Wall Street Investment Strategist, Author, Professor
Michael J. Mauboussin is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. 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, including More Than You Know: Finding Financial Wisdom in Unconventional Places, named in the The 100 Best Business Books of All Time by 800-CEO-Read. Michael has been an adjunct professor of finance at Columbia Business School since 1993, and received the Dean's Award for Teaching Excellence in 2009 and 2016. He is also chairman emeritus of the board of trustees of the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory.
Expectations Investing
Reading Stock Prices for Better Returns - Revised and Updated
Expectations Investing offers a unique and powerful alternative for identifying gaps between stock price and value. Mauboussin and Rappaport provide everything the reader needs to utilize the discounted cash flow model successfully. And they add an important twist: they suggest that rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price. An investor who has a fix on the market's expectations can then assess the likelihood of expectations revisions.
To help investors anticipate such revisions, Mauboussin and Rappaport apply an “expectations infrastructure” framework to trace the process of value creation from the basic economic forces that shape a company's performance—sales, costs, and investments—to the resulting impact on value drivers.
Investors who use Expectations Investing will have a fundamentally better way to evaluate all stocks, setting them on the path to success. Managers will be able to use the book to devise, adjust, and communicate their company's strategy in light of shareholder expectations.
The revised and updated version reflects recent changes in accounting and the business landscape and provides new case studies and examples.
The Success Equation
Untangling Skill and Luck in Business, Sports, and Investing
What role, exactly, do skill and luck play in our successes and failures? Some games, like roulette and the lottery, are pure luck. Others, like chess, exist at the other end of the spectrum, relying almost wholly on players' skill.
In his provocative new book, Michael Mauboussin untangles the intricate strands of skill and luck, defines them, and provides useful frameworks for analyzing their relative contributions. He offers concrete suggestions for how to put these insights to work to your advantage in business and other dimensions of life.
Think Twice
Harnessing the Power of Counterintuition
No one intentionally makes bad decisions. Yet we make them all the time. In fact, some of the worst disasters in recent history-the collapse of major investment banks, the global financial meltdown-were the result of seemingly reasonable decisions made by a lot of smart people. How does this happen?
Through vivid stories from business, sports, science, and everyday life, Mauboussin categorizes common mental mistakes and offers actionable advice for avoiding them. Backed by powerful research and shrewd analysis, this book gives you a mental toolkit for spotting dangerous decision traps.
More Than You Know
Finding financial wisdom in unconventional places
Since its first publication, Michael J. Mauboussin's popular guide to investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor.