Michael Mauboussin on How to Read Stock Prices (Podcast)

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 17 December 2021

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

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Transcript

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0:00.0	This is Mesters in Business with Barry Reynolds on Bloomberg Radio.
0:08.3	This week on the podcast, I have an extra special guest, a returning champion, Michael Moboson.
0:14.0	He is on the buy side.
0:15.6	People think when I say that Michael is at Counterpoint Global at Morgan Stanley Investment
0:19.7	Management, it's not Morgan Stanley the big sell side broker dealer.
0:24.0	It's a totally different division, their asset management division.
0:28.0	We really spend a lot of time talking about the new edition of his book Expectations
0:33.1	Investing.
0:34.4	What I love about Michael is how thoughtful he is, how interesting his approach to investing,
0:42.2	thinking about markets, individual companies, value, and basically the approach he brings
0:47.7	to research to the investment community.
0:51.1	He's been writing and publishing about markets for literally decades, not just his many
0:57.4	books, which I'll include in my notes, but the research papers he puts out and shares
1:03.7	with the public, they're always interesting and thoughtful.
1:07.7	I frequently find myself looking at these, reading these and going, cocking my head, I hadn't
1:14.2	thought about that.
1:15.2	That's a really interesting take on a very fundamental idea and I'm glad I had the opportunity
1:21.3	to give this a thought.
1:22.9	I found this to be a master class in valuation and how to think about what a company's proper
1:30.9	potential value is, what your expectation for investing in that company should be.
1:38.4	It's no surprise he's been teaching a Columbia for, I don't know, 20 years as an adjunct
1:42.8	professor in the business school.
	...

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