TIP421: Expectations Investing w/ Michael Mauboussin

<p><strong>IN THIS EPISODE, YOU’LL LEARN:</strong></p><ul><li>01:52 - Michael's early career working under the tutelage of Bill Miller.</li><li>06:08 - His introduction to the Santa Fe Institute and how it shaped his investing style.</li><li>15:49 - The 3 steps of what Michael calls Expectations Investing.</li><li>19:37 - The concept of reflexivity.</li><li>25:26 - The problem with investing is based simply on multiples.</li><li>30:35 - The rise of intangibles, what are they, and how to look through them.</li><li>39:40 - The golden rule of share buybacks and why they are controversial to some.</li><li>55:00 - How to calculate a company's competitive moat.</li><li>58:09 - How Michael has updated the Security Analysis course at Columbia.</li><li>1:04:33 - How to determine your own cost of capital.</li><li>And much, much more!</li></ul><p><br></p><p><em>*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.</em></p><p><br></p><p><strong>BOOKS AND RESOURCES</strong></p><ul><li>Michael Mauboussin's <a href="http://www.michaelmauboussin.com" rel="noopener noreferrer" target="_blank"><strong>website.</strong></a></li><li>Michael Mauboussin's <a href="https://twitter.com/mjmauboussin" rel="noopener noreferrer" target="_blank"><strong>Twitter.</strong></a></li><li>Measuring the Moat <a href="https://research-doc.credit-suisse.com/docView?language=ENG&amp;format=PDF&amp;sourceid=csplusresearchcp&amp;document_id=1066439791&amp;serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&amp;cspId=null" rel="noopener noreferrer" target="_blank"><strong>paper.</strong></a><strong>&nbsp;</strong></li><li>Expectations Investing <a href="https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/ref=sr_1_1?crid=2ECB3P6Z3PF4&amp;keywords=expectations+investing&amp;qid=1643401200&amp;sprefix=expectations+investin%2Caps%2C134&amp;sr=8-1" rel="noopener noreferrer" target="_blank"><strong>book.</strong></a></li><li>Increasing Returns by Brian Arthur <a href="https://w