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 c...
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 RESOURCES
- Michael 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.
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- Browse through all our episodes (complete with transcripts) here.
- Support our free podcast by supporting our sponsors.
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