I have asked michael mauboussin to ensure that we are focused on excellence in all areas of our investment process. Enhancing our performance with michael mauboussin smb. Jun 04, 2014 for disclosures and other important information, please refer to the back of this report. Nov 04, 2009 expectations investing, by alfred rappaport and michael j. Our study provides theoretical and empirical evidence for a total payout dividends plus buybacks model of stock returns. Michael mauboussin is the author of numerous books, including more than you know. Mauboussin free download as powerpoint presentation. Reflections on the ten attributes of great investors timeless investor. Managers cannot sacrifice either without endangering the enterprise. Johnny hopkins september 25, 2016 michael mauboussin, resources leave a comment one of my favorite resources for sage advise on investing strategy is michael j.
If you didnt know who you were professionally, the exposure to each of. How to compare effectively is one of michael s current areas of emphasis. Operating leverage a framework for anticipating changes in earnings by michael mauboussin. We are happy to discuss specific examples of where and how we are applying the. Michael mauboussin is director of research at bluemountain capital management. Michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for an exclusive strategy session on how investors can. Most academics and practitioners agree that markets are efficient by a reasonable take, for example, the earnings expectations game. Individual decisions can be badly thought through, and yet be successful, or exceedingly well thought through, but be unsuccessful, because the recognized possibility of failure in fact occurs. Nov 02, 2016 credit suisse s global financial strategies team has published an updated version of the report, measuring the moat. The bible on capital allocation plus his checklist. Assessing the magnitude and sustainability of value creation credit suisse, july 16, 20.
How passive investing shapes active management 052017 the incredible shrinking universe of stocks credit suisse 11152016 michael mauboussin. The incredible shrinking universe of stocks cmg capital. A website for the success equation, a book by michael j. Wall street journal blackrocks rick rieder calls todays buyback boom an economic distortion created by the fed. Is spending on buybacks coming at the expense of innovation. Harnessing the power of counterintuition, and the success equation. Return on invested capital roic is one measure of a companys capital. Michael joined cs in 1992 as a packaged food industry analyst.
Rappaport and mauboussin provide everything the reader needs to utilize the discounted cash flow model successfully. In each case, we present some ideas about how to overcome the potentially suboptimal choice. Jan 07, 2015 michael mauboussin is director of research at bluemountain capital management. There has been a sharp fall in the number of listed stocks in the u. An interview with behavioral investing expert michael. Michael mauboussin research papers from credit suisse. Mauboussin is a managing director and head of global financial strategies at credit suisse.
Economic theory suggests that competitive forces will drive returns down to the cost of capital over time and perhaps below it for a period. Jan 19, 2017 michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for an exclusive strategy session on how investors can. Mauboussin is head of consilient research at counterpoint global. View michael mauboussins professional profile on linkedin. Managing director and head of global financial strategies at credit suisse, professor and author. Assessing the magnitude and sustainability of value creation sustainable value creation is of prime interest to investors who seek to anticipate.
Finding financial wisdom in unconventional placesupdated and expanded new york. Mauboussin is chief investment strategist at legg mason capital management. How one can judge the quality of their decisions, three examples of cognitive limitations and common biases, and where bayes theorem can be applicable. Mauboussin born february 1964 is head of consilient research at counterpoint global. Mauboussin, credit suisse first boston t is time to shift the emphasis of the debate about market efficiency. Previously, he was director of research at bluemountain capital and head of global financial strategies at credit suisse, where he advised clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. Mauboussin discusses the psychological and behavioral elements of investing, and why cognitive diversity is essential for your teams success. Reflections on the ten attributes of great investors. Previously, he was director of research at bluemountain capital, head of global financial strategies at credit suisse, and chief investment strategist at legg mason capital management.
Measuring the moat updated version hurricane capital. Successful active investing requires a forecast that is different than what the market is discounting. Before rejoining credit suisse, he was chief investment strategist at legg mason capital management from 20042012. Credit suisses michael mauboussin on spotting market. Prior to joining bluemountain in july of 2017, he was a managing director and head of global financial strategies at credit suisse. Competitive advantage period cap is the time during which a company is expected to generate returns on incremental investment that exceed its cost of capital.
Wall street investment strategist, author, professor. Previously, he was director of research at bluemountain capital and head of global financial strategies at credit suisse, where he advised. Security analysis mauboussin sp2015 security analysis. Michael mauboussin on differentiating smarts from decisionmaking skills. An interview with behavioral investing expert michael mauboussin. The bible on capital allocation plus his checklist michael. Integrating the past to better anticipate the future, credit suisse. Linkedin is the worlds largest business network, helping professionals like michael mauboussin discover inside connections to. The ten attributes of great fundamental investors michael j. Michael mauboussin, managing director and head of global finance strategies at credit suisse, has provided a wealth of informative studies on how to make better decisions, specifically where luck is a major factor, such as we find when trading. People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs.
Mauboussin is head of global financial strategies at credit suisse and an adjunct professor at columbia business school. After a few months, one of our technology analysts, charlie wolf, knocked on my door. Capital allocation w credit suisses michael mauboussin. This book is the first comprehensive repository for base rates of corporate. Over the holidays i recalled a conversion i had with a colleague where in early 2019 we spoke about the results of the q1 2019 cfo survey, which had the headline recession expected by late 2020 and stated that sixtyseven percent of u.
Mauboussin investor investing free 30day trial scribd. Integrating the past to better anticipate the future credit suisse s global financial strategies team has published a new report, the base rate book. Harnessing the power of counterintuition harvard business press, 2009 and more than you know. Jul 01, 2016 view michael mauboussins professional profile on linkedin. Prior to joining lmcm in 2004, michael was a managing director and chief u. Michael mauboussin research papers from credit suisse full. Mauboussin, dan callahan, and darius majd, the base rate book. Sometimes i will be reading some dreadful business book or article and think to myself.
First is the magnitude of returns in excess of the cost of capital that a company does, or will. One of my favorite resources for sage advise on investing strategy is michael j. Michael mauboussin cfa institute enterprising investor. Prior to joining bluemountain, he was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Calculating return on invested capital shareholder forum.
Michael mauboussin is the author of the success equation. Total downloads of all papers by michael mauboussin. Michael mauboussin credit suisse downloads 4 649,006. Sustainable value creation is of prime interest to investors who seek to anticipate expectations. It includes new charts and examples and reflects the latest academic research. Prior to rejoining cs in 20, he was chief investment strategist at legg mason capital management. He is also an adjunct professor of finance at the columbia business school and chairman of the board of trustees. Expectations investing, by alfred rappaport and michael j. The stock market as a complex adaptive system journal of applied corporate finance winter 2002.
Get the entire 10part series on walter schloss in pdf. We spent the first few months in classroom training and then rotated through more than a dozen departments, including various trading desks, equity research, investment banking, and operations. Untangling skill and luck in business, sports, and investing and think twice. Mauboussin is managing director and head of global financial strategies at credit suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decisionmaking. Prior to joining lmcm, he served as managing director and chief u.
Prior to rejoining cs in 20, he was chief investment strategist at legg mason capital. Mauboussin is director of research at bluemountain capital management in new york. Thoughts on valuation kellogg school of management. Finding financial wisdom in unconventional places, think twice. Michael mauboussin posted on august 5, 2016 august 5, 2016 by david shahrestani, cfa michael j. Integrating the past to better anticipate the future, credit suisse global financial strategies, september 26, 2016. I suggest you at least read free and priceless price is what you pay and value is what you get.
Check out the various simulations, game and other content below. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors all. We share some of his foundational work on the topic in the attached report. Credit suisse first boston corporation equity researchamericas industry. Mauboussin, managing director and head of global financial strategies at credit suisse speaks with niri ny president, theresa molloy on a range of issues including. Expectations investing offers a unique and powerful alternative for identifying valueprice gaps. Im here today with michael mauboussin, managing director and head of global financial strategies at credit suisse, also the author of numerous investing books, including more. Executives and investors commonly rely on their own experience and information. Mauboussin is the head of global financial strategies at credit suisse. Credit suisse s global financial strategies team has published an updated version of the report, measuring the moat. The bible on capital allocation plus his checklist michael mauboussin johnny hopkins september 26, 2016 michael mauboussin, resources leave a comment there are a number of metrics that we use here at the acquirers multiple to establish a companys valuation, quality and shareholder returns.