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Borsgade
In this episode of Capital Allocators, Michael Mauboussin explores one of his most recent pieces on “Pattern recognition”. Examining when it is effective and when it falls short. It then transitions to discussing the evolving nature of public markets, inspired by another of Mauboussin’s recent research reports titled “Birth, Death, and Wealth Creation.”
Michael’s work combines traditional security analysis, corporate strategy, and concepts from various disciplines to provide a multidisciplinary approach to investment problems. His books, such as “More Than You Know: Finding Financial Wisdom in Unconventional Places,” have been widely acclaimed. As an adjunct professor at Columbia Business School since 1993, Mauboussin has been recognized for his teaching excellence.
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In this video, NYU Professor Aswath Damodaran shares his thoughts on how AI may cause disruption on a personal level. The media argue that AI is coming for our jobs, and for Aswath, that threat became real when he learned of a bot in his name that had read and listened to everything that he had ever written or said.
In his latest paper titled ‘The Less-Efficient Market Hypothesis’ AQR’s Cliff Asness explains why he believes markets have become less efficient over the past 30+ years due to technology, gamified trading, and social media.
This inefficiency raises the stakes for rational active investing, with bigger and longer-lasting market swings. Investors should embrace this opportunity but remain cautious of strategies that might not perform well long-term.
In his recent memo, Howard Marks explores the concept of “Mr. Market,” a metaphor introduced by Benjamin Graham to describe the stock market’s erratic behavior. Marks discusses the market’s tendency to miscalculate asset values due to emotional swings between optimism and pessimism.
In their recent commentary, Bill Nygren and his colleagues at Harris Associates discuss how to avoid value traps. In their perspective, value traps occur when a stock appears undervalued but fails to grow its per-share value at an acceptable rate.
