Michael Mauboussin is the Chief Investment Strategist of Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places (which I reviewed here). He recently sat down with Consuelo Mack of Wealth Track for an interview and discussed beating the market and behavioural finance (his specialty). It’s a good interview and worth your time:
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The New York Times recently ran a profile of Martin D. Sass, founder of the eponymous NY-based investment firm. Sass manages to fly under the radar, but he is every bit the fundamentals-focused value investor, so I thought it would be worthwhile bringing him to your attention. What Mr. Sass does is real meat-and-potatoes investing. He scans the markets for companies trading at prices that he thinks do not reflect their earnings potential. He applies his accounting background to company financials . . . The Harvard Business Review recently published an article on their blog that takes a stab at what happened with Sokol and the Lubrizol affair: The far more interesting question from our standpoint is why Warren Buffett, known for his embrace of ethical business practices, failed to understand the unethicality of Sokol’s actions when he learned of them, and intervene. Had Buffet suddenly gone over to the dark side? Or, as Berkshire portrayed the story, did Buffett do absolutely nothing . . . Prem Watsa is the Chairman and CEO of Fairfax Financial Holdings Ltd. (TSE: FFH), a financial services holding company which, through its subsidiaries, operates in property and casualty insurance and reinsurance. Watsa is a noted value investor whose influences include Sir John Templeton and Warren Buffett. He recently gave this lecture at the University of Western Ontario:
In a recent article, Matt Chaban of the New York Observer profiled Bill Ackman of Pershing Square Capital Management. I’ve recently finished reading Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street’s Bluff, and find Ackman’s investment process (similar in intensity to David Einhorn’s) interesting. “Bill is a believer,” one hedge fund manager said. “He knows he is right, and he almost always is, and he sees it as his job to convince everyone else of that.” . . . |
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