectory since then with the really good names and the values they're bringing. Sharon: What do you think changed? What propelled that? What are your thoughts about why names are more important today? Nan: I think it's a combination of things. The really fine ones, Cartier, Van Cleef, Bulgari, Buccellati, David Webb, all of those have a level of quality you don't always see in other jewelry companies. I will know, for example, if I get a pair of earrings that are Van Cleef, they will always sit beautifully on the ear. A lot of jewelry that's not signed may look good, but it won't lay as well on a woman when she wears it, whether it's earrings or a necklace. It's that thoughtful design in the jewelry. What I really think happened was that over the last couple of decades, we've had a real push toward brand recognition. I even think back to Calvin Klein and “Back to the Future.” There was that scene where she said, “Oh, your name's Calvin,” because he had underpants that had a Calvin logo on them. I think that's when it really started, and it's not just in jewelry that name brands have become important. It's also in purses. You look at what Chanel purses sell for, or Birkin bags and how desirable they are. I think we're much more focused on that these days, and that's happened over the last couple of decades. With jewelry, there's also the estate jewelry. When I first got into the business, it was kind of up-and-coming. I think there are two jewelers that are credited with making estate jewelry desirable, and that would be Fred Leighton in New York and Frances Klein in Beverly Hills. Both of those people have died, but they were really the early ones that brought estate jewelry into the realm of being desirable and not old-fashioned or your grandmother's jewelry that you had to remake before you could wear it. You didn't want to be dated in our parents' day and age. Both of them also, I think, have a lot of signed jewelry. It's part of educating the clients. As more people learned about jewelry and learned about how fine a piece of Cartier jewelry is when compared with one that's not signed or made by an inferior jeweler, the appreciation for it and the desire for the signed pieces have grown exponentially. Sharon: That's interesting. I think I'll pay more attention to how a piece lays. There are lot of times when I'm on Instagram and a post will say, “I think it's a Mauboussin. It's not signed, but I can tell by the way it's done.” Do you think there's an amount of unsigned stuff out there that's quality? Nan: What I will say is that over the years, I've had pieces of jewelry come through my hands from clients that were not signed but had been purchased from the house, whether it was a Cartier or Tiffany or Van Cleef. With almost every jeweler, at some point in time, there have been pieces that went through that were not signed. But I always encourage my clients, especially when they purchased it from that house, to go back and ask them to sign it. In general, most pieces are signed, but one of the things we have to be careful of these days is that as the value has gone up on the signed pieces, so have the fake signatures. For example, I remember this beautiful Art Deco bracelet that passed through my hands when I had my own business. It came back a year or two later signed Cartier, and I 100% know that bracelet was not signed Cartier when I saw it the first time. That's one of the things we have to be very, very careful about. A lot of the big jewelry houses will do certificates of authentication that you have to pay for. That's become something that is more desirable as well, because nobody wants to buy a fake or something that's signed that's not correct. Sharon: That's upsetting, yes. In my early days I bought a beautiful tennis bracelet. I still love it. The cut of the stones is a little different; some were different shapes. I was told it was Art Deco, and I know that's what they thought I wanted to hear. When I brought it in later to an appraiser, he said they never cut the stones this way until the 80s. So, I thought, “O.K.” Nan: I know. What I will say, to insert this on the signed pieces conversation, is that there are certain jewelers that don't always have their pieces signed. One of them is Paul Flato, who was a wonderful designer who was big with the Hollywood crowd. Verdura actually worked with Paul Flato before he went off on his own. There are a lot of really wonderful Flato pieces out there that are not signed. In those situations, we try to check. For example, I'll check with the woman who wrote the book on Paul Flato. I'll send her a picture and say, “Do you think this is Flato?” They have references to the original drawings that Flato made on the pieces. So, there are times that happens. You can have a piece that's by an important jeweler that is not signed. Sharon: Are there things in the jewelry you recognize that make you think it's a Flato, even though it's not signed? Nan: Yeah, Flato was a wonderful designer; he made fabulous things. He had certain types of things you'll see a lot. He did things that were made with leaves that have wonderful curling edges, or very whimsical things he would do. He made a lot of custom things for people that had a great sense of humor to them. Probably the best place to get a sense of what his designs look like is the Paul Flato book that Elizabeth Irvine Bray wrote, so I would suggest that. He has a very distinctive style. His things were beautifully made and really dramatic. Years ago, I owned a big brooch and earrings that belonged to Ginger Rogers that were so wonderful. He was a creative genius. Sharon: That's interesting, because the first thing I thought of when you said Flato was the leaf and very large, over-the-top things. Just gorgeous, but it was the leaf that came to mind first, as when you said Calvin Klein, the first thing that came to mind was Brooke Shields. Nan: Exactly, the beginning of the brand. I want my brand. Sharon: Exactly, yeah. I'm dating myself, but O.K. I'm impressed that you left the auction house when you had been there a long time, seven or eight years, and that you went out on your own. To me, it's such a huge step. What was the catalyst for that? Nan: I actually ended up spending 13 years with Sotheby's, five with them in New York and eight in Beverly Hills. I really felt like if I was going to go out and open my own business, I needed to do it when I was still young enough and had the energy to do it. I was very fortunate when I went on my own that I had so many clients that came and brought me jewelry they wanted to sell. They came to me for help buying things or finding things they wanted to build in their personal jewelry wardrobe. It was a really wonderful time. Also timing-wise, it was a fantastic time to enter as a dealer into the business. The big shows, the Las Vegas Show, which is typically in the beginning of June, end of May, and then the big Original Miami Beach Antique Jewelry and Watch Show, which is normally held in late January or early February every year, those two shows were fantastic in the day. They changed a lot, but I can remember when I first started doing the shows, there would be two days of setup at the Miami Show, and we would go and walk the show. We wouldn't even set up our jewelry because on the setup days, a lot of the dealers would go and buy from each other. They would find out what new things had come in, and they would scoop them up before the private clients came in for the show. We would do that, canvas the whole show and buy these wonderful things. There were things where people didn't understand how great they were, how important they were. They didn't price them at their value. We would buy and sell so much on the setup days. Before setup even ended, we would make our expenses, our airfare, our hotel, our booth rent, the showcases, the safe. Everything would be paid for, and then we'd start the show, and we'd be selling more and meeting more clients. It was a really wonderful time to go off on my own. It was fantastic. Sharon: Is it because of the brands, whether it's Cartier or whatever, that the dealers weren't educated, that they just didn't know? They didn't have your background, so they didn't recognize things? How did you get these things? How could you identify them when they didn't know? Nan: I think part of it is that I was so fortunate to have seen so much jewelry over those 13 years at Sotheby's and to have worked with people that were very generous with their knowledge. I can remember going to a show up in Hillsboro, which is south of San Francisco. They used to do that show three times a year. I remember I was up there with a colleague at the time, and I looked down into this tiny, little case at their booth. They had a lot of other things, but there was a Buccellati bracelet in there. I remember asking, “How much do you want for the bracelet?” They didn't even know it was Buccellati. They wanted such a low price for it. I think that's the thing; a lot of people did not know, and it was before the internet had really come into play. Unless people tracked auction catalogues, there wasn't an easy way to know what prices were for things on the secondary market. I think we benefitted from the exposure I'd had in understanding what was good and how to look for signatures. Certain jewelers, when they sign things, their signatures are more obscure. Some are easily found and read, but others are like Van Cleef. A lot of their old things are so hard to see. Once you find them, you go, “Oh, it is Van Cleef. I knew it.” Sharon: I know when I've gone to some of the shows and expressed interest in a piece, the dealer would say, “Oh, I just bought that two days ago.” I was like, “Everybody's supposed to come to the show and be able to look at things.” Nan: That's exactly what happened. They probably bought it during setup day. They just bought it two days ago, and you were the next person to come along and find it. Sharon: Do you think knowledge had increased? I know dealers don't have any interest in doing research, and then there are dealers that research every little thing. Do you think knowledge in general has increased, or just interest? Some like to research and some don't. Nan: I would say in general that knowledge of jewelers has increased with the internet. I will say that probably the most helpful thing I've had, next to working with very knowledgeable people that shared their knowledge, was the library. I started buying books when I was working at the GIA and never stopped, and I used my library. I have library books, all jewelry-related, about all the different makers and periods. That in itself is a huge source of information, but a lot of information in the books in my library is not accessible online. So, it's a combination of things. You can find fascinating articles that people have written on jewelers or periods or movements. The other way to develop your knowledge is by accessing the various books that have been written on whatever given topic you're interested in. I think that knowledge is more readily accessible, and I think that that's helped a lot as well. The more people know and understand, the more comfortable they are buying that piece of jewelry or being drawn to a certain period or knowing what to look for or why a piece is special. Sharon: What about European makers that aren't as known here? Are there some that come to mind or that you recognize? Who would they be? Nan: There are a lot of wonderful makers that are not as known. The brands that everybody knows are the Cartier, Van Cleef, Tiffany, Bulgari, David Webb, Buccellati, those kinds of names. But there are a lot of fantastic, wonderfully talented makers that came out of Europe, and many of them were French. One of the things I was taught early on is that the French make—how would I put this? They put detail and time and thought into the pieces they make. For example, something in the United States might be made so you see all the beauty on the part that faces forward. With the French, they'll think about the back side of it, too, or the edges. It'll be as beautiful on the back as it is on the front, and it's a more thoughtfully made piece. The French are wonderful workmen and artisans. That's one of the things that's a big plus. When I'm going over a piece of jewelry and doing all the work on it, I'm always happy to see a French mark. An interesting thing to know about France is that they will not allow anything that's less than 18 karat to be sold. When you have marks on it—it's the eagle's head mark, which is a gold French mark—it guarantees it's at least 18 karat or higher. Then they have the platinum marks. If somebody wants to import their jewelry from out of the country into France and sell it, they also have to be 18 karat. In those cases, they get the stamp we call the hibou, which is like an owl that says it was sold in France but it was imported into France. The French have always had a higher level of expectation with jewelers, and their pieces in general tend to be really wonderful. Anything that's French is a plus in the jewelry world. Sharon: Today it seems like, when I'm looking Instagram, there are so many one-off jewelers. They're not just one-off pieces, but they're Danish or German or people you've never heard of. They can be American. Not to knock anybody, but is it the design that's more known as opposed to whether the earrings sit on the ear? Nan: It's a combination of those things. At that end of the day, we as women are the ones that are going to be wearing the jewelry, and if it doesn't look good on them, that's not going to carry it forward in a positive way. I would say the French designs are excellent. Generally, they're designed to sit well, but honestly, quite often you'll find that with the good but less-known jewelers, the ones that are not signed or the no-name jewelers, you still need to check. One thing I have noticed over the years is in the Art Deco period, for example in the United States, the jewelry was so beautiful, and there was so much money in the roaring twenties that no expense was spared in the workmanship and the quality of the stones that were used. But quite often over the years, I've seen these Art Deco and 1930s bracelets out of France that are set with very imperfect diamonds, old cuts, low-quality stones, often off-color, and it's interesting. I think Europe must have been in a different economic place than the United States when these were manufactured. Sharon: That's interesting. I was interested in Catalan Art Deco, and the dealers would emphasize to me that the stones weren't of the highest quality. They were used in the piece, but they weren't the highest quality. Nan: Yeah, there you go. Sharon: I'm interested in the overall piece. If the stone isn't the highest caliber, all right, as long as it makes the piece. Nan: Exactly. If it speaks to you and you love it, that's the most important thing. Sharon: Do you agree with the dealers or the people in the jewelry business who say, “It doesn't matter if it's signed if you love it”? What are your thoughts about that? Nan: I think good jewelry is good jewelry. I don't think it has to be signed to be a fabulous piece. The signature certainly helps in the overall value, and people are more aware of that these days than they used to be, but there's a lot of beautiful, beautifully made, beautifully designed pieces out there that are not signed. I'm a big believer in buying what you love. Don't buy what you're lukewarm about. Buy what you really love, and try everything on to make sure it sits the way you want and that you like it. If you really love it, I believe in paying more than you think it's worth. In my opinion, the pieces I love the most I paid so much for, more than I wanted to. I've forgotten about many, but to this day I still love and cherish those pieces.

durée : 00:05:03 - Ca nous marque - par : Olivier Delagarde - Alain Némarq, Président-directeur général de Mauboussin, est l'invité d'Olivier de Lagarde.

Du lundi au jeudi, Matthieu Noël nous livre sa plaidoirie. Aujourd'hui, il a décidé de défendre les intérêts du couple Fillon qui a été condamné à la Cour d'appel de Paris.

It's time for us to delve into the many messages and DMs you send us, asking for help to solve your perfume problems with our scented suggestions, and this week we've everything from someone who's been dreaming of a particular perfume for years and wants to know if there's a replacement; a burlesque performer searching for the next va-va-voom fragrance to match her act, and a listener who's requested the scent of a priest being snogged beneath an orange blossom tree… Fragrances mentioned during the episode:@papillon_artisan_perfumes Papillon Salome:@emanuelungaroparis Emanuel Ungaro Diva@mauboussin_perfumes Mauboussin@etatlibredorange Etat Libre d'Orange Une Amourette@sergeslutens Serges Lutens Fleur d'Oranger@kilianparis Good Girl Gone Bad@bloomperfumery Bloom Perfumery (Covent Garden) bloomperfume.com@elemis_uki Frangipani Monoi Body Oil@fragonardparfumeurofficial Fragonard Soleil £39 for 50ml edp at M&S @marksandspencerbeautypr@amouageofficial Amouage Woman@florislondon Floris Honey Oud@diptyque Solid Perfumes@glossier Glossier You Solid Perfume@jomalonelondon Jo Malone London Solid Perfumes@aftelier Mandy Aftel Solid Perfumes (in sterling silver cases, also available in exquisite one-off antique compacts & cases)@jolovesofficial Fragrance Paintbrushes

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.

Bloomberg Opinion columnist Barry Ritholtz speaks with Michael Mauboussin, who is head of consilient research at Morgan Stanley Investment Management's Counterpoint Global and co-author of the recently revised and updated book "Expectations Investing: Reading Stock Prices for Better Returns." Mauboussin joined Morgan Stanley in 2020 and has more than three decades of experience. He previously served as director of research at BlueMountain Capital Management, head of global financial strategies at Credit Suisse, and chief investment strategist at Legg Mason Capital Management. He is also an adjunct professor of finance at Columbia Business School and chairman of the board of trustees at the Santa Fe Institute.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Michael Mauboussin is a thought-leader on decision-making, the role of complexity in markets, and most topics related to investing. His latest contribution to the investor community is the updated version of "Expectations Investing", published in 2021. To us, the book is a must-read and our conversation with Michael is both an introduction to the big concepts as well as an in-depth exploration into the art of valuing stocks.For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Mauboussin & Expectations Investing(04:05) Michael's motivation to educate (05:35) Reading stock prices for better returns(08:39) Expectations Investing - more useful than ever(11:58) Earning the right to use valuation multiples(15:46) Is long-termism an edge?(19:12) Expectations Investing: Step 1 - Price-implied expectations(36:46) Expectations Investing: Step 2 - Most important triggers(1:01:07) Expectations Investing: Step 3 - Buy and sell decisions(1:08:38) Portfolio concentration and small caps investing(1:13:49) The concepts of real options and reflexivity(1:20:48) Overprecision and confirmation bias(1:25:48) Automation vs human judgement in the investing process(1:29:19) Gary Klein's pre-mortem(1:33:28) Michael's work in progress(1:36:53) Three life-changing books—————————————Articles & Books MentionedExpectations Investing - Michael Mauboussin, Alfred Rappaport (1st Edition 2001, updated 2021)More Than You Know - Michael Mauboussin (2006)Think Twice - Michael Mauboussin (2009)The Success Equation - Michael Mauboussin (2012)Creating Shareholder Value - Alfred Rappaport (1986)Expert Political Judgment - Philip Tetlock (2005)The Base Rate Book - Michael Mauboussin (2016)The Impact of Intangibles on Base Rates - Michael Mauboussin (2021)Measuring the Moat - Michael Mauboussin (2016)Gambling with the House Money and Trying to Break Even - Richard H. Thaler, Eric J. Johnson (1990)Dollars and Sense - Dan Ariely, Jeff Kreisler (2017)Public to Private Equity in the United States - Michael Mauboussin (2020)Do Stocks Outperform Treasury Bills? - Hendrik Bessembinder (2017) An Engine, Not a Camera - Donald Alexander Mackenzie (2006)Noise - Daniel Kahneman, Olivier Sibony, Cass R. Sunstein (2021)Complexity - M. Mitchell Waldrop (1993)Consilience - Edward O. Wilson (1999)—————————————Companies MentionedAmazonBerkshire HathawayCostcoDomino's Pizza ShopifyTesla—————————————More on Michael MauboussinAbout: http://michaelmauboussin.com/Expectations Investing: https://www.expectationsinvesting.com/Twitter: https://twitter.com/mjmauboussin—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Investment researcher Dan Hallett joints Jason for a discussion of investment management in the financial planning context. Remember to subscribe and earn your continue education credits at bccquiz.online!   Supplementary Materials: Dan Hallett, CFA, CFP The MoneySaver Podcast Dan Hallett on Robo-Advisors, Financial Advice, and CRM2 Principles for Responsible Investment Michael J. Mauboussin

We sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to SoftBank Latin America for being our presenting sponsor for this special episode. If you are an entrepreneur, employee, other investor or simply someone who's interested in learning about the best young companies in LatAm right now, get in touch with them at: https://bit.ly/acquiredsoftbanklatam , and tell them that Ben and David sent you! You can get learn more about careers at their portfolio company QuintoAndar at https://carreiras.quintoandar.com.br Thank you as well to Modern Treasury and to Fundrise. You can learn more about them at: https://bit.ly/acquiredmoderntreasury (and you can find our reverse interview with them at https://www.moderntreasury.com/acquired ) https://bit.ly/acquiredfundrise Jobs! Big news — we now have a full Acquired Job Board! It's a one-stop-shop with all the very best opportunities from the amazing companies in the Acquired community, including folks like Solana, Italic, Pilot, RabbitHole, Modern Treasury, Vouch, Zapier, Levels and more. AND, if you're more casually open to opportunities, we have a form you can fill out and we'll handpick the best ones and personally send to you as they come up. Check it out at https://www.acquired.fm/jobs Links: Michael's wonderful talk at Google: https://youtu.be/1JLfqBsX5Lc The new revised edition of Expectations Investing: https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/ The Success Equation: https://www.amazon.com/The-Success-Equation-Untangling-Investing/dp/1422184234/ Measuring the Moat: https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1066439791&serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&cspId=null Public to Private Equity: https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/ https://www.gmo.com/americas/research-library/value-vs.-growth-reversals/ About Jake: Jake is a partner at Farnam Street. Jake's website: http://farnam-street.com/vah Jake's podcast: https://twitter.com/5_GQs Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l About Bill: Bill runs Sullimar Capital Group, a family investment firm. Bill's website: https://sullimarcapital.group/ Bill's Twitter: @BillBrewsterSCG About Mike: Mike is a former HF analyst. 3rd gen Oklahoman who has retired to raise his three boys and manage his own money. Mike's Twitter: https://twitter.com/IgnoreNarrative ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of 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.

Bonjour et bienvenue dans le 101ème épisode de ce podcast. Cette semaine, nous allons parler d'un sujet qui découle en quelque sorte de l'épisode 87 que nous avions fait avec Grégoire du Shift Project. Lors de cet épisode, Grégoire nous avait décrit les défis qui se présentent pour le secteur de l'aviation afin de pouvoir respecter les accords de Paris sur la réduction des émissions de gaz à effet de serre. Cette fois-ci, nous allons donc nous intéresser à un avionneur qui travaille dans ce sens les Avions Mauboussin. Rubrique thématique Notre invité de la semaine est David Gallezot. David est fondateur et directeur technique d'Avions Mauboussin. Il a débuté sa carrière dans l'aéronautique chez Thalès dans la conception de systèmes aéronautiques et avioniques. Il a ensuite évolué vers le conseil en conception et en certification d'avions en ayant travaillé sur des projets tels que Sky Aircraft. Il a ensuite fondé la société Avions Mauboussin afin de proposer des avions légers plus adaptés aux problématiques environnementales actuelles. Son objectif est de concevoir et de certifier un avion de nouvelle génération ayant la possibilité d'être motorisé soit de manière hybride avec une turbine à gaz, des batteries et un moteur électrique soit avec de l'hydrogène Il nous décrira le fonctionnement de ces nouvelles motorisations. Cela nous amènera à parler en détail des avantages et des inconvénients des motorisations hybrides par rapport à celles à piston plus classiques. Ensuite, nous évoquerons les particularités de l'hydrogène qu'il s'agit de son avitaillement, de son stockage mais aussi de sa combustion. Vidéo de la semaine La vidéo de la semaine est une vidéo de la chaine YouTube Wendover Productions. Elle propose un tour d'horizon des avantages et inconvénients de la motorisation électrique pour les avions par rapport aux turbines classiques à kérosène. Elle s'intéresse également au cas particulier des compagnies effectuant des lignes relativement courtes avec peu de passagers telles que celles décrites par David lors de notre discussion. Lien vers la vidéo : https://www.youtube.com/watch?v=aH4b3sAs-l8 Conclusion Ainsi se conclut donc le 101ème épisode. J'espère qu'il vous a plu et je vous invite à vous abonner sur votre application de podcast favoris. Également, n'hésitez pas à laisser un avis 5 étoiles sur iTunes ce qui permettra à d'autres personnes de découvrir ce podcast. Si vous avez des questions, des remarques ou des suggestions, n'hésitez pas à utiliser le formulaire de contact. Si vous voulez recevoir des notifications lors de la sortie des nouveaux épisodes, vous pouvez vous inscrire à la newsletter dans la barre latérale droite de notre site. Vous pouvez également nous suivre sur Twitter sur @ParlonsAviation et sur Facebook sur notre page « Parlons Aviation. »

In this episode Pete and Steve choose the next two books in their top 10 investment books. This week their selections are: 1. Michael Mauboussin - The Success Equation - Untangling Skill and Luck in Business, Sports, and Investing 2. Pete Wargent and Steve Moriarty - Low Rates High Returns - Timeless Investment Principles the Low Risk Way Other books referenced: Bill Bryson - A Short History of Nearly Everything Thanks for listening! Download a free copy of our latest book, Total Money Management – How to escape the rat race and unlock your financial independence. www.gonextlevelwealth.com.au/podcast Pete Wargent www.petewargent.com/ www.linkedin.com/in/pete-wargent-37228322/ Stephen Moriarty twitter.com/SGM63

« Từ một vài năm nay, Trung Quốc không còn là nhà máy của thế giới (…) Xu hướng chung là sản  xuất tại chỗ để phục vụ thị trường địa phương ». Cyrille Coutansais, tác giả cuốn La (re)localisation du Monde ghi nhận như trên qua nghiên cứu nói về hiện tượng tái dịch chuyển các hoạt động kinh tế trên toàn cầu. Trong cuốn sách vừa cho ra mắt độc giả tháng 5/2021, Cyrille Coutansais, giám đốc Trung Tâm Nghiên Cứu Hàng Hải (CESM), chuyên gia về kinh tế hàng hải, giảng dậy tại trường Khoa Học Chính Trị Paris – Sciences Po, ghi nhận hai điểm then chốt. Rút khỏi Trung Quốc, một làn sóng ngầm Trước hết hiện tượng tái dịch chuyển các hoạt động công nghiệp, từ Trung Quốc đã được ghi nhận từ đầu những năm 2000. Đợt sóng ngầm đó đã dâng cao vào quãng 2012-2013 khi xung đột tranh chấp chủ quyền biển đảo giữa Bắc Kinh và Tokyo bùng lên. Trung Quốc một mặt kích động quần chúng tẩy chay hàng Nhật, mặt khác ngưng cung cấp kim loại hiếm gây xáo trộn không ít trong các dây chuyền sản xuất từ trên xứ Hoa Anh Đào đến cả tại những nhà máy của Nhật ở Hoa Lục. Kế tới là chính sách của tổng thống Mỹ Donald Trump từ 2017 kêu gọi và khuyến khích các hãng Mỹ « quay lại Hoa Kỳ » tạo công việc làm « trên đất Mỹ cho người Mỹ ». Riêng tại Pháp, từ 2012 dưới thời tổng thống François Hollande, bộ trưởng đặc trách Công Nghiệp, Arnaud Montebourg, đã đưa ra khẩu hiệu « Made in France ». Từ đó tới nay, hiệu kim hoàn nổi tiếng Mauboussin chia tay với châu Á, đưa trở lại về châu Âu toàn bộ các hoạt động của mình, 70 % các sản phẩm làm ra được thực hiện trên đất Pháp. Một thí dụ tiêu biểu khác là hãng xe Solex của Pháp năm 1988 đóng cửa nhà máy tại Saint Quentin – vùng Aisne, miền đông bắc nước Pháp, để định cư tại Quảng Đông, tận dụng nhân công rẻ Trung Quốc. Gần 30 năm sau cũng tập đoàn nổi tiếng với những chiếc xe đạp này trở về lại Pháp, mở nhà máy ở Saint Lo, nhưng những chiếc xe đạp cổ điển được thay thế bằng xe đạp điện. Nhà máy ở Saint Lo vùng Manche (tây bắc nước Pháp) tuyển dụng 55 công nhân, sản xuất ba kiểu xe Solex khác nhau. Năm 2016, doanh thu của tập đoàn lên tới 11 triệu euro. Đại dịch Covid-19 chỉ là yếu tố gần đây nhất, rõ rệt nhất, thôi thúc các nước công nghiệp pháp triển đẩy mạnh chiến lược « hồi hương » một số các hoạt động công nghiệp, hoặc đi tìm những bãi đáp mới, tránh để tất cả trứng vào « một giỏ » là Trung Quốc. Điểm nổi bật thứ hai trong cuốn La (re)localisation du Monde là tiến trình « tái dịch chuyển » các hoạt động kinh tế cả trong lĩnh vực công nghiệp lẫn dịch vụ không chỉ là một khẩu hiệu suông. Trên đài RFI Pháp ngữ, giám đốc Trung Tâm Nghiên Cứu Hàng Hải Pháp, Cyrille Coutansais giải thích : Cyrille Coutansais : « Giờ đây có thể tính đến khả năng tái dịch chuyển các cơ sở trở lại về các nước công nghiệp phát triển nhờ có những phát minh, những công nghệ mới. Những công nghệ mới đó đã bước vào giai đoạn chín muồi, hoạt động có hiệu quả. Ở đây tôi muốn nói đến công nghệ robot, đến trí thông minh nhân tạo càng lúc càng tiến bộ và tinh vi, hay đến máy in 3 chiều. Một thí dụ cụ thể là nhờ có máy in ba chiều mà tại Pháp chúng ta có thể sản xuất cánh quạt của các tàu chiến dò mìn với giá thành tương đương với giá sản xuất từ một nước có nhân công rẻ. Mười năm trước, đây là điều không tưởng. Tuy nhiên hiện tại vẫn còn một số lĩnh vực các nước chậm phát triển chiếm lợi thế, bởi vì công nghệ robot chưa thay thế được hết tất cả những công việc của công nhân trong mọi ngành nghề. Điển hình là trong ngành dệt may. Ngược lại công nghiệp xe hơi hay máy bay, phụ tùng sản xuất tại châu Âu hay tại một nước chậm phát triển, giá cả như nhau thôi ».   Nói cách khác, tại sao phải di dời sang đến tận Trung Quốc hay một quốc gia xa xôi nào khác khi mà trong một số lĩnh vực, các doanh nghiệp có điều kiện để « sản xuất bằng giá » ? Phải chăng vì vậy mà Trung Quốc nói riêng, châu Á nói chung, trở nên kém hấp dẫn trong mắt các nhà đầu tư ? Theo thăm dò do quỹ đầu tư Capital Export và viện Opinion Way công bố hôm 28/06/2021, « xuất khẩu » không còn là một giấc mơ tuyệt đối trong mắt nhiều nhà sản xuất của Pháp. Châu Á không còn sức hấp dẫn lớn : 40 % những chủ doanh nghiệp được hỏi cho biết « không có ý định » đầu tư vào châu Á vì ba lý do : rủi ro khách hàng không thanh toán đúng hạn, mức độ kém tin tưởng vào thị trường cũng như các đối tác Á châu. Sau cùng là những biện pháp bảo hộ trá hình khiến các doanh nghiệp ngoại quốc bị giới hạn trên những thị trường địa phương và hàng loạt những rào cản từ về văn hóa, ngôn ngữ đến cung cách làm ăn của nhiều nước Á châu. Sản xuất và tiêu thụ tại chỗ nhờ một cuộc « cách mạng kép » Theo quan điểm của chuyên gia kinh tế hàng hải Cyrille Coutansais, việc đưa các công xưởng trở lại về nguyên quán hay chuyển từ thị trường to lớn là Trung Quốc đến một nơi khác đã trở thành một điều cấp bách, do thái độ của người tiêu dùng. Cyrille Coutansais : « Chẳng những là giá thành như nhau, bất luận đó là một nước công nghiệp phát triển hay một nền kinh tế còn chậm tiến, quan trọng hơn nữa là điều đó đã trở thành thiết yếu. Bởi vì internet đã làm thay đổi toàn bộ cung cách của người tiêu dùng. Người tiêu dùng có rất nhiều thông tin về mặt hàng mà họ muốn mua vào. Thí dụ như người ta muốn biết, sản phẩm được sản xuất từ đâu, món hàng đó có tôn trọng các chuẩn mực về lao động, về an toàn, về môi trường hay không… Tại châu Âu, những đòi hỏi về những tiêu chí nói trên ngày càng cao. Mua hàng giá rẻ không nhất thiết là một ưu tiên đối với tất cả mọi người.   Điểm thứ hai là người ta có thể mua hàng ở bất kỳ nơi nào trên thế giới và thời gian giao hàng cho người mua càng lúc càng được thu hẹp lại. Nói một cách dễ hiểu khi đặt mua hàng, không mấy ai còn kiên nhẫn đợi chờ. Điều đó có nghĩa là nếu khách hàng phải đợi lâu quá thì họ sẽ chuyển sang một nhà cung cấp khác, và nhà cung cấp mà không đáp ứng được tức thời, thì sẽ bị mất khách. Do vậy tốt hơn hết là sản xuất tại chỗ để đáp ứng nhu cầu tiêu thụ của khách hàng tại chỗ ».    Vẫn tác giả cuốn La (re)localisation du Monde giải thích thêm vì sao Trung Quốc không còn hấp dẫn như 10, 15 năm về trước khi mà nhờ các phương tiện vận chuyển đường biển, Trung Quốc trở thành xưởng lắp ráp của thế giới trong mô hình mà Cyrille Coutansais gọi là một nền « kinh tế lego » :   Cyrille Coutansais : « Mô hình đó từng rất có lợi. Chẳng hạn như đặt mua một số phụ tùng của Trung Quốc, số khác của Brazil hay Hàn Quốc rồi chở tất cả về Trung Quốc để lắp ráp vì Trung Quốc có nhân công rẻ. Nhờ thế mà Trung Quốc mới được mệnh danh là công xưởng của thế giới. Thế rồi những thành phẩm đó sẽ được đóng thùng, xuất khẩu ra khắp năm châu. Nhưng giờ đây, nhân công tại Trung Quốc không còn rẻ nữa để tiếp tục thu hút các hãng nước ngoài mở thêm chi nhánh tại đây. Thêm vào đó Trung Quốc nói riêng, châu Á nói chung ngày nay đã tập trung quá nhiều một số lĩnh vực, mà tiêu biểu nhất là trong ngành công nghệ chip điện tử. Hơn một chục năm trước người ta còn thấy một vài tập đoàn của Âu Mỹ, nhưng giờ đây cả thế giới trông cậy vào môt vài đại tập đoàn như TSMC của Đài Loan, hay Samsung của Hàn Quốc. Với cái thế gần như độc quyền như vậy, giá chip điện tử tự động phải tăng lên. Câu hỏi đặt ra là tại sao không tái dịch chuyển những mảng công nghệ này về trở lại Âu-Mỹ ? Châu Âu hay Hoa Kỳ có thể làm được điều đó nhờ công nghệ 5G. Đây chính là một công cụ rất lợi hại cho phép sản xuất một khi đã có đơn đặt hàng. Đây mới chính là tâm điểm của sự đối đầu Mỹ-Trung. Làm chủ được mạng 5G tức là làm chủ được toàn bộ các hoạt động của nhà máy, làm chủ được quá trình sản xuất. Do vậy không thể giao phó cho bất kỳ ai thiết kế mạng 5G quốc gia ».   Điều này giải thích vì sao Mỹ rồi châu Âu muốn bảo vệ mạng internet thế hệ 5. Cyrille Coutansais phân tích tiếp : Cyrille Coutansais : « Đúng là bất kỳ một quốc gia nào trên thế giới cũng có lý do chính đáng để cản đường Hoa Vi. Vả lại chúng ta thấy là bản thân Trung Quốc cũng chỉ tin vào tập đoàn quốc gia là Hoa Vi trong việc thiết lập mạng internet thế hệ mới. Bắc Kinh biết rõ hơn ai hết đây là một khâu nhậy cảm với những tác động kèm theo quan trọng tới mức độ nào. Châu Âu may mắn có hai nhà cung cấp là Nokia và Ericsson và bản thân hai nhà cung cấp mạng 5G này có nhiều đối tác đáng tin cậy. Tôi nghĩ nên tin vào Nokia và Ericson thì hơn ».   Thời kỳ Trung Quốc là nhà máy của thế giới đã qua Trong bối cảnh đó, Trung Quốc đang đánh mất lá chủ bài quan trọng nhất để thu hút đầu tư nước ngoài. Giám đốc Trung Tâm Nghiên Cứu Hàng Hải của Pháp không vòng vo « thời kỳ Trung Quốc là nhà xưởng của thế giới đã chấm dứt ». Cyrille Coutansais : « Từ một vài năm trở lại đây, Trung Quốc đã không còn là công xưởng của thế giới. Khá nhiều lĩnh vực giảm bớt hoạt động tại Trung Quốc để phát triển ở những nơi khác. Thí dụ trong ngành dệt may, điểm đến giờ đây là Bangladesh hay Pakistan chứ người ta không còn tiếp tục mở thêm nhà máy tại Trung Quốc nữa. Bên cạnh đó, từ sau căng thẳng giữa Nhật Bản và Trung Quốc về tranh chấp chủ quyền biển đảo ở khu vực Senkaku/Điếu Ngư, Tokyo đã mạnh mẽ khuyến khích và hỗ trợ doanh nghiệp dời cơ sở sang Việt Nam, Ấn Độ … Các quốc gia này có nhân công rẻ hơn đồng thời Nhật Bản bớt bị lệ thuộc vào một nước lớn như là Trung Quốc. Hiện tượng này có trở nên rõ rệt hơn nữa sau đại dịch Covid-19 hay không ? Theo tôi, thế giới đang có khuynh hướng ‘sản xuất nơi nào để phục vụ thị trường nơi đó'. Các nhà máy ở châu Á để phục vụ người tiêu thụ Á châu, hãng xưởng ở Mỹ để đáp ứng nhu cầu của thị trường của châu Mỹ. Các nhà máy tại châu Âu, và chung quanh Địa Trung Hải thì để phục vụ khách hàng của châu Âu. Đưa các nhà máy đến gần với người tiêu thụ là xu hướng chung ».

L'ObSoCo reçoit Alain Nemarq, PDG de Mauboussin, qui explique comment la compréhension de la société a été déterminante dans l'évolution de la marque. Il revient sur les révolutions conduites depuis une dizaine d'années et expose sa vision de la consommation de demain.

A good time to think about a correction is when markets are behaving well. After the crash, it can be too late, and rash decisions can end up compounding the problems facing your financial well being. If you're like me, a friendly reminder is a welcome thing while we're within 1.5% of the all time highs.    Questions? Email me: mike@ngpfp.com

Le concentré de l’actualité du jour est présenté dans “Le journal de la nuit”, par Théo Maneval avec la rédaction d’Europe 1. On garde un œil sur l’actualité à venir avec les unes de la presse du lendemain, et on décrypte l’actualité économique avec les informations boursières du Top à Wall Street et l’interview d’un grand patron par Emmanuel Duteil.

French aerospace entrepreneur David Gazellot is paying homage to one of the pioneers of French aviation with its new green aviation project: Avions Mauboussin.David joins us on the podcast to explain this fascinating project to create a family of brand new hybrid STOL aircraft for regional air travel. And we also review, of course, the story of the historical Mauboussin, its time and its acomplishments.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/ Donate to the FinTwit Value vs Growth War here (it's for a good cause--The American Foundation for Suicide Prevention): https://www.gofundme.com/f/fintwit-war-value-vs-growth About Jake: Jake is a partner at Farnam Street. Jake's website: http://farnam-street.com/vah Jake's podcast: https://twitter.com/5_GQs Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l About Bill: Bill runs Sullimar Capital Group, a family investment firm. Bill's website: https://sullimarcapital.group/ Bill's Twitter: @BillBrewsterSCG ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of 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.

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

Après la déclaration choc de l'Ancien dans le Hors-Piste #3, le Zen réagit en poussant encore un peu plus la réflexion. Alors que l'industrie du parfum et les services de l'État connexes s'évertuent à purifier les réseaux de ventes informels de la contrefaçon, le Zen vient rappeler que rien ne vient dans la rue sans y être contrôlé au préalable. Rejoignez-nous sur notre site LaParfumerie-Podcast.com Et venez vous défouler sur notre WhatsApp : (+223) 66 91 96 86 - Nous répondrons aux coms les plus pertinents sur le podcast !

BackgroundGus Sauter bio  Gus Sauter retirement announcement Fast Facts About Vanguard  Council on University of Chicago Booth School of BusinessJack Bogle bio https://en.wikipedia.org/wiki/John_C._BogleJack Brennan bio Search for Alpha “Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013.  Growth, and Limits, of IndexingCharles Ellis bio  Charles Ellis books  Burton Malkiel bio  Burton Malkiel books  Indexing and Price Discovery“Setting the Record Straight: Truths About Indexing” by James J. Rowley, Joshua M. Hirt, and Haifeng Wang. The Vanguard Group, January 2018. Indexing and Corporate Governance“Vanguard CEO Jack Brennan Makes His Demands Heard” by Aaron Lucchetti. The Wall Street Journal, February 2003. Private Markets and AlternativesDavid Swensen bio David Swensen books  The Case for IndexingWilliam Sharpe bio“The Arithmetic of Active Management” by William Sharpe; The Financial Analysts Journal, Volume 47, No. 1; January/February 1991. Innovation“Nudge: Improving Decisions About Health, Wealth, and Happiness” by Richard Thaler and Cass Sunstein, February 2009. 

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).

Our guest on the podcast today is Rob Arnott. Arnott is partner and chairman of the board of Research Affiliates, a firm he established in 2002, following stints at First Quadrant and Salomon Brothers. He also runs several prominent mutual funds, including PIMCO All Asset. In addition to these duties, Arnott is an accomplished thought leader, having published more than 100 articles in professional journals. Among other plaudits for his work, he has received seven Graham and Dodd Scrolls, awarded by the CFA Institute to the top financial analyst journal articles of the year. An innovator, Arnott popularized the concept of fundamental indexation, which some refer to as smart beta.  Background Information Rob Arnott bio  Research Affiliates website  Research Affiliates smart-beta interactive tool Research Affiliates asset-allocation interactive tool Financial Analysts Journal website  PIMCO All Asset PAAIX   "Fundamental Indexation," by Robert D. Arnott, Jason Hsu, and Philip Moore (2005, Financial Analysts Journal) Related Links Research Affiliates Forecasts Value strategy  High-dividend strategy Emerging-markets equity Low-volatility strategy Research Affiliates Research "Are Valuations Now Irrelevant?" by Rob Arnott (2019 Research Affiliates Advisor Symposium)  "If Factor Returns are Predictable, Why Is There an Investor Return Gap?" by Jason Hsu (November 2015, Research Affiliates) "Buy High and Sell Low With Index Funds!" by Rob Arnott, Vitali Kalesnik, and Lillian Wu (June 2018, Research Affiliates) "Too Big to Succeed," by Rob Arnott (June 2010, Research Affiliates) "The Incredible Shrinking Factor Return," by Rob Arnott, Vitali Kalesnik, and Lillian Wu (April 2017, Research Affiliates)  "How Can 'Smart Beta' Go Terribly Wrong?" by Rob Arnott, Noah Beck, Vitali Kalesnik, and John West (February 2016, Research Affiliates) "To Win With 'Smart Beta' Ask if the Price Is Right," by Rob Arnott, Noah Beck, and Vitali Kalesnik (June 2016, Research Affiliates) "Rob Arnott: 'I Want the Quant Community to Get Its Act Together," by Alex Steger (Feb. 28, 2019, Citywire)  "What Risk Matters? A Call for Papers!" by Rob Arnott (September/October 2003, Financial Analysts Journal)  "Who Is on the Other Side of the Trade?" by Jason Hsu (December 2013, Research Affiliates) Other Research Referenced "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk," by William F. Sharpe (September 1964, The Journal of Finance) "Mind the Gap 2019," by Russel Kinnel (Aug. 15, 2019, Morningstar) "Alpha and the Paradox of Skill," by Michael J. Mauboussin and Dan Callahan (July 15, 2013, Credit Suisse)  About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)

Pierre de Vilno vous embarque pour une balade en voiture sur les chemins de la réussite à la française. Dans le premier épisode de cette série originale produite par Europe 1 Studio, il reçoit Alain Némarq, le PDG de la maison de joaillerie Mauboussin.

Pierre de Vilno vous embarque pour une balade en voiture sur les chemins de la réussite à la française. Dans le premier épisode de cette série originale produite par Europe 1 Studio, il reçoit Alain Némarq, le PDG de la maison de joaillerie Mauboussin.

W. KHC. STMP. Ineficiencias de mercado M. Mauboussin.

W. KHC. STMP. Ineficiencias de mercado M. Mauboussin.

Mike Mauboussin 01:25 Backround on Mike -Grew up in Ithaca NY -Soccer, Hockey, and Lacrosse player -Georgetown Lacrosse Alumni -Day job is in Finance as an analyst and strategist -Sports by the numbers -Technology contributions to data analysis 06:34 "The Basic Equation" and Lacrosse Analytics -Gather all data in D1 lacrosse and aggregate them -Average 31.7 possessions a game -Convert 32.7 of those possessions into goals -Average 10.3 goals per game -How to use these numbers to help your team win -Ground balls impact -Teams who win the ground ball battle by 4 or more win the game 70% of the time 11:18 Face-offs Impact -Teams who win a higher % of face-offs has low correlation to winning a game -Streaks are consistent with one player being better than another -Variance (difference between the best and the worst) -Rule changes impact variance 17:53 Impact of Canadians Statistically -Shooting percentage is higher -Average shooting % for Canadians is 34.2% -Average shooting % for Americans is 28% -Efficiency is higher -One handedness commonality of Canadians -Practice on smaller nets and bigger goalies 24:15 Goaltending -Communication brings out confidence in defensive players -Clearing -Save percentages impacts -3/4 failed clears should result in a goal against statistically 28:16 How coaches can use analytics -Use statistics to draw a wholistic view -Understand what your doing fully -Coaching vs. Teaching -Prioritize time to do what will ultimately help a team win -Practice what actually happens in a game -Balance rest and engagement -Putting players in a place where they can succeed -Study the people who are successful -Focus on getting better at what you need to get better at -Lacrosse is very conservative for coaching -Hockey pull your goalie theory through statistics 36:48 Focus on Process from the Theory of Skill and Luck -When there is a lot of luck in your outcome, focus on the process -Black Jack -Highly reliable statistics in baseball -Paradox of skill -Difference between the best and worst players has shrunk 42:06 Mike's Advice to Players -Have fun -Multiple sport athletes -Practice what works -Learn about your strengths and weaknesses -Use film More on Mike Mauboussin @ WWW.http://michaelmauboussin.com

In Episode #330, Michael J. Mauboussin, author of The Success Equation, considers the continuum between luck and skill as it pertains to investing. He also shares his thoughts on the price/earnings multiple as a valuation tool, the hallmarks of an effective investment process, and how professional investors might mitigate some of the most common behavioral biases.

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

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

Join the Acquired Limited Partner program! https://kimberlite.fm/acquired/ (works best on mobile) Ben and David deviate entirely from the stated purpose of the show, tackling this non-technology acquisition that is so recent, we have no idea if it went well yet. But, the April 2016 acquisition of Virgin America by Alaska Airlines was so fascinating, we had to do it!    Items mentioned in the show:  Louis C.K. - Everything is Amazing and Nobody is Happy   Alaska Acquires Virgin America Investor Deck   “Measuring The Moat” Paper - Michael J. Mauboussin   Business Adventures - Twelve Classic Tales from the World of Wall Street     "The Carve Out": Michael Mauboussin: "The Success Equation:Untangling Skill and Luck" | Talks at Google  

Michael J. Mauboussin is an investment strategist and has been in the financial services industry for more than twenty-five years. He has also taught at the Columbia Graduate School of Business since 1993, and is on the board of trustees at the Santa Fe Institute.He is the author of two previous books, Think Twice: Harnessing the Power of Counterintuition andMore Than You Know: Finding Financial Wisdom in Unconventional Places and is coauthor, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns.

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.

For day two of snowpolcalypse 2 we have an interview with Michael Mauboussin. 

How do we know which of our successes and failures can be attributed to either skill or luck? That is the question that investment strategist Michael J. Mauboussin explores in his book The Success Equation: Untangling Skill and Luck in Business Sports and Investing. Wharton management professor Adam M. Grant recently sat down with Mauboussin to talk about the paradox of skill the conditions for luck and how to avoid overconfidence. (Video with transcript) See acast.com/privacy for privacy and opt-out information.

In part two of my interview with author and investment strategist Michael Mauboussin, Michael untangles the intricate strands of skill and luck, defines them, and provides useful frameworks for analyzing their relative contributions. He offers concrete suggestions for how to put these insights to work to your advantage in business and other dimensions of life.

Michael Covel talks about the incessant search for the "new new thing". He quotes author and blogger Seth Godin and his article, "The Decline of Fascination and the Rise in Ennui". Covel notes how the only constant in life and trading is change. Uncertainty is the root of trend following and if you have a philosophy that's grounded in change, you'll have a strategy that responds well to the world of ebbs and flows. You'll have a strategy that won't leave you blindly sitting there and will let you participate when a market either goes up or down. It won't leave you at the mercy of the latest "new new thing". So, which strategy can make you money in unending change? Trend following is a fantastic option. Covel goes on to quote Michael Mauboussin and notes the importance of process vs. outcome and the tricky subject of luck: "If you compete in a field where luck plays a role, you should focus more on the process of how you make the decisions and rely less on the short term outcomes. The reason is that luck breaks the direct link between skill and results. You can be skillful and have a poor outcome, or unskillful and have a good outcome." Covel discusses the criticism of people that expect positive trend following performance every month. Look in the books, look at the charts--trend following is a long term strategy. As Covel has said in the past any strategy that gives you a steady 1% a month is probably Bernie Madoff or Long Term Capital Management (i.e. soon to be exposed or busted). Covel goes on to quote an article by PFP Wealth Management regarding the essence of trend following. Covel also uses the classic Pixies song, "Debaser" and notes that it has about as much to do with your trading as turning on CNBC or Bloomberg. Think about it. Free DVD: www.trendfollowing.com/win.

My guest today is Michael Mauboussin, 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 board of trustees at the Santa Fe Institute (an independent, nonprofit theoretical research institute).  The topic is his book The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing. In this episode of Trend Following Radio we discuss: Luck and skill, how they cross over and play off each other, and how both of those factors have played a part in both Covel and Mauboussin's careers How Mauboussin came to start working on "The Success Equation" How losing on purpose can define skill How sports can provide great examples of what Mauboussin contends regarding skill and luck The human desire and emotional need to tell stories, and how that plays into peoples' difficulty untangling skill and luck Stephen Jay Gould's notion of the .400 hitter in baseball and the paradox of skill Physical limits and improvement in skill over time Sample size issues Process vs. outcome What to do when you're the underdog and how complicating the situation can help when you're in that position Improving your guesswork on where you are in the luck-skill continuum Persistence and predictive value Building skill 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 talks with Michael Mauboussin. 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 Santa Fe Institute (an independent, nonprofit theoretical research institute). Mauboussin joins Covel to discuss his new book, "The Success Equation: The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing". Covel and Mauboussin discuss luck and skill, how they cross over and play off each other, and how both of those factors have played a part in both Covel and Mauboussin's careers. Even though their strategies may differ, the foundational elements in Mauboussin's work applies to Covel's trend following world perfectly. Covel and Mauboussin also discuss how Mauboussin came to start working on "The Success Equation"; how losing on purpose can define skill; how sports can provide great examples of what Mauboussin contends regarding skill and luck; the human desire and emotional need to tell stories, and how that plays into peoples' difficulty untangling skill and luck; Stephen Jay Gould's notion of the .400 hitter in baseball and the paradox of skill; physical limits and improvement in skill over time; sample size issues; process vs. outcome; what to do when you're the underdog and how complicating the situation can help when you're in that position; improving your guesswork on where you are in the luck-skill continuum; persistence and predictive value; and building skill. A must read new book! Special offer new DVD: www.trendfollowing.com/win.

In episode #090, Michael J. Mauboussin discusses the role of technical competence, "counterintuition," and the application of multiple mental models to the discipline of financial analysis.