Mauboussin is chief investment strategist at legg mason capital management. Michael joined credit suisse in 1992 as a packaged food industry analyst. Michael mauboussin posted on august 5, 2016 august 5, 2016 by david shahrestani, cfa michael j. Mauboussin watches all prices for mauboussin watches on. Mauboussin is head of global financial strategies at credit suisse in new york city and is an adjunct professor at columbia business school. Expectations investing offers a unique and powerful alternative for identifying valueprice gaps. Jan 19, 2017 michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for an exclusive strategy session on how investors can. Credit suisse s global financial strategies team has published an updated version of the report, measuring the moat. More than you know finding financial wisdom in unconventional places. This is precisely what credit suisse holt does through cash flow return on. Michael mauboussin active challenges, rational decisions. Michael mauboussin research papers from credit suisse. Competitive advantage period cap is the time during which a company is expected to generate returns on incremental investment that exceed its cost of capital. This document is distributed in switzerland by credit suisse ag, a swiss bank.
Prior to his role at bluemountain, michael was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Integrating the past to better anticipate the future credit suisse s global financial strategies team has published a new report, the base rate book. Is spending on buybacks coming at the expense of innovation. Michael mauboussin is currently the director of research at bluemountain capital management. Also see michael mauboussin research papers from credit suisse full. Mauboussins work focuses on the investment process from both the companys and the. Mauboussin, dan callahan, and darius majd, the base rate book. Michael mauboussin credit suisse downloads 4 649,006. Consulting and is a professor emeritus at northwesterns kellogg school.
Integrating the past to better anticipate the future, credit suisse global financial strategies, september 26, 2016. Michael joined cs in 1992 as a packaged food industry analyst. Nov 02, 2016 credit suisse s global financial strategies team has published an updated version of the report, measuring the moat. Economic theory suggests that competitive forces will drive returns down to the cost of capital over time and perhaps below it for a period. Mauboussin is director of research at bluemountain capital management in new york. 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. Our study provides theoretical and empirical evidence for a total payout dividends plus buybacks model of stock returns. It is a widely used and misused approach to valuation.
Prior to joining lmcm, he served as managing director and chief u. He is also an adjunct professor at columbia university and runs the new economic forum at the santa fe institute. 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. Mauboussin is managing director and head of global financial strategies at credit suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decisionmaking. This report develops a systematic way to explain the factors behind a companys economic moat. Authored by michael mauboussin, head of global financial strategies, the reports goal is to provide investors tools and guidance to improve decisions on a daytoday basis. Assessing the magnitude and sustainability of value creation sustainable value creation is of prime interest to investors who seek to anticipate expectations revisions. 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, capital markets theory, competitive strategy analysis, and decision making. Mauboussin is head of consilient research at counterpoint global.
There has been a sharp fall in the number of listed stocks in the u. Before joining lmcm in 2004, he was a managing director and chief u. Mauboussin discusses the psychological and behavioral elements of investing, and why cognitive diversity is essential for your teams success. The ability to properly untangle skill and luck leads to much better thinking about most daytoday outcomes, and allows for sharply improved decision making. Michael mauboussin columbia business school directory. This document was produced by and the opinions expressed are those of. Wall street investment strategist, author, professor.
Prior to joining bluemountain, he was head of global financial strategies at credit suisse and chief investment strategist at legg mason capital management. Michael mauboussin recently tweeted an awesome collection of ben grahams rediscovered lecture series current problems in security analysis september 1946february 1947. Firms follow an inexorable and irreversible movement towards the equilibrium of death. Most people recognize that skill and luck play a role in results, yet they have a poor sense of the relative contribution of each. Prior to his role at bluemountain, michael was head of global financial strategies at credit suisse. Mauboussin joined credit suisse in 1992 as a packaged food industry analyst and was named chief u. Mauboussin born february 1964 is head of consilient research at counterpoint global. Credit suisse first boston corporation equity researchamericas industry. After a few months, one of our technology analysts, charlie wolf, knocked on my door and asked if we could discuss brands. Sep 28, 2009 prior to joining lmcm, he served as managing director and chief u. Prior to joining managing director and head of global financial strategies at credit suisse. Luck plays a much greater role in shortterm investment results than many investors may think. He joined me for the second time to discuss his new research entitled whos on the other side. Prior to joining lmcm in 2004, michael was a managing director and chief us investment strategist at credit suisse.
Ten attributes of great investors by michael mauboussin michael mauboussin and credit suisse have put out a piece entitled reflections on the ten attributes of great investors. Mauboussin, credit suisse first boston t is time to shift the emphasis of the debate about market efficiency. Global investment returns yearbook 2014 credit suisse. Understand value the present value of free cash flow 3. Charlie, beloved by all who knew him, was a tenured professor at. Michael mauboussin on intuition, technology, and making better decisions the knowledge project ep. Michael mauboussin, head of global financial strategies at credit suisse and author of four books on investing, joined cnbcs mike santoli for. Jul 01, 2016 view michael mauboussins professional profile on linkedin. Prior to joining bluemountain in july of 2017, he was a managing director and head of global financial strategies at credit suisse. Value based strategy june 23, 1999 get real using real options in security analysis michael j. Michael mauboussincredit suisse research papers the big.
Mauboussin is the author of three books, including the success equation. Michael mauboussin of credit suisse is one of the best strategists on wall street and a thought leader who consistently introduces some of the most compelling topics. Boosting the momentum of sustainability reporting 52 andrew park and curtis ravenel, bloomberg lp. Before rejoining credit suisse, he was chief investment strategist at legg mason capital management from 20042012. Heres a link to the tweet below, or you can find them at the heilbrunn centre for graham and dodd investing read more. In each case, we present some ideas about how to overcome the potentially suboptimal choice. Michael mauboussin cfa institute enterprising investor. I landed the job as the senior packaged food analyst at first boston which later merged with credit suisse not too long after that. 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. Michael mauboussin speaks about investment mistakes. Michael mauboussin research papers from credit suisse full. Its basically a clinic on being an investor, its fantastic. Most academics and practitioners agree that markets are efficient by a reasonable take, for example, the earnings expectations game. A paper by michael mauboussin and dave callahan of credit suisse iq versus rq link to paper provided at end of post explores the role of rationality in investment decisionmaking and its impact on success or failure.
Mauboussin, credit suisse, and alfred rappaport, kellogg school of management, northwestern university integrated reporting and investor clientele 34 george serafeim, harvard business school an alignment proposal. It includes new charts and examples and reflects the latest academic research. He is a former president of the consumer analyst group of new york and was repeatedly named to institutional investors allamerica. View michael mauboussin s professional profile on linkedin. Jun 28, 2010 michael mauboussin is the chief investment strategist at legg mason capital management. Our conversation dives into the work, discussing how investors can focus on process over outcome. Calculating return on invested capital shareholder forum. Michael mauboussin on differentiating smarts from decisionmaking skills. Credit suisse s michael mauboussin explains how investors can. Mauboussin on the future of active management sumzero.
First we list the full ten and some books he recommends followed by an excerpt from michael mauboussin. Mauboussin, michael, alexander schay, and stephen g. Wall street journal blackrocks rick rieder calls todays buyback boom an economic distortion created by the fed. Credit suisses global financial strategies group releases. Mauboussin is director of research at bluemountain capital management. Ten attributes of great investors by michael mauboussin. Reflections on the ten attributes of great investors timeless investor. Untangling skill and luck in business, sports, and. Essentia analytics michael mauboussin is the wellknown investment strategist currently plying his wares at blue mountain capital. Michael mauboussin is currently the head of global financial strategies at credit suisse. Jan 01, 2006 prior to joining lmcm in 2004, michael was a managing director and chief u. Alfred rappaport directs shareholder value research for l. The incredible shrinking universe of stocks cmg capital.
This section documents how much money companies have allocated. Successful active investing requires a forecast that is different than what the market is discounting. Credit suisses michael mauboussin on spotting market. In thoughts on dividends and buybacks mauboussin and two colleagues discuss what they view as the common misperceptions about dividends and stock. Bluemountain investment research what does an evebitda. Prior to joining lmcm in 2004, michael was a managing director and chief u. Previously, he was chief investment strategist at legg mason capital management and worked as a packaged food industry analyst at credit suisse during 1992. 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. Credit suisse s newly formed global financial strategies group announced the release of its inaugural publication entitled, cultivating your judgment skills a framework for improving the quality of decisions. Michael mauboussin currently is the director of research at bluemountain capital, a multibillion dollar hedge fund and asset manager. Use features like bookmarks, note taking and highlighting while reading expectations investing. Michael mauboussin is credit suisse first bostons chief u. Reading stock prices for better returns kindle edition by rappaport, alfred, mauboussin, michael j. Measuring the moat updated version hurricane capital.
Top articles and videos about michaelmauboussin on pocket. People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs. Untangling skill and luck in business, sports, and investing and think twice. Credit suisse first boston corporation equity research americas u. Discover a large selection of mauboussin watches on chrono24 the worldwide marketplace for luxury watches. After a few months, one of our technology analysts, charlie wolf, knocked on my door. How passive investing shapes active management 052017 the incredible shrinking universe of stocks credit suisse 11152016 michael mauboussin. Assessing the magnitude and sustainability of value creation. Assessing the magnitude and sustainability of value creation illustration by sente corporation.