[REPLAY] Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)

This podcast episode delves into the complexities of active management, touching upon topics ranging from the paradox of skill to the impact of fees and market efficiency. It emphasizes the challenges faced by active managers in generating excess returns consistently and explores unconventional strategies and decision-making in both sports and investment. The conversation highlights the importance of data analysis, cognitive diversity, and addressing behavioral biases to enhance decision-making. Throughout the episode, the speakers discuss the intricacies of complex adaptive systems, the role of reflexivity in market dynamics, and the relevance of physics to social systems. They conclude by stressing the values of mental models, hard work, and the pursuit of lifelong learning in the pursuit of success and fulfillment.