Anticipate the future, credit suisse global financial strategies, september 26. It is a widely used and misused approach to valuation. There has been a sharp fall in the number of listed stocks in the u. Operating leverage analysts usual optimism, their tendency to forecast in a narrow and comfortable range, and the business cycle prove to be the bane of their forecasts. There has been a substantial shift in investment management from single to teammanaged funds. Click here to download the interview with michael mauboussin as pdf.
Most academics and practitioners agree that markets are efficient by a reasonable take, for example, the earnings expectations game. Michael mauboussin is currently the director of research at bluemountain capital management. Before rejoining credit suisse, he was chief investment. Prior to rejoining cs in 20, he was chief investment strategist at legg mason capital management. It does not constitute an offer or an invitation by or on behalf of credit suisse to any person to buy or sell any security. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at credit suisse and nearly a decade alongside bill miller at legg mason. When i woke up this morning i saw that michael himself had written a few words. Daniel kahneman in conversation with michael mauboussin, 123015 five good questions podcast, 121815 santa fe institute talk.
Michael mauboussin began his career at drexel burnham lambert in the 1980s. Michael mauboussin reflects on thirty years of markets. Credit suisse s global financial strategies team has published an updated version of the report, measuring the moat. It has been prepared solely for information purposes and for the use of the recipient. Prior to his role at bluemountain, michael was head of global financial strategies at credit suisse. Prior to joining counterpoint global in january 2020, he was director of research at bluemountain capital management in new york. Mauboussin is chief investment strategist at legg mason capital management. Our study provides theoretical and empirical evidence for a total payout dividends plus buybacks model of stock returns. Essentia analytics michael mauboussin is the wellknown investment strategist currently plying his wares at blue mountain capital.
Mauboussin is head of consilient research at counterpoint global. The first episode of the knowledge project features michael mauboussin, at the time of this interview he was head of global financial strategies at credit suisse. Measuring the moat updated version hurricane capital. Michael joined credit suisse in 1992 as a packaged food industry analyst. Download the latest reports pdf from the credit suisse. Previously, he was director of research at bluemountain capital, head of global financial strategies at credit suisse, and chief investment strategist at. Prior to joining bluemountain, he was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. This book is essential reading for anyone interested in the science of human nature and its relevance to the world of finance. Get the entire 10part series on walter schloss in pdf. Big data, intuition, and decisionmaking in finance, 1015 the knowledge project podcast, 42815 credit suisse bulletin. 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. Dividends have contributed at least 40% of stock returns historically is an accepted fact among investors. Collection ht a reader last updated 12282017 also see michael mauboussin.
Previously, he was chief investment strategist at legg mason capital management and worked as a packaged food industry analyst at credit suisse during 1992. Michael mauboussin is considered an expert in the field of behavioral finance and has some famous books on the topic including, think twice. Michael mauboussin and the team at credit suisse global financial strategies recently published a report on the incredible shrinking universe of stocks the causes and consequences of fewer u. Michael mauboussin head of consilient research, counterpoint global. People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs. Prior to joining lmcm in 2004, michael was a managing director and chief us investment strategist at credit suisse. Michael originally joined cs in 1992 as a packaged food industry analyst and was named chief u. Michael mauboussin currently is the director of research at bluemountain capital, a multibillion dollar hedge fund and asset manager. Prior to joining counterpoint global, michael was director of research at bluemountain capital, head of global financial strategies at credit suisse, and chief investment strategist at legg mason capital management. More than you know finding financial wisdom in unconventional places. Firms follow an inexorable and irreversible movement towards the equilibrium of death. Before joining bluemountain, he was a managing director and head of global financial strategies at credit suisse.
Finally, michael mauboussin brings to bear his extensive expertise in the. Mauboussin, credit suisse first boston t is time to shift the emphasis of the debate about market efficiency. Untangling skill and luck in business, sports, and. Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other reallife decisions. Bluemountain investment research december 20, 2017 how well do you compare. Acceleration or deceleration in economic growth tends to catch analysts offguard. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors allamerica research. Michael mauboussin is director of research at bluemountain capital management. One of my favorite resources for sage advise on investing strategy is michael j.
This document was produced by and the opinions expressed are those of credit suisse as of the date of writing and are subject to change. It includes new charts and examples and reflects the latest academic research. Mauboussin is the head of global financial strategies at credit suisse. Top articles and videos about michaelmauboussin on pocket. Michael mauboussin research papers from credit suisse. Prior to joining bluemountain, michael was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Download it once and read it on your kindle device, pc, phones or tablets. Michael mauboussincredit suisse research papers the big. 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. Assessing the magnitude and sustainability of value creation sustainable value creation is of prime interest to investors who seek to anticipate expectations revisions.
Mauboussin born february 1964 is head of consilient research at counterpoint global. Michael mauboussin active challenges, rational decisions. 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. Wall street investment strategist, author, professor. Harnessing the power of counterintuition and more more than you know. He joined me for the second time to discuss his new research entitled whos on the other side. People who have information about an individual case rarely feel the need to. Untangling skill and luck in business, sports, and investing boston, ma. Download as mp3 by rightclicking here and choosing save as.
Global investment returns yearbook 2014 credit suisse. Michael mauboussin is credit suisse first bostons chief u. In each case, we present some ideas about how to overcome the potentially suboptimal choice. Additional gift options are available when buying one ebook at a time. However michael mauboussin, head of global financial strategies at credit suisse says the actual investor experience with total return, dividends plus stock appreciation, is quite different. Krzus, mike krzus consulting, and sydney ribot, independent researcher. What i love, of course, is a big castle and a big moat with piranhas. School of business transparent corporate objectives a winwin for investors and the companies they invest in 28 michael j. Michael mauboussin research papers from credit suisse full. Michael mauboussin columbia business school directory. Michael mauboussin bio, books, papers, quotes, research. Collection ht a reader last updated 12282017 get the entire 10part series on walter schloss in pdf.
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