Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More

We sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! *Links:* - Michael's wonderful talk at Google: https://youtu.be/1JLfqBsX5Lc - The new revised edition of Expectations Investing: https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/ - The Success Equation: https://www.amazon.com/The-Success-Equation-Untangling-Investing/dp/1422184234/ - Measuring the Moat: https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1066439791&serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&cspId=null - Public to Private Equity: https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf *More Acquired:* - Get email updates https://www.acquired.fm/email and vote on future episodes! - Join the Slack http://acquired.fm/slack - Check out the latest swag in the ACQ Merch Store https://www.acquired.fm/store! _Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions._

Ben GilberthostDavid RosenthalhostMichael Mauboussinguest

Oct 5, 20211h 34mWatch on YouTube ↗

EPISODE INFO

Released: October 5, 2021
Duration: 1h 34m
Channel: Acquired
Watch on YouTube: ▶ Open ↗

EPISODE DESCRIPTION

We sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! *Links:*
Michael's wonderful talk at Google: https://youtu.be/1JLfqBsX5Lc
The new revised edition of Expectations Investing: https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/
The Success Equation: https://www.amazon.com/The-Success-Equation-Untangling-Investing/dp/1422184234/
Measuring the Moat: https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1066439791&serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&cspId=null
Public to Private Equity: https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf
*More Acquired:*
Get email updates https://www.acquired.fm/email and vote on future episodes!
Join the Slack http://acquired.fm/slack
Check out the latest swag in the ACQ Merch Store https://www.acquired.fm/store!
_Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions._

SPEAKERS

Ben Gilbert
host
David Rosenthal
host
Michael Mauboussin
guest

EPISODE SUMMARY

In this episode of Acquired, featuring Ben Gilbert and David Rosenthal, Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More explores michael Mauboussin on expectations, moats, and decision-making in markets Michael Mauboussin explains the core framework of “Expectations Investing”: prices embed market expectations, so investors should reverse-engineer what must be true and then judge whether those expectations are too optimistic or pessimistic.

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