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Michael Mauboussin: Buying Low Expectations

In this interview, Michael Mauboussin, Head of Consilient Research at Counterpoint Global, discuss various aspects of investing and market dynamics. Key topics covered in the episode include:

  • Market Concentration and Equity Dynamics: Michael delves into his research on market concentration, equity issuance, and stock buybacks, providing insights into how these factors influence the current investment landscape.
  • Boom and Bust Cycles and AI: He explores the relationship between boom and bust cycles and the development of artificial intelligence, highlighting how these cycles impact market behavior.
  • Attributes of Great Investors: Michael shares common traits among successful investors, drawing lessons from notable figures such as Elon Musk and the success of Tesla.
  • Modern Value Investing: The discussion includes the rise of intangible assets in modern value investing, emphasizing how these assets are reshaping traditional investment strategies.
  • Total Shareholder Returns: Factors that influence total shareholder returns are examined, with a focus on how investors can optimize their portfolios.
  • Technology and Market Predictability: The interplay between technology, capitalism, and market predictability is analyzed, offering a perspective on future market trends.

Additionally, Michael discusses the interdisciplinary approach of the Santa Fe Institute, where he is involved, which combines various fields of study to enhance understanding of complex systems.

What you want to do is buy low expectations and sell high expectations. Multiples or yield or other measures might give us an indication of which pond we should be fishing in, but the multiples or the yields are not the answer—they’re steps in the right direction.

So, part of it is just to be really as flexible as possible and say, “Where are the opportunities, and where are expectations mispriced?

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The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.

Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk

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