A very happy birthday to Al Rappaport, who has been an amazing mentor, collaborator, and friend. His contributions to thinking about how and why companies create value is unmatched. He has had a profound influence on my career for which I am deeply grateful.

Happy Berkshire Hathaway Weekend to everyone who celebrates!

Michael Mauboussin, Tano Santos, and the good people at the Graham and Dodd Center at Columbia dropped a surprise podcast episode with Todd Combs today--and it doesn't disappoint! It's all about Charlie Munger.

Todd…

Out tomorrow is a special episode of the Value Investing with Legends podcast featuring Todd Combs ‘02, GEICO and Berkshire, on Charlie Munger. See you in Omaha! Michael Mauboussin

I just received my copy and am really looking forward to reading this book. Looks great. A must for anyone interested in complexity science and markets. ⁦Santa Fe Institute⁩

Three tables/charts that caught my attention in Michael Mauboussin’s Michael Mauboussin latest piece, “Valuation Multiples What They Miss, Why They Differ, and the Link to Fundamentals”

1 | For the same EBITDA, companies with lower DA, higher EBIT should have higher EV/EBITDA…

I have been sharing Kai Wu’s latest piece liberally. Great stuff sparklinecapital.com/post/internati…

Whoa! This gem of a video just came out. Featuring Michael Mauboussin, Howard Marks, and other great investors/authors.
youtu.be/6Kas8LRJnGU?si…

Great piece from Michael Mauboussin and Dan Callahan on multiples.

One of his best ideas about multiples is that you have to earn the right to use one.

Only when you have done enough fundamental analysis do you have the ability to judge what multiple a company should trade at.

My conversation with Michael Mauboussin and Bill Gurley on all things investing

We cover:

- AI
- regulatory capture
- the different types of increasing returns to scale
- hardware
- capital markets
- working with extreme talent

Bunch more

Enjoy

joincolossus.com/episodes/82708…

Needs a lot of work but the project is underway: michaelmauboussin.chat

You can find much of it here: michaelmauboussin.com/writing

You tell a friend you’ll possibly help them move. Do you mean there’s a 70% chance or a 30% chance of that happening? See how your understanding of expressions of probability compares to others with this survey from Michael Mauboussin, Patrick Mauboussin, & Andrew Mauboussin. probabilitysurvey.com

An extraordinary collection of lessons that Danny Kahneman imparted. Worth reading and celebrating an extraordinary life: behavioralscientist.org/remembering-da…

'Michael Mauboussin latest podcast is great,' I said to the grocery checker.' After I said this, a crowd quickly formed around me as if they didn't know previously. 'This is fantastic' said the checker who quickly relayed the message on the grocery's PA system. podcasts.apple.com/us/podcast/val…

I find that it's always worthwhile listening to what Philip E. Tetlock has to say. As always, he is measured and thoughtful. In particular, I like the idea of 'crux questions' and thinking about AI-human collaboration. ft.com/content/d937aa…

Fans of behavioral science will have fun playing with this GPT extension.

Maximize success by focusing on avoiding failure. Inversion—emphasizing what not to do to avoid pitfalls—can be as crucial as setting goals. Charlie Munger's wisdom reminds us: understand where you don't want to go, and plan backwards from there. #BehavioralScienceChat #GenAI

This is great