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Michael Mauboussin
@
mjmauboussin
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Decisions, books, investing, mental models, complex adaptive systems, skill, luck. Adjunct Professor @Columbia_Biz Chairman of the Board of Trustees @sfiscience
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Michael Mauboussin
@mjmauboussin
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4. velj |
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There’s a sister piece, Celebrating the Summit, for when you own a stock that’s up more than 10% in a day: research-doc.credit-suisse.com/docView?langua… twitter.com/IntrinsicInv/s…
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Michael Mauboussin
@mjmauboussin
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2. velj |
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Wow - thank you for compiling! owltail.com/people/UXzoS-m… twitter.com/jobhunter50/st…
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Michael Mauboussin
@mjmauboussin
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2. velj |
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Loved this conversation between @patrick_oshag and @chetanp. Not an area I know but the clarity of thought and quality of communication were excellent. podcasts.apple.com/us/podcast/inv…
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| Michael Mauboussin proslijedio/la je tweet | ||
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Capital Camp
@CapitalCamp
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31. sij |
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As Capital Camp 2020 gears up, here’s what @mjmauboussin had to say about improving processes at last year's event. If interested in attending, join the waitlist and we’ll let you know as spots come available. #CapitalCamp
youtu.be/yXtGOusf-m4
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Michael Mauboussin
@mjmauboussin
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31. sij |
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Privacy and its limits - had this discussion with @jasonzweigwsj this morning! economist.com/node/21779153?…
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| Michael Mauboussin proslijedio/la je tweet | ||
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TheValuePerspective
@Thevalueteam
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30. sij |
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The more an activity involves luck, the greater the need for a robust decision-making process – and, as market strategist and author @mjmauboussin says in our first podcast episode, investment is no exception
ow.ly/Njte50y8SiM
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Michael Mauboussin
@mjmauboussin
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29. sij |
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11/ Finally, the mental models approach advocated by Charlie Munger and the torchbearer for the approach @ShaneAParrish @farnamstreet
fs.blog/mental-models/
amazon.com/Great-Mental-M…
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Michael Mauboussin
@mjmauboussin
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29. sij |
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10/ Next is the @sfiscience, an extraordinary institution that ignores traditional academic disciplines and considers vexing problems at the intersection of disciples. A wonderful combination of open minds and rigorous methods.
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Michael Mauboussin
@mjmauboussin
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29. sij |
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9/ I will finish by noting some sources of inspiration. The first is my mentor, collaborator, and friend Al Rappaport. I will do my best to translate his wisdom to my students.
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Michael Mauboussin
@mjmauboussin
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29. sij |
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| Michael Mauboussin proslijedio/la je tweet | ||
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Madeline Mauboussin
@Madelinemaub
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29. sij |
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"...When you're not in pain or cold or experiencing a powerful emotion like anger or fear, it's very difficult to imagine yourself in that situation... This phenomenon can help us understand why we sometimes act in ways that mystify us." twitter.com/HiddenBrain/st…
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Michael Mauboussin
@mjmauboussin
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29. sij |
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8/And expectations remain central. What has to happen for the price of a stock to make sense? No one knows how the future will unfold, but you can stack the odds in your favor. Steven Crist describes this beautifully in another probabilistic domain. vintagevalueinvesting.com/drf-legend-ste…
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Michael Mauboussin
@mjmauboussin
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29. sij |
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7/We spend a lot of time discussing the limitations of multiples for valuation. You earn the right to use a multiple only when you demonstrate that you understand the economic assumptions that are behind it. bluemountaincapital.com/wp-content/upl…
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Michael Mauboussin
@mjmauboussin
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29. sij |
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6/Shout out to @d_mccar on his work on Customer-Based Corporate Valuation. Great stuff: papers.ssrn.com/sol3/papers.cf…
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Michael Mauboussin
@mjmauboussin
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29. sij |
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5/Acknowledging this shift changes the discourse on corporate investment. "Recent studies examining Capex lament the declining trend in firms’ operating investments. The trend turns positive once the investment portion of Main SG&A is included."
papers.ssrn.com/sol3/papers.cf…
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Michael Mauboussin
@mjmauboussin
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29. sij |
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4/A big part of the story is the massive shift in the form of investment, from tangible to intangible. This means analysts have to go back to basics and figure out the *magnitude of investment* and the *return on investment,* whether on the IS or BS
papers.ssrn.com/sol3/papers.cf… pic.twitter.com/PywEAhLP21
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Michael Mauboussin
@mjmauboussin
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29. sij |
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3/People often think about value investing in one of two ways: (1) statistical factors - e.g., P/B, P/E; or (2) buying securities with prices below value. I am firmly in the second camp, although the approaches are not mutually exclusive Sometimes statistically cheap = good value
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Michael Mauboussin
@mjmauboussin
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29. sij |
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2/Ben Graham started this program in 1927 at the Extension Division of Columbia College. He taught in a building a few blocks from where we'll be tonight. Graham didn't teach at the business school until 1951 - and he had a pretty good student in that class - @WarrenBuffett pic.twitter.com/ChVCS3dgFX
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Michael Mauboussin
@mjmauboussin
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29. sij |
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1/Tonight I start Security Analysis @Columbia_Biz. This is my 28th consecutive year teaching the course and I am as nervous as ever. Preparation always provides a wonderful opportunity to take stock of process. www8.gsb.columbia.edu/courses/mba/20…
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Sean DeLaney
@SeanDeLaney23
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29. sij |
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Spending a lot of time this week diving into the archives of @mjmauboussin
Especially enjoyed his 2005 piece on Contrarian Investing
Full Link- pdfs.semanticscholar.org/51e6/26f58db68… pic.twitter.com/huGinFvUzU
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