TIP421: Expectations Investing w/ Michael Mauboussin
The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 11 February 2022
⏱️ 69 minutes
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| 0:00.0 | You're listening to TI-P. |
| 0:03.2 | On today's show, we have a very special guest and that is investing legend Michael Mobison. |
| 0:08.7 | Michael is head of Consilient Research at Counterpoint Global. |
| 0:12.0 | Previously, he was Director of Research at Blue Mountain Capital, head of Global Financial |
| 0:16.3 | Strategies at Credit Swiss, and Chief Investment Strategies at Leg Mace and Capital Management. |
| 0:21.4 | He's the author of three books as well as an adjunct professor at Columbia Business School |
| 0:25.4 | where he's been teaching the Security Analysis course for 30 years. |
| 0:29.0 | I hope you're in a comfortable seat because we go on quite a ride with this one. |
| 0:33.1 | In this episode, we discuss Michael's early career working under the two-dilig of Bill |
| 0:36.7 | Miller. |
| 0:37.7 | His introduction to the Santa Fe Institute and how it shaped his investing style, the three |
| 0:41.6 | steps of what Michael calls expectations investing, the concept of reflexivity, the problem |
| 0:47.2 | with investing based simply on multiples, the rise of intangibles, what are they, how to |
| 0:51.9 | look through them, the golden rule of share-buybacks and why they are controversial to some, how |
| 0:56.7 | to calculate a company's competitive moat, how Michael has updated the Security Analysis |
| 1:01.2 | course at Columbia, how to determine your own cost of capital, and so much more. |
| 1:06.9 | This was immediately one of my most enjoyable discussions I've had today on this show. |
| 1:11.7 | I have no doubt that you will get a lot out of this one, so without further ado, please |
| 1:15.5 | enjoy and learning about expectations investing with Michael Mobison. |
| 1:23.2 | You are listening to the Investors Podcast, where we study the financial markets and read |
| 1:28.2 | the books that influence self-made billionaires the most. |
| 1:31.4 | We keep you informed and prepared for the unexpected. |
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