Word: decisional
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As chief investment strategist of Legg Mason Capital Management, Michael Mauboussin's job is to understand the world and then make money off of it. What he's found over the years is that investors, like any other group of people, are prone to make mistakes that stem from faulty...
What does that mean for regulation? You can set up certain decision rules that try to keep people on the straight and narrow, but too much regulation about the details is going to get you in trouble. The big banks should probably be fairly boring and reasonably well regulated. And...
Let's zoom in to the level of the individual. How do you approach investing differently, knowing what you do about the psychology of decision-making? One theme is contemplating different outcomes and attaching probabilities to those. There is this notion called the inside-outside view. The inside view, which...
Well, honesty never goes unpunished. Could you give me a good reason then why investors wouldn't be better off with index funds? By and large, investors would be better off with index funds. The question to me is, if you are an active manager, what makes you think you...
“I tried to keep my decision [of which college to attend] open,” Kevin said. “I approached it like any other school, and it turned out that I loved Cambridge and the running program.”