Michael Mauboussin is a must-read around these parts.  For example we were fans of his most recent book Think Twice.  Recently Consuelo Mack hosted Mauboussin on WealthTrack.  He makes the distinction between buy-and-hold and buy cheap-and-hold.  He also mentions the “paradox of skill” and the fact that luck plays a big role in investing results.  Successful investors need to have three main skills including: analytical skills and an awareness of the behavioral aspects of investing and a willingness to stray from the pack.  Mauboussin also thinks the importance of dividends has been overemphasized for any number of reasons.  All in all it is definitely worth a view.  Cullen Roche at Pragmatic Capitalism also found the interview worth noting. Too bad this advice has not rubbed off on his Legg Mason colleagues…

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