Michael Mauboussin – Great Migration Public to Private Equity – [Invest Like the Best, EP.189]

My visitor today is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time preferred visitor here on the program, and this is his 4th appearance. We discuss one of the greatest subjects in the world of investing: the shift from public to private markets that has actually happened over the last a number of years. We check out the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other interesting topics like the rise of intangible possession investments, employee-based payment as a kind of funding, and more. , if you enjoy this conversation I urge you to read Michaels paper on the topic which will be linked in the shownotes.. Please enjoy this discussion with Michael Mauboussin.

For more episodes go to InvestorFieldGuide.com/ podcast..

( 53:30)– Other areas he is researching/looking into.

( 36:21)– Superstar companies and increasing returns.

( 29:42)– Capitalism without Capital: The Rise of the Intangible Economy.

( 7:20)– History and changes in the public to private markets.

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( 30:13)– Endogenous Technological Change.

( 29:31)– Transition to organizations counting on intangibles.

( 16:48)– Persistence of returns.

( 55:44)– How investment work and Santa Fe research study impact eachother.

( 2:28)– Public to Private Equity in the US: A Long-Term Look.

( 3:02)– The Incredible Shrinking Universe of Stocks.

( 52:30)– Jeremy Grantham Podcast Episode.

( 23:31)– How buyout types are sourcing the debt.

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading location for public company information and analysis..

For more episodes go to InvestorFieldGuide.com/ podcast..

( 2:27)– (First question)– Motivation for writing the book from public to private equity.

( 4:52)– The allocators viewpoint in these investments.

Find out more.

( 57:15)– John Collison Podcast Episode.

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( 42:38)– Role on monopolies in creating network results.

( 4:48)– Size of the public vs personal markets.

( 51:54)– Advice to youths entering into the financial investment market.

( 56:54)– Investors to learn from.

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( 30:36)– Should Intangible Investments Be Reported Separately or Commingled with Operating Expenses? New Evidence.

( 20:01)– Role of cost and EBIDTA on the returns of a buyout.

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Show Notes.

( 49:16)– How does this all impact public market active management.

( 12:00)– Public market vs venture capital returns.

( 34:18)– Explaining the Recent Failure of Value Investing.

Register for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/ bookclub.

My visitor this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time preferred visitor here on the program, and this is his 4th look. We talk about one of the biggest subjects in the world of investing: the shift from public to personal markets that has actually taken place over the last numerous years. If you enjoy this conversation I urge you to check out Michaels paper on the topic which will be linked in the shownotes. Please enjoy this discussion with Michael Mauboussin.