In this episode, we kick off our book project, "The Most Important Investing Lesson: What the World’s Best Investors Would Teach You", with a deep dive into the ideas of Michael Mauboussin. We explore his most enduring lessons—concepts that have reshaped how we think about investing, decision making, and life. From base rates to expectations investing, we unpack how Mauboussin’s frameworks can help investors build better models of the world and make more rational, probabilistic decisions.Main topics covered:Why base rates are the most underused yet powerful tool in investing and lifeHow to apply expectations investing and reverse engineer stock pricesWhy multiples are not valuation and how to earn the right to use shortcutsUnderstanding the paradox of skill and why luck matters more when everyone is goodLessons investors can apply across fields like business, sports, and personal decision makingHow humility, reference classes, and feedback loops improve judgmentReflections on learning, writing, and how AI tools are changing the creative processTimestamps:00:00 Introduction and the idea behind the book04:00 Michael Mauboussin on base rates and decision making10:00 Expectations investing and reversing the valuation process19:00 Multiples are not valuation—understanding shortcuts28:00 The paradox of skill and why luck matters more than we think38:00 How to apply these ideas in investing and life45:00 Closing thoughts and audience feedback on the book project

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