Some Thoughts From Michael Mauboussin On Process

“We have no control over outcomes, but we can control the process. Of course, outcomes matter, but by focusing our attention on process, we maximize our chances of good outcomes.”

Michael Mauboussin

“A thoughtful investment process contemplates both probability and payoffs and carefully considers where the consensus – as revealed by a price – may be wrong. Even though there are also some important features that make investing different than, say, a casino or the track, the basic idea is the same: you want the positive expected value on your side.”

Michael Mauboussin

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