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Expectations Investing Explained w/ Michael Mauboussin (TIP421)

Investing legend Michael Mauboussin is Head of Consilient Research at Counterpoint Global. 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. He is also the author of three books as well as an adjunct professor at Columbia Business School, where he’s been teaching the Security Analysis course for 30 years. I hope you are in a comfortable seat, because we go on quite a ride with this one. IN THIS EPISODE, YOU'LL LEARN: 0:00:00 - Intro 0:00:10 - Michael Mauboussin’s early career working under the tutelage of Bill Miller 0:05:11 - His introduction to the Santa Fe Institute and how it shaped his investing style 0:13:24 - Updating Expectations Investing book 0:17:27 - The 3 steps of what Michael Mauboussin calls Expectations Investing 0:21:48 - The concept of reflexivity 0:24:08 - The problem with investing based simply on multiples 0:29:54 - The rise of intangibles - what are they and how to look through them 0:40:08 - The golden rule of share buybacks and why they are controversial to some 0:54:11 - How to calculate a company's competitive moat 0:57:47 - How Michael has updated the Security Analysis course at Columbia 1:02:11 - How to determine your own cost of capital 📌 Get your first 3 months of investment management with Titan for zero fees https://www.titan.com/TIP ✔️ Subscribe to Bitcoin Fundamentals/We Study Billionaires podcast show: https://link.chtbl.com/WSB421 🖊️ Access our free show notes and transcript here: https://www.theinvestorspodcast.com/e... 📖 BOOKS MENTIONED: - Expectations Investing by Michael Mauboussin - https://amzn.to/34GmaCq - The Psychology of Money by Morgan Housel - https://amzn.to/3HhEyzY - Scale by Geoffrey West - https://amzn.to/3gwb3yG - Berkshire Hathaway Letters to Shareholders by Warren Buffett - https://amzn.to/3GDowiG - Warren Buffett: Inside the Ultimate Money Mind by Robert Hagstrom - https://amzn.to/335SWfZ - The Warren Buffett Way by Robert Hagstrom - https://amzn.to/3HMUdY8 - Against the Gods: The Remarkable Story of Risk by Peter Bernstein - https://amzn.to/3Lgu2eO - Capital Ideas: The Improbable Origins of Modern Wall Street by Peter Bernstein - https://amzn.to/3oAp1nx - A Random Walk Down Wall Street by Burton Malkiel - https://amzn.to/3rxNSu0 - Valuation by McKinsey - https://amzn.to/3B7zcVy - The Little Book of Valuation - https://amzn.to/3ot5qWk Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 ▶️ PAST EPISODES MENTIONED: - TIP247: Legendary Investor Bill Miller -    • TIP247: Legendary Investor Bill Miller   - TIP339: Common Sense Investing w/ Joel Greenblatt -    • Joel Greenblatt’s Investing Philosophy   - TIP351: The Psychology Of Money w/ Morgan Housel -    • 1% Action Will Change Your Life | The...   ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ LISTEN 🎧 TO OTHER SHOWS FROM OUR NETWORK: ₿ If you're interested in Bitcoin, checkout our Bitcoin Fundamentals podcast show:    • ⚡️ Bitcoin Fundamentals 🔑   📚Dive into value investing and learn more about billionaires with our We Study Billionaires podcast show:    • 💰 We Study Billionaires 🥇   🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show:    • 🏠 Real Estate 101 💵   💸Get introduced to the world of investing with our Millennial Investing podcast show:    • 💸 Millennial Investing 🎯   ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ FOLLOW US ON SOCIAL MEDIA📱: 💻 Facebook:   / theinvestorspodcast   👔 Linkedin:   / the-investor's-podcast   🐦Twitter: https://twitter.com/tip_network?lang=en ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ Download Stig & Preston's 1-page checklist for finding great stock picks: https://www.theinvestorspodcast.com/f... ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.