TIP421: Expectations Investing w/ Michael Mauboussin

IN THIS EPISODE, YOU’LL LEARN:01:52 - Michael's early career working under the tutelage of Bill Miller.06:08 - His introduction to the Santa Fe Institute and how it shaped his investing style.15:49 - The 3 steps of what Michael calls Expectations Investing.19:37 - The concept of reflexivity.25:26 - The problem with investing is based simply on multiples.30:35 - The rise of intangibles, what are they, and how to look through them.39:40 - The golden rule of share buybacks and why they are controversial to some.55:00 - How to calculate a company's competitive moat.58:09 - How Michael has updated the Security Analysis course at Columbia.1:04:33 - How to determine your own cost of capital.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESMichael Mauboussin's website.Michael Mauboussin's Twitter.Measuring the Moat paper. Expectations Investing book.Increasing Returns by Brian Arthur book.Scale by Geoffrey West book. Understanding Michael Porter by Joan Magretta book.Against the Gods by Peter Bernstein book.Valuation by McKinsey book. A Random Walk Down Wall Street by Burton Malkiel book. Trey Lockerbie Twitter.Preston, Trey & Stig’s tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Join Commonstock’s community of engaged investors to access exclusive financial data, follow and chat with fellow investors, get alerts when friends buy or sell, and make trades directly through the platform.Send, spend and receive money around the world easily with Wise.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Eat clean 24/7, with fresh—never frozen—prepared meals that are so delicious with Factor. Use code wsb120 to get $120 off over your first 5 weeks of meals.Canada’s #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Let TurboTax Live Experts help you however you need, and if you need an extra hand, hand your taxes off to them and they’ll do it all for you!Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


by We Study Billionaires - The Investor’s Podcast Network