Mauboussin on Untangling Skill and Luck

Untangling Skill and Luck
How to Think About Outcomes–Past, Present, and Future

Most people readily recognize that the outcomes in most activities combine skill and luck. However, most have a poor sense of the relative contributions of each. In this talk, Mauboussin offers some ways to untangle skill and luck and applies the ideas to the worlds of sports, business, and investing. The discussion finishes by defining the essential features of a good investment process.

About Michael Mauboussin

Michael J. Mauboussin is Chief Investment Strategist at Legg Mason Capital Management Prior to joining LMCM in 2004, Michael was a Managing Director and Chief U.S. Investment Strategist at Credit Suisse. Michael joined CS in 1992 as a packaged food industry analyst. He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investor’s All-America Research Team and The Wall Street Journal All-Star survey in the food industry group. He has been an adjunct professor of finance at Columbia Business School since 1993. BusinessWeek’s Guide to the Best Business Schools highlighted him as one of the school’s “Outstanding Faculty”-a distinction received by only seven professors. He is a resident of Darien, Connecticut.

This event is also the Stamford CFA Society Annual Meeting

Wednesday, June 22, 2011, 6 – 9 pm
Greenwich Country Club
19 Doubling Road
Greenwich, Connecticut

Agenda

6:00 to 6:30: Registration and Social
6:30 to 7:00: Annual Election by Members of Officers and Committee Chairs
7:15: “Untangling Skill and Luck – How to think about Outcomes – Past, Present, and Future”
Michael J. Mauboussin, Chief Investment Officer, Legg Mason Capital Management