Michael Mauboussin Quotes

At The Core Of An Analytical Edge Is An Ability To Systematically Distinguish Between Fundamentals And Expectations. Fundamentals Are A Well Thought Out Distribution Of Outcomes, And Expectations Are What's Priced Into An Asset. A Power Metaphor Is The [pari-mutuel] Racetrack. The Fundamentals Are How Fast A Given Horse Will Run And The Expectations Are The Odds On The Tote Board. As Any Serious Handicapper Knows, You Make Money Only By Finding A Mispricing Between The Performance Of The Horse And The Odds. There Are No 'good' Or 'bad' Horses, Just Correctly Or Incorrectly Priced Ones.

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