Michael Mauboussin Interview - Chat With Traders Episode 121

Meet one of the Managing Directors and the Head of Global Financial Strategies at Credit Suisse, Michael Mauboussin.

Michael can also be found teaching as a professor of finance at Columbia Business School. Last, but not least, he is the author of several books, including The Success Equation and More Than You Know.

Widely-recognized as a thought leader on the subject of decision making, Michael is known for approaching all things with the mindset of process over outcome and skill versus luck.

These three topics are the focus of our discussion today—decision making, process over outcome, and skill versus luck. Our goal is for you to pick up a few tips to help you make better decisions, and hopefully, create better processes as a trader.

What’s Covered in This Interview:

Ways to evaluate the quality of a decision, three examples of mindset limitations and common biases, and how Bayes’ Theorem can be applied to your decisions.
Does more information actually lead to better decisions? Or does it only lend itself to a false sense of confidence. Plus evaluating the concept of weighting data…
A simple method to deal with indecisiveness, overall exercises to amp up your decision making abilities, and how the mind creates narratives.
The critical distinction between skill and luck, the best time to focus on process instead of outcome, and three lessons from a
When it’s more important to focus on process over outcome, the important distinction between skill and luck, and three lessons from a prominent gambler.