Practical Lessons from Michael Mauboussin
Two Quants and a Financial Planner
Understanding Subscription Business Models and Investor Relations
This chapter explores the complexities of subscription business models, highlighting how initial subscriber acquisition costs can impact financial statements. It emphasizes the significance of long-term vision in investor relations and the potential for future profitability despite early losses.
In this episode of Two Quants and a Financial Planner, we dive deep into the investing wisdom of Michael Mauboussin, one of the most respected thinkers in finance. We revisit our interview with Michael and distill 10 key lessons that are still incredibly relevant for investors today. We explore crucial concepts like: The difference between investing and speculating Understanding expectations investing Why fundamentals still matter, even in today's market The paradox of skill in investing How to properly use multiples in valuation The challenges of active management in an increasingly passive world The usefulness (and limitations) of market forecasts The importance of base rates in decision making
We hope you enjoy the discussion.
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