Ep. 315: Michael Mauboussin Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 2 February 2015
⏱️ 35 minutes
🧾️ Download transcript
Summary
My guest today is Michael Mauboussin, an investment strategist in the financial services industry, professor at the Columbia Graduate School of Business, and serves on the board of trustees at the Sante Fe Institute (an independent, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making.
The topics are his books More Than You Know and Think Twice: Harnessing the Power of Counterintuition.
In this episode of Trend Following Radio we discuss:
- Multi-disciplinary thinking and its influence on Covel
- Looking at larger reference classes
- The Swiss Franc
- Mauboussin's personal take on the recent oil move
- Fundamentals and expectation
- Luck or skill when it comes to trading profits
- The paradox of skill, absolute, and relative skill
- Whether scientific principles of luck exist
- Defining luck
- Outcome bias
- The general public perception of behavioral economics
Jump in!
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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!
Transcript
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| 0:00.0 | This is Trend Following Radio, where great thinking comes alive. |
| 0:10.9 | Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings. |
| 0:21.1 | I am your host, Michael Coval. |
| 0:24.0 | Not filtered, raw, honest. |
| 0:27.3 | That's my passion. |
| 0:32.8 | My guest today is Michael Mabison. |
| 0:35.4 | He is managing director and head of global financial strategies |
| 0:38.5 | at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital |
| 0:43.9 | markets theory, competitive strategy analysis, and decision making. He's also an adjunct professor |
| 0:49.7 | of finance at the Columbia Business School and chairman of the board of trustees at the Santa |
| 0:54.6 | Faye Institute. |
| 0:56.1 | I first reached out to Michael, I believe in 2003, to ask permission to quote part of his work |
| 1:02.4 | in my first book, Trend Following. |
| 1:03.8 | He obliged. |
| 1:05.1 | I think I first saw his work in the mid to late 90s, these great PDFs early on when he was at Credit Suisse and before he went to Legg Mason and now he's back to Credit Suisse. |
| 1:15.5 | Just fantastic. |
| 1:16.6 | Even if you go back and find those old PDS from Michael in the late 90s, they're timeless. |
| 1:22.3 | And what he was doing and it shaped me early on was the multidisciplinary thinking pulling from different parts of the |
| 1:29.6 | world in academia and economics and sports and neuroscience psychology decision making investments |
| 1:37.8 | finance you name it michael would pull from it and i started to realize as i was getting |
| 1:43.6 | into my trend following subject, |
| 1:44.9 | I was like, wow, this guy's just opened up Pandora's box of what you can do, what you can reach |
... |
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