6min chapter

Practical Lessons from Michael Mauboussin

Two Quants and a Financial Planner | Bridging the Worlds of Investing and Financial Planning

notes

CHAPTER

Investing vs. Speculation

This chapter revisits a 2021 interview discussing the vital distinctions between investing for long-term value and speculative short-term trading. It emphasizes the importance of clarity in investment strategies and the mindsets required for both approaches.

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Transcript

Episode notes

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

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