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Mauboussin - Latest Articles


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Here are Mauboussin's last two articles: (formerly he was Chief Investment Strategist at Legg Mason and I believe is now the US Chief Investment Strategist at Credit Suisse)

 

Managing the Man Overboard Moment: Making an Informed Decision After a Large Price Drop

https://doc.research-and-analytics.csfb.com/docView?language=ENG&source=ulg&format=PDF&document_id=1043195371&serialid=EG%2B%2B1j2BkWEvUN9KViYq5aPtZr%2BXVuTuiyw8mq3JLts%3D

 

Min(d)ing the Opportunity: Excess Returns Require the Chance to Apply Skill

https://doc.research-and-analytics.csfb.com/docView?language=ENG&format=PDF&source_id=em&document_id=1045671401&serialid=Q3DXhbP6T%2F%2FYYHq2LFa4TMP2beB62lVHBa2nSM3YzhA%3D

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I don't particularly like Mauboussin. :)

 

I found the first article not interesting or useful.

 

I thought the second article was pretty interesting, since it puts quantitative foundation for the common active managers' complaint about 2014 being a tough year to beat the market. I still don't think this excuses underperformance, but it shows that indeed there were reasons it was tougher to outperform. The article also gives some numbers for other common views: that it's tougher to outperform in bull market compared to flat/bear. So overall I like this article.  8)

 

However, it is also a good example why "I don't particularly like Mauboussin": it gives numeric insight, but it does not give actionable insight (for me ;) ). E.g. you can't really predict when market is going to rally and your opportunities for outperformance will be few, so you can't really pick your fight based on info he gives. I guess one could try to shift from indexing to picking stocks in market tops and after crashes and move back to indexing one year after crash or so when most of the 'easy opportunity' money is made. The timing is probably quite hard though.

 

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You don't like Mauboussin because he doesn't give you actionable insight? He writes well and teaches you how to think about ROIC, competition, market structure, and a variety of other topics. I'd rather spend time reading that than someone telling me why oil has bottomed or ABC Co is a screaming buy. I've always found the best actionable insight comes from your own conclusions, however you may reach them.

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You don't like Mauboussin because he doesn't give you actionable insight?

 

Not only that. I find some stuff that he writes not interesting or useful to me.

 

For example, the first article linked. My approach to my holding stock dropping 10+% would be quite different from what he talks about. In this particular case - unlike the second article - I don't see value in historical data and the way he presents it.

 

He writes well and teaches you how to think about ROIC, competition, market structure, and a variety of other topics. I'd rather spend time reading that ...

 

It's good to hear that his writing is useful to you. I am not trying to dissuade you or anyone else from reading him. :) He presents historical data and models well sometimes.

 

I just expressed my general attitude towards Mauboussin as a context to comments about the articles netnet linked to.

 

Take care

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You don't like Mauboussin because he doesn't give you actionable insight?

 

Not only that. I find some stuff that he writes not interesting or useful to me.

 

For example, the first article linked. My approach to my holding stock dropping 10+% would be quite different from what he talks about. In this particular case - unlike the second article - I don't see value in historical data and the way he presents it.

 

He writes well and teaches you how to think about ROIC, competition, market structure, and a variety of other topics. I'd rather spend time reading that ...

 

It's good to hear that his writing is useful to you. I am not trying to dissuade you or anyone else from reading him. :) He presents historical data and models well sometimes.

 

I just expressed my general attitude towards Mauboussin as a context to comments about the articles netnet linked to.

 

Take care

 

Got it - have you read any of his books? I thought Expectations Investing was particularly useful.

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Got it - have you read any of his books? I thought Expectations Investing was particularly useful.

 

I read through a section of Expectations Investing on Amazon and it does not jive with me and my approach to investing.

It is possibly very good for others. I knew a guy who successfully used similar approach to investing I think.

 

Anyway, this means that I won't read the whole book anytime soon. It's gonna go to a big pile of stuff that I'll read when I have the 48 hour days and can go over 1000 pages per day.  ;)

 

Thanks for the pointer anyway.  8)

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More Than You Know - Finding Financial Wisdom in Unconventional Places is a solid book, I still reread it from time to time.  But he is more conceptual.  His articles are actionable, but more in terms of making you look at something in a different way.  There are plenty of people talking about their stock picks.  Far fewer doing what Mauboussin does.

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