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Michael Mauboussin on Valuation, Base Rates and Expectations Investing

Excess Returns

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The Future of Security Analysis and Valuation?

Jack Schlossberg: You've taught the securities analysis course at Columbia for a long time now. What are the biggest changes maybe over the last decade or two with the way that you've kind of looked at teaching security analysis and valuation? He says Ben Graham, had he been around in doing this, would have evolved in a direction not too far from where we've gone. Shlossberg: My faith in fundamental analysis has not been shaken by market behavior over the past 18 months.

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