MI364: Lessons From Michael Mauboussin w/ Shawn O'Malley

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 12 August 2024

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

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: Fiscal.AI Connect with Shawn: Twitter | LinkedIn | Email Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.8	Hey, everybody.
0:03.9	Welcome to the millennial investing podcast.
0:06.2	I'm your host, Sean O'Malley.
0:08.4	On today's episode, I'll be reviewing Michael Mobison's excellent book, more than you know.
0:12.7	If you're not familiar with him, Mobison is one of the top voices in the value investing space.
0:17.2	The early days of his career began under the tutelage of the great investor Bill Miller,
0:21.8	and he's gone on to become the head of Credit Suisse's Global Financial Strategy Team,
0:26.1	director of research at Blue Mountain Capital, chief investment strategist at Lagmason Capital
0:31.5	Management, and more recently, he has led Counterpoint Global's Consilient Research Team.
0:37.3	Along the way, he's worked as an
0:39.0	adjunct professor at Columbia University for over three decades, where he's taught the security
0:43.4	analysis course, written four books on investing, and served as chairman of the board of trustees
0:48.6	at the Santa Fe Institute. More than you know, is divided into four essays meant to stand by themselves and act as tools
0:55.3	in investors' toolboxes covering investment philosophy, the psychology of investing, innovation
1:01.0	and competitive strategy, and science and complexity theory.
1:04.6	I'll be going through each of the four essays, summarizing them, and sharing my favorite
1:08.3	insights.
1:09.1	We'll cover topics like how the stock market is a complex adaptive system and what that means,
1:14.3	the pitfalls of using past price-to-earnings ratios when valuing companies,
1:18.6	why process is so important to investing well,
1:21.7	what a world with increasing technological disruptions means for investors and much more.
	...

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