BROADCASTS.com

b'My guest this week for the third time is Michael Mauboussin. If there is a major question about markets and investing, Michael has usually written one of the best pieces of research on that topic. Today\\u2019s conversation is a mix of several of his research pieces, but focuses on the sources of alpha. The framing of the conversation is the brilliant question \\u201cwho is on the other side\\u201d of a given trade. If you are buying, who is selling, and why? Knowing the answer to this question is one key to understanding where excess return comes from. As is usual with Michael, we also explore tons of other interesting ideas that will serve as food for thought. Please enjoy.\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Show Notes\\n 1:23 - (First Question) \\u2013 An outline of the syllabus for the course he teaches\\n 4:02 \\u2013 What are smart people missing when it comes to decision making\\n 5:33 \\u2013 Why Michael went down the path of defining major investing concepts\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 7:41 \\u2013 On the impossibility of informational inefficient markets\\n 9:14 \\u2013 Beware behavioral finance\\n 12:03 \\u2013 What are the behavioral errors that people can take advantage of in a trade\\n 15:14 \\u2013 Timing opportunities\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 17:25 \\u2013 Modest Proposal Podcast Episode\\n 17:47 \\u2013 Where the analytical edge comes from\\n 21:16 \\u2013 Is there an advantage to exhibit time arbitrage\\n 23:53 \\u2013 Technical arbitrage\\n 29:34 \\u2013 What impact do flows into ETFs play on the market\\n 32:25 \\u2013 Informational edge and how you source that edge\\n 36:39 \\u2013 Biggest changes that he has seen on the buy side\\n 43:18 -\\xa0 How would Michael apply this as a sports GM\\n 48:35 \\u2013 His views on stock buybacks\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 51:02 \\u2013 The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success\\n 52:55 \\u2013 EBIT to EBITDA paper\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 54:43 \\u2013 What Does a PE Multiple Mean?\\n 59:28 \\u2013 The concept of benign myths\\n 1:02:06 \\u2013 What the future holds of Michael\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 1:04:17 \\u2013 The Myth of Capitalism: Monopolies and the Death of Competition\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\n Follow Patrick on twitter at @patrick_oshag'