Discover book depositorys huge selection of michael j mauboussin books online. Think twice by bret nicholaus, 1998, ballantine books edition, in english 1st ed. A dozen things you can learn by reading the success. In fact, some of the worst disasters in recent historythe collapse of major investment banks, the global financial meltdownwere the result of seemingly reasonable decisions made by a lot of smart people. The crux of the book is the application of behavioral sciences to decision making, but having been written by an economist it often sidesteps into the realm of numbers, at which point my eyes glazed. Harnessing the power of counterintuition 06nov2012. Previously, he was director of research at bluemountain capital and head of global financial strategies at credit suisse, where he advised clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. Think of it as a football game, if the team plays well, the shortterm defeats will not suffocate the longterm progress. Michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for.
Oct 23, 2017 think of it as a football game, if the team plays well, the shortterm defeats will not suffocate the longterm progress. Then ten thousand years ago, the mammoth disappeared, leaving only its bones. Jan 19, 2017 michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for an exclusive strategy session on how investors can. I recall going to an equity research morning call and hearing the utility industry analyst suggest the slowgrowing companies under his coverage deserved priceearnings pe multiples in the high teens and the tobacco industry analyst imply that his fastgrowing companies should trade at pes in the midteens.
Michael mauboussin active asset management invest like the. An interview with behavioral investing expert michael mauboussin. Below is an interview we conducted with michael mauboussin, author of the recently published book think twice. In think twice, now in paperback, michael mauboussin argues that we often fall. Michael mauboussin, chief investment strategist at legg mason and our first interview on the podcast, offers two simple techniques to improve the quality of your decision making. More than you know is a lucid explanation of the exciting new developments in behavioral economics and cognitive science on the rationality and irrationality of peoples economic choices. This ancient relative of the elephant inhabited a frozen ice age world. Think twice michael mauboussin interview martinkronicle. Michael mauboussin active asset management invest like the best, ep. Find a group of situations, or a reference class, that is broad enough to be statistically significant but narrow enough to be useful in analyzing the decision that you face. Harnessing the power of counterintuition michael mauboussin. In the early 1990s, i started teaching a course at columbia business school. In this article, i interviewed the author, michael mauboussin.
Measuring the moat assessing the magnitude and sustainability of value creation authors michael j. He mentioned that he played a lot of poker when he was young, became pretty good at it, and made some money. Harnessing the power of counterintuition and more more than you know. Mauboussin is chief investment strategist at legg mason capital management. And thats interesting because there have been these studies of how individuals think. An interview with michael mauboussin steve waite novemer 9, 2009 steve waite and kris tuttle october xx, 2009. Apr 29, 2011 think twice by bret nicholaus, 1998, ballantine books edition, in english 1st ed. Michael mauboussin is considered an expert in the field of behavioral finance and has some famous books on the topic including, think twice. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors allamerica research team. And they go back to this idea of these foxes, people that are willing to consider different points of view. Mauboussin born february 1964 is head of consilient research at counterpoint global. More than you know comes at the world of investing from a very different perspective than the average book.
Think twice is a fantastic book for people interested in decision making. Mauboussin groups his essays into four partsinvestment philosophy, psychology of investing, innovation and competitive strategy, and science and complexity theoryand he includes substantial references for further. You may be familiar with mauboussin as he is the chief investment strategist at legg mason capital management and he has also been an adjunct professor of finance at columbia business school. In think twice, mauboussin distills the work of kahneman and tversky into four steps and adds some commentary. No matter your field, industry, or specialty, as a leader you make a series of crucial decisions every single day. Countering the inside view and making better decisions. In this book mauboussin, who is one of wall streets most creative and influential minds, offers provocative new ways of thinking about the stock market, investing, and how we. In this engaging book, mauboussin shows us how to recognize and avoid.
Oct 01, 2016 a dozen things you can learn by reading the success equation by michael mauboussin october 1, 2016. Harnessing the power of counterintuition harvard business press, 2009 and more than you know. In this engaging book, mauboussin shows us how to recognize and avoid common mental missteps. Harnessing the power of counterintuition harvard business press, and chief investment strategist at legg mason capital management.
We hope you enjoy the interview and book as much as we did. But if i had to choose one book it would probably be the success equation. Mauboussins think twice is a wonderful book that provides a framework for improving ones decision making skills. Find a group of situations, or a reference class, that is broad enough to be statistically significant but narrow enough to. More than you know is a book consisting of 50 short essays written mostly for new investors. Harnessing the power of counterintuition and hes the chief investment strategist of lmcm. Long ago, in the time of cavemen and sabertoothed tigers, lived an enormous hairy creature with huge tusksthe mammoth. Mauboussin author see all 3 formats and editions hide other formats and editions. Harnessing the power of counterintuition harvard business press, 2009.
How does an individual or an investment committee make sense of the confluence of themes. My bookshelf is filled with books that show what really works or the seven keys to success. Expectations investing offers a unique and powerful alternative for identifying valueprice gaps. In think twice, now in paperback, michael mauboussin argues that we often fall victim to simplified mental routines that prevent us from coping with the complex realities inherent in important judgment calls.
Finding financial wisdom in unconventional places updated and expanded mauboussin, michael j. The ability to compare effectively is a vital skill in investing. Alpha and the paradox of skill 2 introduction jim rutt, formerly both the chief executive officer of network solutions and chairman of the board at the santa fe institute, recently gave a talk about his experience in business. Asking me to select my favorite book written by michael mauboussin is like asking me to pick my favorite child. Prior to joining lmcm in 2004, michael was a managing director and chief u. Michael joined cs in 1992 as a packaged food industry analyst. And make no mistake we all are guilty of sloppy thinking and can use improvement and an improved process. Prior to joining lmcm in 2004, michael was a managing director and chief us investment strategist at credit suisse. What makes it interesting is the way it shows you the possible reasons. As heirs of the knowhow passed down through generations for almost 200 years now, we constantly remain relevant at the forefront by always exploring the best talents for the creation. We use cookies to give you the best possible experience. Mauboussin is head of global financial strategies at credit suisse and an adjunct professor at columbia business school.
Mauboussin is chief investment strategist at legg mason capital. Jan 01, 2009 think twice hardcover january 1, 2009 by michael j. Fascinating facts about the elephants ancient relatives. Michael mauboussin is an expert in decision making within the investment process and he has a game plan to help you figure it out. It is rare to find a book that fundamentally changes how you think about investing, and beyond that, learning.
Mauboussin by cerval and a great selection of related books, art and collectibles available now at. Mauboussin has managed to write a book that is interesting for everyone. An interview with behavioral investing expert michael. Well mike i think that goes back to what we were talking about with diversity. Mauboussin relies on a simple, but fundamentally nonconsensus idea that finding useful links between disparate fields, rather than focusing exclusively on one discipline, can make you a better investor. Harnessing the power of counterintuition by michael j.
Over the holidays i recalled a conversion i had with a colleague where in early 2019 we spoke about the results of the q1 2019 cfo survey, which had the headline recession expected by late 2020 and stated that sixtyseven percent of u. Mauboussin is director of research at bluemountain capital management and an adjunct professor at columbia business school in new york city. Think twice hardcover january 1, 2009 by michael j. The hidden forces that shape our decisions new york. Dec 17, 2017 michael mauboussin is the author of the success equation. Making sound investment comes on top even if the end result doesnt satisfy the requirements simple as that. Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other reallife decisions. Harnessing the power of counterintuition michael j. Where did the idea for the think twice book come from.
Read unlimited books and audiobooks on the web, ipad, iphone and android. Harnessing the power of counterintuition, and more on. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money. This is a thoughtprovoking book, supposedly a business book but one that. Think twice is an effort to help all professional decision. More than you know is written with the professional investor in mind but extends far beyond the world of economics and finance.
Michael mauboussin active asset management invest like. As a result, investing requires a clear sense of whats priced in today and possible future results. Jul 26, 2014 2012 the true measures of success most companies use the wrong performance metrics. Think twice is an interesting, at times fascinating, read but is never more than a collection of anecdotes from various sources of a similar ilk. In more than you know, mauboussin shares his secret to becoming an insightful investor and provides invaluable tools to better understand the concepts of choice and risk. Untangling skill and luck in business, sports, and investing and think twice. Untangling skill and luck in business, sports, and investing michael j. Finding financial wisdom in unconventional placesupdated and expanded new york. Can these nonconventional ideas really help an investor. Think twice harnessing the power of counterintitution by michael j. Mauboussins popular guide to wise investing has been translated into eight languages and has been named best busines, isbn 9780231143721 buy. Read think twice harnessing the power of counterintuition by michael j. Create a decision journal and starting using it many years ago when i first met danny kahneman, and kahneman is one of the preeminent psychologists in the world who won a.
Think twice harnessing the power of counterintuition. An interview with michael mauboussin columbia university. It ranged from africa to alaska, and everywhere in between. Mauboussin concludes the book by summarizing an effective action plan to put it simply, mauboussin admonishes us to think twice before we make a serious decision to ensure we dont fall victim to any of these pernicious errors. Since 1827, mauboussin has been creating exceptional pieces of jewelry, dedicated to women who are passionate in unique designs of originality and sophistication. Finding financial wisdom in unconventional places, and think twice. Harnessing the power of countertuition by michael j. The base rate book 4 executive summary the objective of a fundamental investor is to find a gap between the financial performance implied by an asset price and the results that will ultimately be revealed. October, 2015 sfi board of trustees chair michael mauboussin interviews daniel kahneman, winner of the 2002 nobel prize in economics. Credit suisses michael mauboussin on spotting market.
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