On Strategy

Legg Mason Capital Management's Chief Investment Strategist, Michael Mauboussin, offers

his findings on concepts that we believe savvy investors should be considering today.

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A Surge in the Urge to Merge
M&A: Trends and Analysis
January 12, 2010 - Read

See for Yourself
The Importance of Checking Claims
December 2, 2009 - Listen   Read

Investment Committees
How to Build a Team to Make Good Decisions

September 1, 2009 - Listen   Read

What Do We Need to Fix?
Protecting Against Ourselves

July 16, 2009 - Listen   Read

In Defense of Shareholder Value
Setting the Record Straight on What Shareholder Value
Really Means

June 4, 2009 - Listen   Read

Long-Term Investing: How I Learned to Stop Worrying and Ignore Volatility
Excerpts from Comments to the Greenwich Roundtable

December 15, 2008 - Read

What Biology Can Teach You about Today’s Market
An Interview with Doug Erwin
November 20, 2008 - Read

Show Me the Money
Why Cash Flows Are More Important Than Earnings
November 3, 2008 - Read

Where from Here?
Long-Term Opportunities Amidst the Fear
October 29, 2008 - Listen   Read

The Sociology of Markets
Financial Institutions, Incentives, and Asset Pricing
July 15, 2008 - Listen   Read

The Failure of Arbitrage
Leverage, Liquidity, and the Persistence of Inefficiency
May 14, 2008 - Listen   Read

ROIC Patterns and Shareholder Returns
Sorting Fundamentals and Expectations
January 18, 2008 - Listen   Read

Fat Tails and Nonlinearity
Diversity Breakdowns and Invisible Vulnerability
December 20, 2007 - Listen   Read

Death, Taxes, and Reversion to the Mean
ROIC Patterns: Luck, Persistence, and What to Do About It
December 14, 2007 - Listen   Read

Was Harry Potter Inevitable?
Cumulative Advantage, Counterfactuals and the Halo Effect
September 7, 2007 - Listen   Read

What You See and What You Get
Why Cash Flows Are More Important Than Earnings
July, 23, 2007 - Listen   Read

Turtles in Omaha
The Mindset of Great Investors
May, 23, 2007 - Listen   Read

Explaining the Wisdom of Crowds
Applying the Logic of Diversity
March 20, 2007 - Listen   Read

Does the M&A Boom Mean Anything for the Market?
A Circumstance-Based Comment
January 24, 2007 - Listen   Read

The Importance of Diverse Thinking
Why the Santa Fe Institute Can Make You A Better Investor
January 17, 2007 - Listen   Read

Interview with W. Brian Arthur
September 20, 2006 - Read

Interdisciplinary Perspectives on Risk
August 15, 2006 - Read

How Do You Compare?
August 9, 2006 - Read   Watch the video

Long-Term Investing in a Short-Term World
May 18, 2006 - Read

Common Errors in DCF Models
March 16, 2006 - Read

Size Matters By Chief Investment Strategist, Michael Mauboussin
February 1, 2006 - Read   Watch the video

Clear Thinking About Share Repurchase By Chief Investment Strategist, Michael Mauboussin
January 10, 2006 - Read

Are You an Expert? By Chief Investment Strategist, Michael Mauboussin
October 28, 2005 - Read   Watch the video

Aver and Aversion By Chief Investment Strategist, Michael Mauboussin
August 9, 2005 - Read

The Ecosystem Edge By Chief Investment Strategist, Michael Mauboussin
July 27, 2005 - Read

Capital Ideas Revisited - Part 2 By Chief Investment Strategist, Michael Mauboussin
May 20, 2005 - Read

Capital Ideas Revisited By Chief Investment Strategist, Michael Mauboussin
March 30, 2005 - Read

Contrarian Investing By Chief Investment Strategist, Michael Mauboussin
March 8, 2005 - Read

M&M on Valuation By Chief Investment Strategist, Michael Mauboussin
January 14, 2005 - Read

The Economics of Customer Businesses By Chief Investment Strategist, Michael Mauboussin
December 9, 2004 - Read

Exploring Network Economics By Chief Investment Strategist, Michael Mauboussin
October 11, 2004 - Read

Employee Stock Options By Chief Investment Strategist, Michael Mauboussin
September 7, 2004 - Read

The Life of Game By Chief Investment Strategist, Michael Mauboussin
August 8, 2004 - Read

Decision-Making for Investors By Chief Investment Strategist, Michael Mauboussin
May 24, 2004 - Read