Michael Mauboussin: Why Companies Die

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Several years ago, Michael Mauboussin and his colleagues wrote a great paper titled – Corporate Longevity – Index Turnover and Corporate Performance, which provides some great insights on why some companies manage to successfully survive over time while others capitulate. Here’s an excerpt from the paper: Why Companies Die Imagine … Read More

Michael Mauboussin: One Job: Expectations and the Role of Intangible Investments

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Michael Mauboussin recently released a paper titled – One Job: Expectations and the Role of Intangible Investments in which he discusses the impact of intangibles in company valuation. The paper focuses on three aspects of intangibles – measurement, characteristics, and the implications for investors. Here’s an excerpt from the paper: … Read More

Michael Mauboussin: The Math of Value and Growth

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Michael Mauboussin recently wrote a paper titled – The Math of Value and Growth in which he discusses how valuations change as assumptions about growth, return on incremental invested capital, and the discount rate vary. These changes are discussed in terms of P/E multiples and discounted cash flow models which … Read More

Michael Mauboussin: Many Investors Are Not Congruent With What They’re Ultimately Trying To Do

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Here’s a great interview with Patrick O’Shaughnessy and Michael Mauboussin on ways to improve processes at Capital Camp 2019. During the interview Mauboussin discusses one reason why many investors underperform saying: “Many people sort of think that they’re doing one thing but if you watch… you kind of roll back … Read More

Michael Mauboussin: 5 Ways That Investors Can Effectively Take Advantage Of Behavioral Inefficiencies

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In Michael Mauboussin’s great research paper titled – Who Is On The Other Side, he provides five key insights into how investors can effectively take advantage of behavioral inefficiencies, which he listed as: Be Mindful Of Sentiment And Overextrapolation Rely On Valuation Lean On Facts Timing Or, Listen To Benjamin … Read More