A thoughtful investment process contemplates both probability and payoffs and carefully considers where the consensus - as revealed by a price - may …

- Michael Mauboussin

Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially le…

- Michael Mauboussin

The plural on anecdote is not evidence

- Michael Mauboussin

At the core of an analytical edge is an ability to systematically distinguish between fundamentals and expectations. Fundamentals are a well thought …

- Michael Mauboussin

People are, by and large, quite poor at judging correct absolute values but are astute about determining relative values. Psychologists call this coh…

- Michael Mauboussin

Onlookers frequently confuse edge with style...Edge means generating excess returns because of mispricing. Style suggests being in the right place at…

- Michael Mauboussin

Humans have a strong desire to be part of a group. That desire makes us susceptible to fads, fashions, and idea contagions.

- Michael Mauboussin

We have no control over outcomes, but we can control the process. Of course, outcomes matter, but by focusing our attention on process, we maximize o…

- Michael Mauboussin

Emphasising what's in your control allows you to adopt an attitude of equanimity toward luck. You've done what you can, and from there you have to li…

- Michael Mauboussin