Michael Mauboussin on Market Concentration, Capital Allocation & Attributes of Great Investors | #545

Today’s guest is Michael Mauboussin, Head of Consilient Research at Counterpoint Global, a $70 billion equity manager. 

In today’s episode, Michael covers some of his latest research on market concentration, equity issuance and stock buybacks, and how the boom and bust cycle relates to AI today. He also shares some common attributes among great investors, lessons from Elon Musk & Tesla, and more.

(1:31) Guest Introduction: Michael Mauboussin

(2:41) Capital allocation and stock-based compensation

(9:58) Trivia question on the top performing stock

(15:56) Market concentration

(23:13) Modern value investing & the rise of intangibles

(28:45) Attributes of great investors

(33:09) Factors influencing total shareholder returns

(42:22) Technology, capitalism, and market predictability

(48:15) Indexing, market efficiency & book recommendations

(54:10) The Santa Fe Institute's interdisciplinary approach

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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