During his recent interview on the Invest Like The Best Podcast, Michael Mauboussin was asked his advice for young investors who want to get started in the market. Here’s his response:
Mauboussin: I think one of the answers to that is, if you’re serious about making a long-term career, is to try to think about, “Can I do something that other people aren’t doing?” So to be the nth person doing the same thing as everybody else, is very challenging. And so that might mean, are there parts of the markets that are less trafficked? Are there geographies, where you could be on the smarter side of the people in the room?
That would be the advice is to try to find something that’s not what everybody else is doing. The challenge with that is, it’s often the case that those are smaller asset classes, and so you have to be modest in terms of what you think you can actually do in terms of size of your business. But that would be my advice, is almost certainly try to find and figure out something that other people aren’t, doing that can be beneficial and get really good at it. Versus trying to again be the thousandth, large cap growth manager or something, which is difficult.
You can listen to the entire interview here:
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